Only a httk less popular as a villain is American economic policy with its "artificially high interest rates" and its "artificially high dollar." Only two or three years ago, however, Europeans were complaining about "artificially low U.S. interest rates" and the "artificially depressed ollar." And even the politicians admit that most of the capital outflow to the United States is not "hot

money," or the short-term deposits attracted by high interest rates. Rather it consists of long-term investments, which are barely affected by interest rate differentials.