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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: Monty Lenard who wrote (15586)	12/14/1997 2:06:00 AM
From: TimbaBear	Read Replies (2) \| Respond to of 50167

I have not read the book you refer to, and am more hopeful that this crisis will eventually bring about some meaningful change in the countries and businesses involved....However, where there is this much money and power involved and not a strong system of checks and balances, I am afraid that the old adage " absolute power corrupts absolutely" applies. I believe that the IMF can act as that strong system of checks and balances for a short while, but the countries themselves must change or the process will not stop, just evolve. What makes me think that this is not the end is that the leader of the pack, Japan, has consistently demonstrated it's resolve to force it's will upon the world economies and is not now ready to concede that their way doesn't work outside of their own cloister.....I don't know what it is going to take for them to "get it", but I suspect it will have to be a lot more than what is currently happening. America has been remarkably non-isolationist during all of this Japanese expansion since WWII, but I'm afraid that will be sorely tested if Japan tries to export it's way out of this instead of helping to create the financial reforms both inside Japan and in those countries it has major influence in. I think that the Asian problems will be a real drag on our markets for quite some time, and that the rapid rise in day-traders will increase the volatility of this situation to levels never reached before....what a great time to be alive!!