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To: PaulM who wrote (7021)	1/31/1998 11:37:00 PM
From: Terry Rose	Respond to of 116762

Paul, Several of these Japanese megabanks have been downgraded by Moody's to D or E grades. Long-Term Credit Bank of Japan is rated E+ with 224 billion in assets, Sakura Bank is D+ with 408 billion in assets, and Mitsui Trust & Bank is E+ with 91 billion in assets. A newsletter I get that has been very reliable for the past 2 years, predicts that one of the Japanese megabanks (probably one of the 20 on the BOJ's protected list) will go belly up this year. Terry,

To: PaulM who wrote (7021)	2/1/1998 5:23:00 AM
From: Bobby Yellin	Read Replies (1) \| Respond to of 116762

add to that what further happens to Japan's corporate balance sheets when they factor in all the bad debt from their huge investments in South East Asia..heard report that Abby Joseph Cohen said Japanese wouldn't dump US treasuries because it is their best investment.. what happens if they have gun to their head?

To: PaulM who wrote (7021)	2/1/1998 5:16:00 PM
From: Bucky Katt	Read Replies (1) \| Respond to of 116762

PBM-The set-up for a "Wag the dog" war>U.S. pledges swift response to any Iraqi attack on neighbors. Secretary of State Madeleine Albright assured Israel and its Arab neighbors Sunday the United States would have a "swift and resounding'' response to any Iraqi attack in the region. After extensive talks in Israel, Albright took the message that Arabs too are under America's protective wing to Kuwait. She will repeat it Monday in Saudi Arabia during her tour seeking Arab support for military action against Iraq to enforce U.N. resolutions. Unlike in 1990, when an Iraqi invasion of Kuwait congealed most of the Persian Gulf Arabs, none has bought into the necessity of action in the current crisis brought on by Iraq's refusal to let U.N. weapons inspectors do their work. In 1991, as planes of the U.S.-led coalition blasted Iraq, both Israel and Saudi Arabia were hit by Iraqi missiles before Iraqi President Saddam Hussein's annexation of Kuwait was reversed. Faced with the growing likelihood of a U.S. bombardment of suspects arms sites, Israel is worried that Saddam may be inclined to strike again. During the gulf war, the Bush administration pressured Israel not to retaliate for the 39 Scud missiles that hit its territory. The worry was that if Israel joined the conflict, the Arabs who had joined the anti-Iraq war coalition would quit. This time, Israel is vowing to respond to any attack. At a news conference after inconclusive back-to-back talks with Prime Minister Benjamin Netanyahu and Palestinian leader Yasser Arafat, Albright addressed the Israeli people. "The United States stands with you in the face of Saddam's latest threat today,'' she said. In Jerusalem, the Haaretz newspaper reported that the United States has agreed to supply Israel with hundreds of thousands of doses of antidotes against biological warfare, specifically anthrax. U.S. and U.N. experts believe anthrax and other biological weapons ingredients may be stored secretly at Iraqi sites that Saddam's government has declared off-limits to U.N. inspectors. Defense Minister Yitzhak Mordechai said he expects an early word on any U.S. military strike against Iraq. "We have been working with the United States for a long time to be prepared today and in the future for a nonconventional weapon attack,'' Mordechai told reporters. Speaking on CNN's "Late Edition,'' Albright warned the Iraqis that if Israel or Arab nations are attacked, the U.S. response would be forceful. "Were Saddam Hussein to attack ... Israel, or any of the other neighboring countries, our response would be swift and resounding,'' she said. All this "war" talk is helping the prez, as his poll #'s are climbing, fast!!!