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To: Victor Lazlo who wrote (120787)	3/18/2001 9:21:56 PM
From: GST	Respond to of 164684

Victor: The Japanese engaged in stock speculation, just as we did. And they lost their shirts just like many of us are not losing ours. I live in Hawaii where Japanese tourist spend money faster than 99.9% of Americans would ever ever dream of doing. The issue is not merely one of savings. Resources are horribly mis-allocated because their political system is corrupt and their economic instititions are rigid and self-serving. Japanese people are not stupid. -- but they live in a world with many stupid features. They have adapted to themselves to a rigged society, living rigged lives, while their companies engage in rigged competition and their politicians compete in rigged elections. The Japanese need market-based economic institutions and free choice in politics and their economic life -- but that would cause the LDP to lose power and would reveal millions of managers as unproductive and incompetent -- and it would lead to a wave of bankruptcies and defaults. BTW -- it is good news that we are seeing exactly these negative things as we speak -- it means we might be closer to a turning point. The coming down of the Berlin Wall was obvious. The fall of Japanese Corporatism is more subtle - but just as important.