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JD-- I was just looking through my research, a vigil on weekends sometime extending for a whole day, for what I make out the worst may be over, 98 was the worst year as GBP growth was concerned in ASEA we had terrible negative growth but we expect these countries to pick up momentum in 99, on a separate note I have never under estimated the recuperative capability of nations rising from economic abyss, I do think that Japan looks bad but aftermath of financial bubble takes a while to disappear, the crisis in Japan finds its roots to inaction as soon US was hit with S&L crisis you had a solution put in place, you did not let things go out of hand, these loans in Japan were well known cancers but Japanese just keep on hiding the troubles under calm surface of cultural respectability, it is all culmination of political 'cronyism' and cultural habits of 'continuation' with present set of rules, inability to break form regimentation on one this discipline add and instills great national virtue of growth but innovation is stifled in the process, human nature of incentive cannot be tamed, unfortunately societies which undermine incentives and promote mass equality, create habits that becomes barriers to bring about change have to go through these prolonged periods of adjustments.. |
