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To: skinowski who wrote (65626)	2/7/2003 10:54:00 AM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 209892

OT, no charts <<I also like the Japanese model. I thought for a long time that – when people were still looking down at the Japanese for not doing the right thing in order to abort their "silly old-fashioned" Bear – that we will be lucky if our Bear will turn out the same way. They have jobs, they are employed, their economy slowed but is functional, they have no crime, their societal structures are intact, they have no war. They have a survivable Bear.>> Got savings? Whoops....<G>

To: skinowski who wrote (65626)	2/7/2003 11:31:34 AM
From: Perspective	Read Replies (1) \| Respond to of 209892

Two words: CURRENT ACCOUNT DEFICIT. OK, so I can't count. But that's our biggest problem. Japan didn't have it. It is the single most glaring reflection of the ridiculous global dysfunctionality that exists today. It's utterly insane. How many years can you go with net imports in excess of 5% of GDP? In ten years, you've accumulated a debt of half your GDP. Actions by the authorities that sustain this disease are only worsening the day of reckoning. The only positive thing I can say about the Fed's actions are that they have at least allowed the economy to absorb the Internet bubble before dealing with the credit bubble. However, the credit bubble has gone exponential in the mean time. BC