"Why should China, with limited foreign reserves, hold yen when Japan, with their large amount of foreign reserves, is unwilling to buy to support the value?
It is Japan's responsibility.... "
The doubt that Japan has the reserves that they say they do must be percolating through a lot of people's minds at this point. In a post near the inception of this thread, someone said the banking system (if we can call it that) in Asia was like a lot of old men standing in a circle, each with their hands in their neighbor's pocket, publicly smiling at each other, but secretly terrified to pull his hand out because he would find that the pocket would be empty.
They've started pulling them out, and one by one, we see that the pockets are empty. Is Japan really any different?
I think it was Clark Worswick who told the original story; where is Clark, anyone heard from him lately? We need some more funny stories. |
