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I think it is important to consider how much the current level of
interest rates is a function of foreign factors. A booming economy and a
US stock market bubble have been able to persist becuase the Fed is
reluctant to raise interest rates as one after another 'developing'
country rushes towards the brink. Brazil is just the latest. I figure
when China revalues, then interest rates can rise -- until then they
will be kept down to try to avert a rise...
Dan Goncharoff
Frankfurt, Germany
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