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To: Sonki who wrote (479)	12/13/1997 9:59:00 PM
From: dougjn	Respond to of 1460

Sonki, what else is Cadmessus (sp) gonna say. It isn't sufficient. Markets have lost confidence in Korea. US, I'm quite sure (from reading Rubin tea leaves, and considering the political realities for the admin. which Rublicans will already feel have gone too far) will not go further. US financial institutions are relatively little involved (some I'm sure, Citi et al), unlike Mexico. Japan is quite involved, as are European banks. No leadership, ability to act there. Suspect German banks relatively big, given call of German Bundesbank honcho's call for central banker summit next week. Rubin has decided to let Korea go swing in the wind. For a while. It will semi-permanentaly screw their borrowing rating/interest rate premium. They are going junk, sub junk. Their actions richly deserve it. They have no choice but to come, ultimately crawling to the international community. No country can function, these days, without international credit. Korea is about to temporarily loose theirs. THey will get the message. Much int'l financial panic may attend. It will be short term, very short term, if it does. Korea cannot drag down Japan. Japan is way too big and strong. Stupid, these days, but strong. Doug