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To: George Martin who wrote (8028)	5/9/1999 2:33:00 AM
From: bundashus	Read Replies (1) \| Respond to of 19700

The knowledge revolution has lessen the impact of the business cycle. I can remember from by college economic classes, that inventory fluctuations had a great impact on the business cycle. With computers controlling inventory and with just in time delivery, this part of the business has been eliminated. The real cause of inflation is too much cash chasing to fee goods. (example: most internet stocks) Growth does not cause inflation. Cash is a by product of growth. Excess cash might cause inflation, but with world moving to a standard currency ( US Dollar) there is no excess cash to cause inflation. So with the boom bust cycle caused by inventory adjustments eliminated, wage pressure dampen by the new global encomny (low oversea wages) and the mighty US dollar, what can the Fed and the bond market be worried about.