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Strategies & Market Trends : Asia Forum

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To: Stitch who wrote (332)	1/2/1998 4:19:00 PM
From: Zeev Hed	Read Replies (1) of 9980

I think that we in the west pay to little attention to "asian" face saving and honor issues. I believe that Japan is paying the price for not saying in 1990 (excuses the following experssion) we s*&&^d up. If they were able to admit the errors in continuing to pore money into their real estate bubble ealier and then write down at once the problem loans, they would not be faced with 10 years of sub-par growth. I think that Malaysia's Prime Minister uttering those non sensical accusations of a Zionist conspiracy to topple the finances of Islamic countries is part of putting the blame everywhere else but where it belongs, and possibly another facet of the same Asian face saving tradition. I do not think there is anything wrong in those honorable traditions, but a way must be found to recognize errors as fast as possible, and this might even prevent further need for "face saving" in the future. Right now, the whole region has quite a task of confidence rebuilding, not only in their economies and financial systems but in their political infrastructures as well. Zeev

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