Sam I agree with your trenchant analysis 1,000% of the Asia malaise.
Since the whole world appears to have bought into the American parable of wealth at all costs.... you might want to try and find a copy of Lewis Lapham's book, "Money and Class in America: Notes and Observations on our Civil REligion". Weidenfeld & Nicholaon, NY, 1988. The book details American... and hence the world's obssession with money. Lapahm is of the opinion that interest in money has replaced interest in art, religion, literature, and culture in our country. "Their avarice (the American money chasers...millionaires, the emergent rich) not the fullness of their apetite but the paucity of their imagination."
The deeper malaise in Asia is everything you say.
I do think that Japan's "beggar thy neighbor through trade", the policy of the 80's, expecialy with America, has led to a feeling of hubris here about the current troubles in Asia and specifically Japan.
Please do focus on the fact that the most savingest nation on earth now has $10 trillion US in moribund accounts. This money is going to begin traveling. The bag is packed. The last brochures have been passed out. The airline ticket is booked. The only question on a closed loop is where it will go? Any ideas.
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