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Strategies & Market Trends : Asia Forum
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To: P.T.Burnem who wrote (5555)8/14/1998 3:10:00 PM
From: Zeev Hed  Read Replies (1) of 9980
 
P.T. I think that the point Ramsey is trying to make is that you cannot turn an economy or a country on a dime. Every time you try this you get major economic and social dislocations. All the people that where involved snooping on other people (in the USSR) are simply turned to snooping and covert operations for profits (the Russian version of the Mafia).

By the way, we brought on ourselves the S&L crisis by a similar "turning on a dime" activity, when we changed our tax code (retroactively, as well) in matters to do with real estates. While before the new tax code (at risk etc.) too much economic activities was directed to tax sheltered uneconomic real estate activity, the sudden change had to bring dislocations. The solution is graduate preplanned stages not sudden U turns. People must be given the time to adjust to new economic realities, not be thrown in the street with a one day notice.

Zeev
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