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Pastimes : Ask Mohan about the Market
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To: Rmn who wrote (11484)12/14/1997 8:09:00 PM
From: Zeev Hed  Read Replies (1) of 18056
 
Ramsey, in order to not pay taxes people in Korea were having accounts on borrowed names, to crack down on tax evasion, they have forced evreyone to use their true name (real name policy), so to continue their illicit activities, they withdrew the money from the banking system all together, thus pulling out 70 Billions buck out of the economy (and much of it apparently in hard currencies such as dollars and yen). The right policy would have been a gradual implemnentation and possibly some sabbatical for prosecution, or finding other ways to go after tax evaders which in all cases would have been gradual and not the sudden withdrawal of billions of bucks from the economy.

Zeev
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