>I mean, how long must we wait for the vengeance of the LTV? How does it
>find its way into this robustly insular heaven on earth?
Here's a scenario: the Bank of Japan's 0% interest policy finally succeeds in relflating Japan, the economy takes off, and Japanese capital returns home. Then the European central bank finally gives in, lowers rates, and European capital returns home. Suddenly, the U.S. has to confront the fact that it's living $400 billion beyond its annual means; the U.S. becomes Japan in 1989 and enters a decade of stagnation and international humiliation.
Just a thought.
Doug