>At 01:17 PM 1/6/2005, you wrote:
>>[Pacific Investment Management (Pimco) is the largest holder of
>>bonds in the world. This dude, who's not speaking offically for
>>Pimco, thinks we're on the verge of a real smashup.]
>>
>><http://www.pimco.com/LeftNav/Latest+Publications/2004/Dialynas+Paper.html>
>>
>>[...]
>>
>>Moreover, restructuring the global economy will require a dramatic
>>reduction in American living standards.
>
>i think we're getting a reduction, doug, and have for some time;
>don't know how dramatic it is.
Hardly. Real hourly wages are flat to slightly down, as are household incomes. This guy is probably talking on the order of 10-20%.
Doug