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To: Mark Myword who wrote (211)	6/18/1998 10:24:00 AM
From: Chip McVickar	Respond to of 3536

Hi William Thanks for your reply, I think you are right -- there is some truth in what I said and I believe what you alluded to in the Japanese personality and national psyche is also accurate. Their sense of isolationism and national pride is a major factor in their resiliancy and greatness and a cause of their "snow blindness." The 'ethics' of modern financial systems allows for this freedom in profit maximization and this is central to capitalism. It is kind of a santification of greed and supported acquisitive behavior. I think it is also tied into the human condition and requirements for survival. What makes it work is the regulation of that 'capitalistic greed' and what regulates the greed is our recognition of benevolance. You use taxes from the endeavors and abilities of the few to provide the basis for a socially conscious environment in which to live and survive. Japan has been very good at taking care of it's familly. However, when the culture does not support free unbias regulation and scrutiny of its capitalist system, corruption can flourish and provide a dangerous imbalance to its' structure. I believe we are seeing this at work in Japan today. The lack of independent regulation and extenal safe guards. By-the-way, this is at the basis of the differance of opinion between Greenspan and Rubin on banking reform----"Who is going to be the watch dog." When further transparencies are applied to Japan's financial system, the flaws in neo-classical economic theory will be opened-up and this remarkable and unique extension of modern financial experiments will alter the methods of regulating our worlds complex monetary securitized debts. You wait and see...this has just begun. Chip