" After 18 months of global financial crisis, the G-7 met and no one expected it to matter. This means that there is no Asian crisis any longer. That is not to say that all of Asia's problems are no longer there....The major Asian powers, China and Japan, are not recovering but sinking deeper into the morass."
Worswick,
Your article was a unique viewpoint of the last G-7 meeting. I wasn't thinking about it too much, but I knew there was going to be a G-7 meeting, and I knew when it was over. But it was the first time, in a long time, where I didn't really care to find out what was said. It didn't strike me, until I read your article as to, "why," I didn't care. Nice perspective. But, the very BIG exception to a lack of "crisis," is clearly stated above. Japan and China.
In that regard, I just read three articles, day by day, that really reflected a lot of views on this thread about how Japan should handle their problems. Surprisingly so, they are quietly trying what is being recommended. I wish I could post the articles, but I don't have an online subscription to either Barron's or Wall Street Journal.
None of the articles were intentionally related, but do make a good related series. What is currently being attempted by the Japanese, to pull themselves out of their economic problems, is a pretty bold step(IMHO) for that society. For those that may want to read these articles, they are listed below.
MikeM(From Florida)
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February 22, 1999 -- From Barron's (page MW7), "Japan May Start Printing Yen In an Effort To End Its Painful Recession."
February 23, 1999 -- From WSJ (page A23), "Japan, With Fingers Crossed, Tries Reflation."
February 24, 1999 -- From WSJ (page A11), "In Japan Yields Leap: Doubts Rise Over Rates." |
