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Politics : Formerly About Applied Materials
AMAT 228.68+1.2%3:59 PM EST
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To: Big Bucks who wrote (17642)3/12/1998 7:57:00 PM
From: Joseph Beltran  Read Replies (2) of 70976
 
Big Bucks,

The article is right on the money. Japan has been mired in a recession for the past 7,8 years. They have done everything wrong in terms of trying to reverse course. And they still DON'T GET IT. Until they commit themselves to a massive public works project AND stimulate demand by decreasing corporate and individual taxes AND open up their markets to foreigners their plight will continue. They are still trying to export their way out of their troubles but it won't work this time. Korea and other countries will undermine them price-wise and the political turmoil which these exports will create in the U.S. in terms of loss of jobs will have a significant effect. Moreover, I don't think the U.S. economy (demand) will be there to absorb the level of imports which is anticipated. I am surprised that we haven't yet seen the political fall-out at home from the current yen versus dollar level but it will come no doubt. There are times when a country has to take some radical steps (i.e. a limited period of substantial deficit spending and overhaul of protective trading practices to stimulate the economy) to reverse course. Japan's solution is to export their way out of this mess. They have yet to see the light, i.e. that the way to sustained prosperity is a system of truly free trade and minimal governmental regulations. Regrettably, I think their stubborness will have very serious effects on the entire world.

regards
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