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Pastimes : Let's Talk About Our Feelings!!!
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To: Lizzie Tudor who wrote (57132)10/5/1999 12:11:00 AM
From: Zoltan!  Read Replies (2) of 108807
 
>>Let me ask you a question - do you think the asian markets are open or closed? And what about the US markets, are they open or closed? To the non-Nafta nations I mean, of course I realize within Nafta everybody is wide open.

More closed that US. You have got to read some good economics, like "Free to Choose" or "Capitalism and Freedom". The closed markets only hurt themselves and their people in the long run.

Milton Friedman made that case in the 1980's when we were buying too many Japanese goods and the Japanese too little US goods. The Japanese denied their people a higher standard of living as they accrued US dollars.

What did they do with those US dollars? They bought Rockefeller Center and Pebble Beach - twice. Friedman said that was great, let the Japanese continue to trade their goods for dollars. What were they going to do with Rockefeller Center and Pebble Beach, ship them back to Japan?

Well, after the media horror stories we found that by the end of the 1980's Japan Inc. was failing because it was inherently inefficient. Japan had to sell its US properties like Rockefeller Center and Pebble Beach for much less than cost. What a gift.

Not that the Japanese didn't do much good, after all, they are responsible for all of the improvement in American cars since the 1970's.
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