g'day, Zeev & all - over the weekend, I read several columns [in newspapers and on the net,] the columnists have either suggested or openly asserted that Secretary Rubin sprang the bear trap last week. To support their claims, they have even resurrected Secretary Rubin former self, as cochairman of GS, a currency trader par excellence. Rightly or wrongly so, I think those currency traders may have 2nd thought in attempting to rollover the yen. I mean, while the latter is no chicken, they are smart enough not to pick fight with one wielding a samurai sword! Of course, the downside of this psychological postulation is that that gives the japansese less urgency and less incentive to clean out the many skeletons in her closet, which is really delaying the inevitable.
It is quite amusing, actually. Looking at Japan now, b/c she has something to lose, she becomes too cautious and undecisive, not remembering phoenix will only rise from the ashes, much like the Japan and Europe immediately after the war. From that respect, I think people have underestimate the resiliency of HK, for example, some people have liken HK to California in the early 90s, not realizing that the pulse of entrapreurship is the true lifeline of that region.
abcnews.com:80/sections/business/DailyNews/hongkong980619/index.html
best, Bosco
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