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To: goldsnow who wrote (5153)	1/3/1998 4:09:00 PM
From: Abner Hosmer	Read Replies (3) \| Respond to of 116758

goldsnow - >>And Rubin has to listen to Mr. Yen<< Can you please expand upon that statement? I don't picture Sakakibara having leverage over Rubin, despite their holdings of bonds. I am getting the sense that the US has agreed to open up the spigots in exchange for a turnaround in Japanese economic policy. Both nations appear to be driven by the necessity to prevent any further defaults by Japanese institutions. With Japan slipping into recession, I think their primary concern has become the prevention of a systemic crises due to the inability of Japanese institutions to meet their current obligations. Liquidity appears to be the order of the day, and it appears that the US is to be the engine of demand-led growth. Interest rate cuts mean further inflation of US financial assets. It looks like we are to help absorb the bubble. Tom