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To: The Vet who wrote (5415)	1/8/1998 2:24:00 PM
From: Abner Hosmer	Respond to of 116753

>>just more victims of a random drive by shooting!<< Once again, with the US as the unwitting perpetrator and East Asia as the innocent bystander. Do they then bear no responsibility for their own problems? Or is the US responsible because we have failed to abolish failure in the world? Or is it because the US and other Western nations, as well as Japan, provided capital to the region? Is this our crime? We are responsible for suppressing/regulating Asian growth to sustainable levels? There are a lot of reasons for the collapse in East Asia; overcapacity, excessive govt control, corruption, the devaluation of the yuan. China is using only 40% of their productive capacity. I'll say it once again, govts in East Asia artificially pegged their currencies at unjustifiable and unsustainable levels, and in the face of declining exports. Their respective govts had to have known that they were developing a problem with their balance of payments. This situation did not descend upon them overnight, and it is not the result of factors over which they had no control. They borrowed in excess of their ability to repay. That's a poor business decision, and in many cases a deliberate one. It is largely a question of learning to manage growth. We've all learned our tough lessons, now they are learning theirs. Tom