This also creates a bind regarding the dollar. If the dollar threatens to
depreciate, the damn foreigners will refuse to continue financing "our binge", dump
their securities, drop the market and spoil our fun.
Rob Schaap wrote:
> Ah, we're talking economics again, are we?
>
> Well, Prudent Bear Marshall Auerback
> <http://www.prudentbear.com/Comm%20Archive/markcomm/i082900.htm> talked about
> Wynn Godley's thoughts on private sector debt last August (when, to my mind,
> things looked bad, but not as bad as now - Kenichi Ohmae's warnings about
> Japan's new boy's idea of effectively sucking back Wall St Yen to wash away
> red ink, and mebbe destroy some excess capital, come to mind):
>
--
Michael Perelman
Economics Department
California State University
[EMAIL PROTECTED]
Chico, CA 95929
530-898-5321
fax 530-898-5901
