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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: ratan lal who wrote (2784)	9/18/1998 2:24:00 AM
From: sea_biscuit	Respond to of 12475

Well, the soft-porn book deal must be off, because of the release of a book titled, "The Starr Report" last week :-) So, Starr stole the thunder from Monica. But "Thunder Thighs" need not despair -- Starr cannot take it away from her when it comes to posing for "Playboy" or whatever. That issue of the magazine will turn out to be a "collector's edition" for sure! Dipy.

To: ratan lal who wrote (2784)	9/18/1998 8:34:00 AM
From: JPR	Read Replies (1) \| Respond to of 12475

Ratan: Check this out: Greenspeak on India and China: GREENSPAN SPEAKS -- BUT NOT ABOUT FED POLICY Washington--Sept. 16--Financial market participants waiting to hear fresh signs of Federal Reserve Chairman Alan Greenspan's thinking on Fed policy and on coordinated interest rates may be disappointed, as the Fed chief's prepared remarks to Congress about the global situation focused on the issue of capital controls. In testimony prepared for the House Banking Committee, Greenspan did not mention anything about current U.S. economic conditions. Nor did he reiterate any of the discussion he made on Sept. 4 in his university of California, Berkeley, speech about the risks facing the U.S. economy. He also made no reference to the Monday Group of 7 statement that hinted at the need for G7 nations to work together to spur global growth. Instead, Greenspan concentrated on the broad issue of capital controls and spent a good deal of time explaining why policies to restrict the free flow of capital are "decidedly mistaken." He also gave a brief overview of the financial contagion sweeping parts of the world, noting that turbulence that started in Thailand and East Asia more than a year ago has spread to Russia and, to some degree, East Europe and Latin America. Latin American nations are "currently under pressure," Greenspan said, but he noted that these countries have experienced more rapidly rising living standards as a result of opening their economies to financial flows. Greenspan did touch on Japan's economic problems, albeit briefly. Japan, "still trying to come to grips with the bursting of its equity and real estate bubbles of the late 1980s, has experienced further setbacks as its major Asian customers have been forced to retrench," he said. "Reciprocally, its banking system problems and weakened economy have exacerbated the difficulties of its Asian neighbors." Regarding capital controls, Greenspan noted that the current financial "maelstrom" has led some to conclude that relatively free capital flows hurts economic and living standards, as evidenced by the relative stability of China and India, both of which have restrictions on international flows. "Such conclusions, in my judgment, are decidedly mistaken," he said. The rest of East Asia, despite its recent setbacks, has average per capita incomes "more than 2.5 times" the levels of India and China, he said. Greenspan warned that the overall financial system will remain at risk "unless weak banking systems are deterred from engaging in the type of near-reckless major international borrowing that some systems in East Asia engaged in during the first part of the 1990s." He called for fashioning a "better regime of bank supervision" among economies with access to the global financial system. There also need to be significant improvements" in laws dealing with the resolution of defaults and workout procedures. By Liz Alderman, Edward Kean and Will Acworth, Bridge News