William,
From the facts I have read, I think their debt crisis is solvable. Remember the United States debacle, the S&L Crisis. Well it was solved very quickly on the backs of Americans and something called a "fire" sale. Our government moved right in and took control and put that disaster behind us. Japan can do the same thing. Only they won't do it. It's not an economic problem, it's a social one.
How many foreign countries came to the aid of the US when we had our S&L crisis? I could be wrong, but I don't recall any. Did we even have close to the savings the Japanese do? I don't think any nation in economic history has. Did anyone promote the buying of US goods to help us out? Again, I could be wrong, but I don't recall that happening either.
Now their debt crisis appears to be working to their advantage. Scaring people into thinking they need to export more and pushing for greater IMF funding in order for them to get their money back. Their goal is to export, export, export. Ironically, that is how the Asian troubles began. Japan, inadvertently set up the Tigers for a fall.
I guess the comments by the 5 Japanese business leaders irked me into having an "opinion" on this subject. Remember one even said China devaluing would be "good."
MikeM(From Florida) |
