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To: jrhana who wrote (3932)	4/4/2003 10:56:01 AM
From: 4figureau	Read Replies (1) \| Respond to of 5423

Worth Repeating: >>Date: Thu Apr 03 2003 11:27 trotsky (Apollo@Japan) ID#377387: Copyright © 2002 trotsky/Kitco Inc. All rights reserved shares in Mizuho ( biggest bank in the world by assets ) have plunged by 25% over the past 3 trading days alone...customers of the banks who subscribed to shares when capital was raised last year are beginning to report huge write-offs pertaining to their bank stock holdings. e.g. the second largest PAPER manufacturer in Japan just wrote off some $250 million in this context. there can be no more doubt: Japan is finally coming apart completely...the long feared systemic collapse has probably begun. nationalization of the banks is the next step...and considering the fact that Japan's bureaucrats provide even worse economic leadership than the current crop of bank managers, this is likely to intensify the downward spiral. it's possible that 30 years hence, no-one will remember that japan once was an economic superpower. this may sound a bit extreme, but consider the case of Argentina...after decades of mismanagement, it has slipped from an affluent country with a thriving middle class, among the top 10 per capita GDP countries in fact, to a broke 3rd world backwater. Japan's ongoing crisis has so far failed to instill a sense of urgency with its policy makers...and they have foolishly followed Keynesian and monetarist advice and dug an ever deeper hole for themselves and their country. unfortunately they will likely take the rest of the world down with them...once japanese banks are forced to repatriate funds, the world will lose its main financier overnight. all of South East Asia is bound to slip into crisis as a result, and with the global economy tottering on the brink contagion won't stop there imo. only Russia and to a lesser extent China could possibly prove immune imo.<< Message 18792540

To: jrhana who wrote (3932)	4/4/2003 11:35:28 AM
From: Jim Willie CB	Read Replies (2) \| Respond to of 5423

then let's take each descriptive, one by one and see how absurd they are <Amerika is like a big fat stupid blind lumbering bankrupt dinosaur it is dropping out money and blood by the minute being eaten and devoured slowly even as it walks> fat: 40% obesity, with frightening growth in teen obesity and diabetes AMA acknowledges these figures several 300-lb coworkers crowd my office area aisles daily stupid: of 17 major industrialized nations, US students rank #17 reading illiteracy rate is highest in USA also among these same nations financial illiteracy is beyond scarey, and not even debatable 1 in 3 Americans cannot identify USA on a global map with no lines 1 in 3 Americans cannot identify European leaders nor capitals lumbering: instead of cleansing balance sheets in 2000-2002, we have lumbered with accumulation of even more debt, implying denial of problems and worsening of situation we blindly believe much of the govt economic distortive deceptive crappola data we still dont question proforma corporate reports we still go with the "better than expected" earnings nonsense bankrupt: over 400,000 personal bankruptcies filed each quarter, and rising S&P companies have as much unreported offshore debt as reported numerous S&P companies have 10-15x the debt as capitalization US federal debt is zooming past $6.5 trillion, a figure that rises in good times, and rises faster in bad times dropping money: trade debt is now annualized at over 6% of GDP new federally minted money is printed at a fast 20% annual growth rate now which matches in size increases in consumer debt which matches in size the increase in China'a surplus versus USA households have added to their debts at a faster rate than income has grown since 2000 we continue to spend money we dont have dropping blood: not happening much yet in Iraq nor in USA terrorist targets give it time perhaps I should have left that descriptive off being eaten slowly: see above counter arguments welcome just dont make any more blanket dismissals without some information you sounded pretty naive in your last message / jim