Mike I had read that Business Week article (I think it was) where the $11 trilion Japanese debt was promoted as fact. I didn't post this at the time but the Japanese liabilities as counted in the article equalled all the on book off book expenses of the government. Counted the same way the US government obligations, on book/ off book, Ginnie Mae, Salley Mae, Social Security, sewer bonds of the federal projects, SPIPC, FDIC, etc. would equal in the $30 -$35 trillion dollar range. Yes?
Don't think the $11 trillion Japanese figure is really germain. At that it is my feeling that the rotten debt held by Japanese banks is probably inthe $1.1 to $1.3 trillion (yes, trilion) range. It has crept inexorably upwards...ever upwards each time they counted. The US savings and loan debt was counted inthe $500-$600 billion range at once time as I recall. The actual work out was something like $50-$120 billion. We should look at the workout number at the end of the day.
At that try finding Max Mosley's Skeptical Investor latest isssue. I can post the url if yolu don't have it.
Best to you, as always,
Clark
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