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Strategies & Market Trends : Commodities - The Coming Bull Market
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To: craig crawford who wrote (559)7/22/2001 3:36:31 AM
From: craig crawford  Read Replies (1) of 1643
 
JULY 23, 2001, VOL.158 NO.3

This Time Around, Asia's Got to Help Itself
Why can't Asian nations end their dependence on the almighty dollar?
time.com

BY PHILIP BOWRING

Are battles won by corpulent, middle-aged men? Of course not. It is a job for the under-35s. So why do we now expect the rich, self-satisfied, overweight middle-aged triumvirate of the U.S., Western Europe and Japan to lead a revival of world economic growth?
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Unfortunately Asia and Latin America have gotten into the habit of believing they are dependent on this trio for growth. They have largely accepted, albeit grudgingly, that the three have the right to control the global economic agenda, not least through the International Monetary Fund, an organization that never criticizes Alan Greenspan's money-printing excesses but rarely hesitates to publicly lecture Asian governments, even the prudent ones.
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So what can Asian countries do? How about having a little more faith in themselves—and in one another? East Asia is awash with cash and interest rates are at record lows almost everywhere. Yet borrowing and spending are—China excepted—feeble. Governments and companies still insist on borrowing in dollars. Regional central banks still accumulate huge piles of high-priced greenbacks, even though U.S. indebtedness casts a shadow over the currency's long-term value.
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