Ron,
Looks like what you have long stated, is turning out to be fairly accurate. I also am concerned about what's on the horizon for the US economy if the thrashing keeps going on in Asia. We consume a lot of foreign goods. No problem as long as everyone here has a job and is happy. Good thing we have Canada, Latin America, and Europe as partners also. But if our economy stumbles, then look out. I think we will see some real major league Asia bashing. Japan in particular.
I can't believe the flood of bad news coming out in the past week, and yet, you don't hear anything about it on the mainstream news or the mainstream financial sites. But here's some more, I'm afraid to say. Check out this economist's quote in the last sentence.
MikeM(From Florida)
>>>>Stable Yen Key to Asia Economic Recovery
SANTIAGO, May 26 (Reuters) - Stability in the yen is needed not only to help bring recovery to Japan, but to Asia as well, a leading economist said on Tuesday. Clyde Prestowitz, president of the Washington-based Economic Strategy Institute, said a weaker yen would put enormous pressure on Asia, triggering another round of currency devaluations in the area. Japan accounts for 60 percent of business in the region.
''Some economists estimate the yen to fall to as much as 200 yen. If that should happen, that would put pressure on South Korea and other Asian countries, including China, to devalue. Frankly, I am scared to death,'' Prestowitz told reporters.<< |
