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To: Chuzzlewit who wrote (72378)	10/15/1998 6:53:00 PM
From: FR1	Respond to of 176387

In other words, a liquidity crisis. Repatriation of funds to Asian and Latin American countries is in our best long-term interest even if it spurs a small amount of inflation. Good point. IMHO - Recent analysis I heard was that nobody expected an entire country to default but Russia did. Russian financial commander-in-chief was recently asked what his long term plans were for the debt. He said he didn't have any. Asked what his short term plans were. Said he didn't have any of those either. So everybody started pulling funds from all the 3rd world countries because if one country can default - anybody can (and may be encouraged to). A lot of good countries were hurt. Now the job is getting cash flow to go back to them. Otherwise you gotta feed the starving masses, fight off revolution, make terms with new dictators, etc. etc.

To: Chuzzlewit who wrote (72378)	10/16/1998 10:27:00 AM
From: Moneysmith	Read Replies (1) \| Respond to of 176387

To Chuzzlewit money moves to where ther are Great Expectations but there is a Twist. Currency fluctuations are a component in the decsion making process. The US dollar has been on a wild ride lately hardly inspiring confidence. The Swiss Franc has attracted interest even though their rates are low and so has the Deutchmark and Yen. The latter has been been strong because it is the world's second largets economy and they have a trade surplus and they seem to be addressing their problems with the means at their disposal. High relative rates in the US are a factor of course but these days currency stability is important. Repatriation to Japan is clear but I don't see repatriation to the emerging markets as a clear trend.