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To: Maurice Winn who wrote (11949)	7/1/1998 7:10:00 PM
From: Joe NYC	Respond to of 152472

Maurice, The latest Forbes has an article suggesting similar approach. They suggest tight fiscal policy and loose monetary policy. They think that while with high budget deficit and debt compared to GDP, the fiscal situation is shaky, and further stimuli (more borrowing, more debt) will erode public confidence, not improve it. They suggest that the Japanese central bank buys debt to increase liquidity. Supposedly, Milton Friedman suggested this long time ago, and the man (in my opinion) is usually right. Joe

To: Maurice Winn who wrote (11949)	7/1/1998 8:12:00 PM
From: Ramsey Su	Read Replies (3) \| Respond to of 152472

Maurice, I read the Krugman article eight times and finally gave up. Too much academic theories, ignoring the realities. Just like the IMF reforms for Indonesia. Fiscal and monetary policies have to take into account the political system in place. I don't know if Hashimoto has enough support, not to mention forsight, to carry out the reforms necessary to make any policy moves effective. China is a great example. The reforms that Zhu wanted are massive and bound to upset many people. So they search the world for the best BS artist and find one Slick Willie. Open up the media and let Slick do the heavy selling. Based on everything I read, Clinton is so well received that he may run for premier after he is done with all the White House interns here. Whereas Zhu appears to be sincerely going after the corrupt, Hashimoto seems a little too timid to go after the good old boys. May be he also spent an afternoon or two "napping" at the banks' apartments. This bridge bank concept may just be lip service. Based on what I have read to date, it sounds like the taxpayers in Japan will pick up all the bad assets and be the "owners" of this bridge bank while all the banks that caused the problems in the first place receive a new lease on life. Business as before. You know I have been giving a lot of attention to Asia. This whole thing with the currency is still confusing, so I thought of the sea shells. How much of the Asian turmoil is caused by inefficiencies in the currency system vs actual economic problems? Instead of worrying how much yen for the dollar for the ruble for the yuan for the won etc etc, what happens if we just trade "commodities"? In order words, we will ship you 200 barbie dolls for 1 Toyota Camry and forgot money. Well, I have not quite figure it out but I am in fine company. Looks like Hashimoto and a ton of other governments are in the same boat. The only question I have this year is why, with all the brain power on this thread, are we investing in stupid QC when we would all be retired with some XCIT, LCOS, AMZN, YHOO, AOL. The secret to the era of modern investing is - don't invest in any company that makes money. Ramsey