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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Lee who wrote (3177)12/28/2001 7:09:55 AM
From: Henry Volquardsen   of 3536
 
excellent article.

I've been watching and discussing the Japanese situation for ten years. It has been an amazing process to watch. There are many lessons to be learned. Foremost is the need to act decisively and to make hard choices. A lesson learned during our own S&L crisis. The Japanese have refused to take tough actions. Their fabled consensus politics have led to little more than continuous delay and half measures. In the last decade and a half we dealt with the bad assets and the under capitalization of our banking system. Over the same period the Japanese banking system has continued to deteriorate at an alarming rate. There are clearly other factors which have contributed to Japan's current problems but the failure to address the problems in the banking system have been a major contributor.
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