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Strategies & Market Trends : Currencies and the Global Capital Markets -- Ignore unavailable to you. Want to Upgrade?

To: Henry Volquardsen who wrote (212)	6/18/1998 11:16:00 AM
From: Chip McVickar	Respond to of 3536

Henry, In the building trades where I spent sometime as a youngster there was a saying that applies here when one makes a mistake....this was particularly true of the framing crews who could just cover a bad framing. "If you can't see it running naked through a snowstorm then nobody else can.....so don't worry about it." I understand that at this point to speculate that Japan cannot be fixed by a "global policy mix" is premature. After all significant cover-ups throught the world have successfully provided relief through the restructuring of debt and creation of new vehicles. This is perhaps the most serious test of our modern intergated financial systems. But Japan is very unique both in it's social personality and finely extended financial creations. My post just prior to this is very pertainant in looking at these complications. The Japanse people may not understand what restructuring a financial system will do to their savings. I watched the panic here in Boston as depositors scrambled into the bank lobies to with-draw savings. The man who now runs the Citizen Bank out of Providence for the Royal Bank of Scotland was single handedly responsible for publically saving the banks and replacing confidence in local depositors. My bank was sold 3 times. I wonder how Japanese people will react under banking reform and closings. Further more....either deflation or inflation will exasperate the situation and add anxiety to the older populations. Finally Henry, we have the Brundesbank with its hands tied to the emerging ECU. It cannot act independently and will find it hard to participate alone....if not impossible. Further more for the ECU committee to have to to face a "global fix" this early in the game....is going to be like getting New Yorkers to agree on rasing taxes to pay for new Taxis and retaining the drivers. This situation could impload very quickly if it is not handled correctly. If you have the time....your posts in the weeks ahead, reflecting your professional connections will be valuable and interesting. My Best Chip