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Non-Tech : The ENRON Scandal
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To: Raymond Duray who wrote (2512)2/5/2002 11:53:03 PM
From: Smart_Money  Read Replies (2) of 5185
 
Japan in Depression.
aei.org
By John H. Makin

While there is plenty of argument about where the U.S. economy is headed next
year, the argument about Japan's economy is over. During 2001, Japan passed from
a prolonged and serious recession into outright depression. The bad news is that a
depression in the world's second-largest economy will make it more difficult for
the world economy to recover in 2002. The (not very) good news is that
depressions as acute as the one that has emerged in Japan do not usually last very
long. However, Japan's exiting its depression will require a large write-down of an
unsustainable debt burden either through reflation or outright default.
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