>>> Rubin is willing to play hardball at this point: he is telling japan that the u.s. (and its allies) will not act in concert with japan to support the yen <<<
Joseph - I believe you have read the situation correctly. Although there is risk of a big financial calamity in Asia , at the moment the US is not going to throw away money on a Japan rescue , in light of the weak commitment to any progress on the Japan side. Remember , the Clinton admin is democratic - the democrats are no friends of the Japanese. The old labor movement still wields lots of power in Washington , and I'm sure many of the old-timers are gloating over the problems in Japan right now. They know all too well the damage done in the seventies and eighties as whole communities were wiped out by the market rigging , predatory pricing and investment , etc. by Japan. Lots of good , hard-working people lost their jobs , houses , and in many cases their futures.
So if the Japanese are twisting in the wind right now , who really gives a damn? If they can't even clean up their own act , why should we be the ones to pay for it? |
