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To: Alex who wrote (35911)	6/25/1999 3:08:00 PM
From: Hawkmoon	Read Replies (1) \| Respond to of 116830

Alex, Thanks for posting the Paul Krugman article. Personally, I think the guy is right. I've read some of his articles and his book "Return of Depression Economics" and his arguments make the most sense and logic to me. What he's essentially saying is that an economy is a reflection of the people's confidence in that economy than on "hard" currency. Once people lose confidence, they hunker down and stop taking risks or spending money until forced to change that attitude. That's why it is more important to avoid financial panics, if even through inflationary measures, than to permit the economic engine to stall completely. Japan has essentially let their economic engine stall and it will require quite a shock to get it going again. More than what would have been neccesary to accomplish the same thing 5-8 years ago. Regards, Ron