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To: dwight vickers who wrote (22819)	6/21/1998 6:24:00 PM
From: Paul Fiondella	Read Replies (1) \| Respond to of 42771

(OFF Topic) Japan & inflation You are missing the half of it. The Far Eastern Economic Review and various other publications have been picking up on a Harvard/MIT economist who has been suggesting that Japan systematically CREATE inflation as a way of forcing consumer consumption! Force prices up so consumers will start panic buying! This is the kind of whacky economics our academic institutions churn out. You remember Sachs and his plan for Russia, privatization plus monetary policies to stabilize the ruble and make it convertible equals capitalism. Didn't happen. (Of course most Russian experts still haven't figured even that out.) Nobody invested in Russian productive capacity. They just liquidated any assets they could get their hands on and took the money to Switzerland. And the Europeans and Americans that invested in Russian treasuries have been responsible for the last round of money leaving the country much to the annoyance of the Russians who have been threatening to arrest someone. Convertibility certainly worked to spirit the money out of the country! The drunkard that runs the country keeps telling everyone Russia doesn't need any IMF assistance! Nice experiment though with 30,000 nukes and putting them into the hands of crypto-facists. Miners blocking railroads. Teachers having the money for their salaries stolen by speculators. When Moscow becomes Kabul with nukes what will they think then? We extended NATO and our security is assured. You see Dwight the quality of thinking has deteriorated in our government to the point where nobody has a clue or frankly even cares really deeply about what happens. Our elites are programmed to believe they will survive any political or economic event or policy mistake (assuming it is ever recognized). Isn't Ronald Reagan the patron saint of all good Republicans even though he saddled us with a Trillion dollar Keynesian debt? I got mine, that's all that counts these days.

To: dwight vickers who wrote (22819)	6/21/1998 7:22:00 PM
From: Paul Fiondella	Read Replies (1) \| Respond to of 42771

(Off Topic) Classical monetary theory would predict inflation. What has happened so far is that the price of a barrel of oil has decreased relative to all currencies. Commodity prices have collapsed. Since oil prices have deflated more then the YEN has depreciated you do not see any signs of inflation yet in Japan. At some point if the YEN continues to depreciate it would cause the price of oil in Japan to increase and then you might have noticeable inflation. Right now however lack of demand is having a deflationary effect on prices in Japan.