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To: PaulM who wrote (7547)2/13/1998 2:18:00 AM
From: Abner Hosmer  Read Replies (1) | Respond to of 116998
 
"Let me be clear on one final point. Our involvement in this crises is not about charity or comity with other nations: it is about a hard-headed assessment of United States interests."

TEXT - Summers' speech on Asian economic changes:
biz.yahoo.com

>>...respected academic studies of Asia's growth record -- by economists such as Paul Krugman, Alwyn Young, and others --- began to suggest that the miraculous growth of Asia might owe rather little to sustained growth in productivity and a great deal more to rapid accumulation of labor and capital..

...through fifty years of bipartisan support for the IMF has not cost the American taxpayer one cent, because it has not had a major default, and because its lending is backed by very substantial gold reserves.<<

I. Our Stake in Restoring Stability
II. Systemic Roots of the Crisis
III. The Challenge of Reform
III. The Regional Underpinnings for Growth
IV. The Reforms Ahead: Not a Bail-out But a Beginning



To: PaulM who wrote (7547)2/13/1998 2:24:00 AM
From: Abner Hosmer  Read Replies (2) | Respond to of 116998
 
Paul - They may print the money, but I think they may very well feel that we could absorb the selling. And certainly it would not be to Japan's advantage to dump everything at once, that is not how you unwind a large position in the market. I am fairly convinced that the US and Japan could in fact manage the whole affair without the public being at all aware of it until after the fact. It would be to both governments advantage.


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