OKAY, OKAY, SEINFELD called it quits. But other than that, life here in the U.S. still seems nearly perfect. A full six years after the last recession, the economy continues to hum. Interest rates have been falling, inflation is quiescent, jobs are plentiful and the fine folks in Washington have all but balanced the budget. Most noteworthy, the bull market, despite having suffered its first 10% dip in seven years, gamely soldiers on.
Lauren R. Rublin in "Sober Salute" from Barron's (1/5/98) The abandonment of fixed exchange rate regimes in south-east Asia touched off an unrivaled process that has exceeded everyone's worst fears, including my own . . . We are on the verge of worldwide deflation . . . I propose setting up an International Credit Insurance Corporation as a sister institution to the IMF . . . The institution can be set up only at a time when international lending is in a state of collapse. We are now entering such a period.
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