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To: Bill Harmond who wrote (121762)	3/26/2001 4:11:08 PM
From: GST	Read Replies (4) \| Respond to of 164684

Bill: I don't know how else to explain it... the huge trade deficit we have with Japan spread to become a deficit with other Asian countries where the Japanese invested in low-cost production using Japanese technology -- the Japanese strategy revolves around proprietary technology -- that is their game and they play it well. Where is Yahoo's proprietary technology? Where is AMZN's proprietary technology? There are cash machines in this world -- and they are not the Yahoos and Amzns. The Japanese economy is a cash machine. We borrow money from them and use it to buy their goods -- and then we borrow some more and buy more, and more. The issue for us is to lower interest rates... Why? So we can borrow more money and buy something else -- often from Japan. Do you drive a Lexus Bill? Does it smell like fish or look like a ship? There is a difference between being wealthy and living beyond your means. The trouble with Japan is political and social and has nothing whatsoever to do with their lack of technological capacity -- especially in engineering intensive applications.

To: Bill Harmond who wrote (121762)	3/26/2001 4:18:05 PM
From: GST	Read Replies (2) \| Respond to of 164684

Bill: A footnote -- take a look at the cultural mix in US technology-based industries -- a lot of "foreign" talent. Look at MIT, or any other place that is the pride of the US industrial system -- you see faces from all over the world. The US is dominant in education. The rest of the world has talent and it is being put to work all over the world. Talent is global. Technology is global. The US is part of a global economy -- not an island cut off from the rest of the world. Your cartoon description of "commodity products" does not fit reality any more than does your notion of a "new economy" based on stock speculation and activity disconnected from the "old economy".