And this from a conservative

Hakki Alacakaptan nucleus at superonline.com
Tue Jan 1 06:30:45 PST 2002


|| -----Original Message-----

|| From: pms

||

||

|| Since last October's self-confessed freak-out when the WSJ's

|| figures on the

|| minuscule fibre-optic lighting rate brought home to the

|| Charlies on the FOMC

|| that what we'd been hammering away at for a year - namely that

|| this was a

|| monstrous malinvestment Bubble, not a New Era

Excuse my dimness, what does fibre-optic lighting have to with the tech bubble?

|| - there has been

|| an addition

|| to the stock of broad money greater than that undertaken in the

|| first two

|| hundred years of the Republic.

||

|| Still, there are a few signs that it was not all in vain, but

|| is actually

|| beginning to work in selected areas. Figures just released

|| indicate Housing

|| was just about holding up in November, keeping the Dollar spend

|| running at

|| an elevated 11.3% of GDP. Indeed, the MBA purchase index has

|| since shot to

|| new highs, suggesting we might add yet more to the sums

|| destined for this

|| typical outlet for excess liquidity.

||

So _that's_ what the current consumer confidence is about. Investments are being blown on consumption.

||

|| There have been tantalizing hints that the Russians, for one, have been

|| trying to extricate themselves from over-dependence on the

|| currency of the

|| Chicago School gangsters lest they are robbed blind once again

|| and that the

|| Euro might be another medium to use, alongside silver Sables and golden

|| Chervonets, to effect this partial liberation.

||

Wait, does that mean an oil price in Euros? So Putin is finally going to castle the US after Yeltsin got rooked for so long.

|| Whether such stirrings will survive the forcible intrusion of US

|| full-spectrum and full-wallet dominance up the posterior

|| orifice of Eurasia

|| remains also to be seen.

||

That's why Putin has 7000 troops in Afghanistan. But it's still iffy.

|| It shows the depths to which we have plunged, though, in that

|| it has been

|| openly voiced that part of the rationale for the Yen

|| devaluation is that any

|| subsequently repackaged bad loans, any LTCB-style takeovers,

|| makeovers and

|| mergers will now come at a lower book price to the circling, foreign,

|| Greenback-rich barracuda.

So the EU piranhas aren't biting in Japan? After the bank crash in Turkey they are the ones who picked up the pieces for a song (after administering a coup de grace by pulling out their short-term investments).

|| Setting macro policy not to serve one's citizens, or with a

|| care for those

|| of other nations, but just to suit the likes of the very smart, very

|| ruthless and very Praetorian-staffed Ripplewood, Carlyle group

|| or GS? What

|| an outrageous suggestion!

||

|| The next thing, you'll be saying the CINCdom of Central Command

|| is just the

|| armed wing of Unocal.

||

Utterly cool article. Where's it from?

Hakki



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