Date: Mon, 10 Mar 97 7:08:11 EST
From: boddhisatva <kbevans-AT-panix.com>
Subject: Re: M-I: China and the future of global capitalism





		Rakesh,


	Don't forget credit.  Britain is Europe's supplier of credit
infrastructure, and that fact is behind much objection to the single currency
concept.  America is credit supplier to the world, and if she wasn't she'd
be
sorry right now.  The boom in global stock market development is part of the
capital-export economy.  It creates greater asset and currency stability
because local (national) downturns in demand become buying opportunities
in local stock
markets.  The increase in global liquidity means greater development for the
developing world as cowardly capitalists can be assured that they can get
their money out.  By the same token, they are almost forced to put their
money in, in a downturn, if only to hedge currency risk. 




	peace



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