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Strategies & Market Trends : HONG KONG -- Ignore unavailable to you. Want to Upgrade?

To: Ron Bower who wrote (2392)	10/7/1998 11:45:00 AM
From: Tom	Respond to of 2951

Ron, I was surprised to see the part on China. Agree there are sections worth highlighting. "Whatever the degree of uncertainty that now exists does so because we do not know which banks may have taken serious losses. Some have come forward to announce their exposures to Russia. Others are now starting to announce their exposure to Long Term Capital Management, such as UBS. Still, even we ourselves cannot determine whether we have a serious threat of a major banking crisis or if there is nothing to worry about. Without a central clearing-house, there is no one who stands in the middle, and as such, we lack the transparency necessary for sound judgement. It has ALWAYS been the LACK of information upon which panic historically thrives. ...our computer model's forecast for a bull market in volatility going into 2003 seems to be right on target. Only the forced merger of the interbank market with a central clearing-house type exchange will reverse this trend. Naturally, the banks would reject such a proposal and Rubin, coming from Goldman Sachs, would not be inclined to impose such a change on his own career."

To: Ron Bower who wrote (2392)	10/8/1998 3:38:00 AM
From: Tom	Read Replies (2) \| Respond to of 2951

Ron, I read what pbs.org had at their site about the Frontline on campaign financing. If the final disposition of the matter is criminal, they ought to slam them hard. So hard that no one will attempt it for a very long while. Among other more obvious reasons, we can not afford the money and manpower expenditures required to uncover these "subterranean" dealings. Past time to get tough...have our own little war on corruption. On another topic: Seems the capital outflow from the U.S. you mentioned a while back may now be underway. Now hear this! Prepare to dive. Close all water-tight hatches and screendoors....