>>> Can you imagine the Indonesian debt holders sitting across the table from the big Japanese bankers, "negotiating" the terms of repayment? I bet it wasn't much of a negotiation. <<<
Mike - this is my first post on this thread - hello everybody - I couldn't resist a few comments. First , although the "big bang" reforms are now underway , I wouldn't look for too much candor from Japan under the present circumstances. They have lied to the world for years , lied to their own people , and now things are extremely dire for the Japanese economy. Their bad-debt problems are enormous , and getting worse all the time. The whole framework of their economy is being exposed as a sham and an elaborate house of cards. See the latest Business Week , or any number of other sources. They are rumored to have huge derivative losses hidden in their maze of phony accounting , and that problem hasn't even been rolled into the already bleak assessment so far. They aren't about to reveal the true numbers , if they even know them , because that would surely incite a mega-collapse that would disrupt the world economy. That's why they keep flying one joker after another over here to have a photo op with Clinton , Rubin , or other pillars of support.
Second , it is comical that the Indonesians were even pretending to negotiate a deal. They have no money to pay now , and can only beg to put the debts far off into the future , to be somebody else's problem. On top of that , why would you expect the representatives of the thieves in the Suharto crony camp to part with any of the money they have stolen ? It's either already been spent , or tucked away in untraceable accounts somewhere in a foreign bank.
I guess the meetings must have been pretty hilarious , with a bunch of corrupt debtors talking with a bunch of corrupt lenders. The sad part is that the majority of Indonesians are still dirt poor , and now the dreams of a better future will have to be put on hold for awhile. |
