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See also article here:
http://www.washtimes.com/upi-breaking/20020904-043745-2655r.htm
----- Original Message -----
From: profitok
To: realtraders@xxxxxxxxxxxxxxx
Cc: gannsghost@xxxxxxxxxxxxxxx ; wheelsinthesky@xxxxxxxxxxxxxxx
Sent: Sunday, September 08, 2002 2:12 AM
Subject: [RT] the big economic picture
taken with permission from a banker
"...[I have been made aware]of a very unusual "paper" written by Mr. Norbert Walter, the Deutsche Bank's chief economist, and a gentleman not given to hyperbole. Mr. Walter apparently has become more and more concerned about the very stability of the global economy after returning from an extended trip to Asia to see firsthand what is taking place there. He is now concerned that unless the central bankers of the world change their policies materially the world shall slip into 'a second leg of recession... combining with deflation.' He said in a letter now being circulated to the major central bankers:
"... around the world, the indicators leave no room for talk of an upswing. The economy is in a downswing as declining capacity utilization and increasing unemployment show. Recession cannot be ruled out, considering the multitude and seriousness of the trouble spots and potential risks to economic growth..... The people at the top seem to be losing the sight of the big picture. Pro-cyclic policy is being declared the only politically correct attitude."
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