Hi Arthur, While having my first pot of tea and pipe of the day and perusing the morning's Financial Times, Economist, The Independent, Daily Telegraph and other worthy mouthpieces on the Net -- all pronouncing on their various remedies for the present impasse -- and being rather irritated by most of them -- a postscript to my previous comment came over me:
(AC) <<<< I don't think anybody fully understands "the system" and I am quite sure that control is probably as good as it's going to get. >>>> Yes to first half of sentence (as already commented on), but No to second half. Billions of cash lies stacked up in investment funds, venture capital, and pension funds in most countries in the western world (and under mattresses in Japan and Russia) and there's nothing to invest in, now that the dot-com mania has come and gone. And still Greenspan lowers interest rates to get business to invest! Millions of people with debts (excluding mortgages) more than their annual disposable incomes in America, England and no doubt Canada and several more, and still Greenspan lowers interest rates to get customers to spend more and get themselves in deeper trouble! Is it madness or hubris that makes the "authorities" think that they have more than the most feeble grasp over the economy? I've changed my mind. I'll answer Yes to Arthur's second phrase. " . . . control *is* probably as good as it's going to get." When we (or our grandchildren) pick themselves up after the coming recession/depression, we/they will decide that governments should get out of pretending that they know what they're doing as regards currencies, interest rates, and suchlike. Keith ___________________________________________________________________ Keith Hudson, Bath, England; e-mail: [EMAIL PROTECTED] ___________________________________________________________________
