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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Box-By-The-Riviera™ who wrote (233115)4/3/2003 11:55:37 AM
From: patron_anejo_por_favor  Read Replies (3) of 436258
 
Everyone's favorite commie sees Japan's crisis rapidly escalating:

Date: Thu Apr 03 2003 11:27
trotsky (Apollo@Japan) ID#377387:
Copyright © 2002 trotsky/Kitco Inc. All rights reserved
shares in Mizuho ( biggest bank in the world by assets ) have plunged by 25% over the past 3 trading days alone...customers of the banks who subscribed to shares when capital was raised last year are beginning to report huge write-offs pertaining to their bank stock holdings. e.g. the second largest PAPER manufacturer in Japan just wrote off some $250 million in this context.
there can be no more doubt: Japan is finally coming apart completely...the long feared systemic collapse has probably begun. nationalization of the banks is the next step...and considering the fact that Japan's bureaucrats provide even worse economic leadership than the current crop of bank managers, this is likely to intensify the downward spiral. it's possible that 30 years hence, no-one will remember that japan once was an economic superpower. this may sound a bit extreme, but consider the case of Argentina...after decades of mismanagement, it has slipped from an affluent country with a thriving middle class, among the top 10 per capita GDP countries in fact, to a broke 3rd world backwater. Japan's ongoing crisis has so far failed to instill a sense of urgency with its policy makers...and they have foolishly followed Keynesian and monetarist advice and dug an ever deeper hole for themselves and their country.
unfortunately they will likely take the rest of the world down with them...once japanese banks are forced to repatriate funds, the world will lose its main financier overnight. all of South East Asia is bound to slip into crisis as a result, and with the global economy tottering on the brink contagion won't stop there imo. only Russia and to a lesser extent China could possibly prove immune imo.
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