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To: Lucretius who wrote (41992)	5/20/1999 4:48:00 PM
From: Cynic 2005	Respond to of 86076

<<No rate increase was signaled. They just said that there was more in the latest CPI than can be explained away easily. This has been going on persistently for a long time. It has gotten to the point where more Board members are getting vocally anxious. Wonder why everyone is so determined to deny that prices are rising? They never stopped rising over the last 20 "disinflationary" years. The FED quit disinflation formally in 1995 and the economy started reflating 9/1/98. The inflation has been masked and held down by the problems of other countries. The only way and the current way that rates won't rise is that the FED prevents them by adding reserves at a rate faster than they can be used. McDonough and others think we will be bailed out by unit labor productivity. Our apparent productivity growth is unsustainable and is another delusion caused by the strength in the dollar which has many subtle effects propping up the fraud that is American production. The fact is that other countries are willing to work better and cheaper than we, but their governments choose to squander this great advantage. That won't last. When it ends the emperor's new clothes will be seen for what they are. As long as the piper pipes the people dance. It is a game of the greater fool conducted unknowingly by the Pied Pipers at the FED. They're just the puppets of the people who demand engineered prosperity. This is encapsulated in the saying, "a little money never hurt anyone".>>