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To: Jeff Jordan who wrote (30804)	4/4/1999 4:02:00 PM
From: j g cordes	Respond to of 120523

Some points on the ex-fed resv Lindsay article you referenced: "Lindsey predicted medium-term and long-term interest rates would increase as a result of "enormous" global demand for capital which was needed for refinancing and recapitalization rather than investment." Yet he also says in the same article.. "Given that the dollar would depreciate in response, a decline in key interest rates would be unlikely, Lindsey said.." This should continue to test the merits of the free market system as EU consolidates its future course. "Lindsey also said he was "quite depressed" about Europe's prospects as it had not yet comprehensively reformed its welfare system or liberalized its markets. "They should cut taxes, free labor markets of restrictions, curb the power of the unions. There are no really free markets in Europe and the cake is being dividend up among a few," Lindsey said. If, what Lindsay suggests is true, then the US will continue to benefit as a safe harbor for capital despite lowered earnings. On the other hand, this does stress realistic models of sustainable PE. Jim