**$$ The KEY risk $$*******, page-19

You seem quite well informed Chinguetti.

The money tap was turned on to stop contagion of the Asian and Russian crises. Greenspan subsequently said that both times there was a week in which he thought it was touch and go for the world financial system (so did I - I was 100% short both times). Essentially, Greenspan et al saved the world, and lost the USA (and my trading account). There are some however who say it was on well before that.

If you have any evidence that it went on further in expectation of Y2K, I would like to know about it as I am writing a book on the subject ("Hoax of the Millenium").

I think we are talking about different degrees of money creation here - of course they would turn on the tap in any recession, they have done it repeatedly. But to start printing money to the levels required to devalue the currency or cause inflation in the US is so far beyond the average economist's idea of propriety as to be not worth considering.

And yes we are in agreement - the currency must come down - in the same way that the devaluation of the Oz currency saved our goose after the Asia Crisis - but it is almost politically impossible as just about every vested interest wants it up.

It's hard work being a Supreme Nation these days. Such places have always run at a massive deficit but up till now they've always been able to offset it by tribute, plunder and colonies.