Stitch,
quite to the contrary, I see many scenario for Asia recovery but most are related to Japan.
Go to this Morgan Stanley site (very cumbersome but worth it in my opinion, for some reason, I can really link the article directly) and click on the global portion. Then see the Stephen Roach article dated some time last year. It was an excellent article on this "Anglo-Saxon" model which resulted in the US recovery during this decade. Japan can do the same.
ms.com
Secondly, John Makin is the best read on this general subject. Read his Feb 1998 article in particular. I think the answers are there but Japan lacks the political will and configuration to act right now. Some of the good old boys, both in the private and public sector, need to die off or removed before anything meaningful can happen.
aei.org
In the mean time, I opine that Asia is like a dying car that needs a new engine. No one wants to replace the engine so they keep trying to patch it up here and there. In the end, it may need a big blow up before they have the will to confront the issues properly.
In the long run, I am very optimistic that they will turn the situation around. I just don't agree that they have hit bottom just yet.
That's my 2 cents or .08 ringgit for you.
Ramsey
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