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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area

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To: Bosco who wrote (2593)	4/4/1998 11:24:00 PM
From: Crossy	Read Replies (2) of 37387

Bosco, ok, got my exam ready - hope to have it passed, subject: economics. Will receive my ranking next Friday. Here a nice take on current state of the AFC: biz.yahoo.com Now the thing get's even more weird. Those who created the mess are blaming the markets. Easy culprit because the market can't shout back. It's about time those so-called "statesmen" come to terms with reality. P.M. Mahathir blaming currency markets for the AFC could be compared to an S&L chairman blaming depositor's, stockholders or somebody else for the US S&L crisis of the 80ies. Those governments better blamed themselves. Actually many believed that those unsustainable dollar/DM-pegs of local currencies created most part of the problem. Flexible currency does wonders in such situations... On another front, You seemed to imply that Japan better stimulated economic demand in order to prevent even greater doom in Asia. Sorry to hint this, but that's what they are doing all the time and it's a mess. It doesn't get better. Japan just got an inefficient tax system. They should make PERMANENT income tax reductions instead of public-work projects IMHO. The Japan problem is equivalent to the US problem of the Great Depression. In Japan the central bank is to blame. They withheld liquidity in the early 90ies. This caused the current slump and the economy never recovered. It's always the same script: institutions (gov't & central banks) make a gross mistake in using their authorized power(s) and all the private entities (firms & households) have to bail them out of their mistakes at huge costs. Mr. Friedman would say it's time to strip government off its discretionary interferience powers and replace that with fixed rules. Would be a much more stable framework in any sense... still best wishes CROSSY

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