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To: Ramsey Su who wrote (6170)	7/3/1998 11:46:00 PM
From: My Father's Son	Respond to of 10921

Ramsey, For starters, the bridge does not generate any revenue, nor help with balance of payments. And more importantly, what is the multiplier effect of a brige? At best one, for a fab, one plus. DMM

To: Ramsey Su who wrote (6170)	7/4/1998 1:20:00 AM
From: Gottfried	Read Replies (1) \| Respond to of 10921

RS, diversion tactic?... Japan successfully launches probe to Mars Posted at 5:58 p.m. PDT Friday, July 3, 1998 TOKYO, July 4 (Reuters) - Japan on Saturday successfully launched its first interplanetary probe to Mars on a mission that hopes to gather further evidence on whether the Red Planet could once have been warm enough to support life. [snip] sjmercury.com GM

To: Ramsey Su who wrote (6170)	7/4/1998 2:16:00 AM
From: Clarksterh	Respond to of 10921

Ramsey - Hey, something else we agree upon: It is simply a case of too much money having no where to go. We should concentrate of these few things upon which we agree before we break out in a fist fight <g>. Somewhat surprisingly I haven't seen any economic analysis of this problem. But even given this problem I think greater transparency and more oversight by the government would greatly curb bad loans by catching them earlier (for instance, loans to foreign companies with less transparency would require a much greater reserve). Of course this would then result in interest rates near zero, which would, presumably result in them saving less and relieve the problem. Thus, given proper oversight, too much savings should result in interest rates that fall enough that people stop saving and remove the problem. Japan's problem was a combination of not enough oversight and too much savings. All JMO. Clark

To: Ramsey Su who wrote (6170)	7/4/1998 8:14:00 AM
From: Mason Barge	Read Replies (1) \| Respond to of 10921

<<It is simply a case of too much money having no where to go>> Yes, I agree, in fact you could look at the yen problem as a classic deflationary model. Economists have been saying for centuries that free trade results in a superior domestic economy even if other countries continue protectionist policies. This is of course politically impossible, as vested interests always scream for market protection, especially ineffecient industries and labor unions. I think the best way of looking at this is moralistic, ie. the Japanese are paying the price for decades of the most extreme protection of home markets and general xenophobia, while the U.S. has (by some miracle) engaged in a marked effort to destroy barriers to international trade and has allowed the Japanese fairly free access to US markets without reciprocity. The Japanese paranoia also embraces a heavy deterrence of domestic consumption. So they refused to spend it, now they have just lost it. They shoulda' had some fun with all that money that's now just down the drain, or sitting in the pockets of US citizens. But, hey, thanks for the cheap cars, tv's, and computer components. And the cheap loans, which have cut at least a full point off the US CPI. The Chinese, may I point out, despite a political system even more closed than the Japanese, are not making these mistakes as they dismantle their socialist economic system. They are much better merchants by nature, and are more comfortable dealing with foreign markets. But they allow consumption (despite the communist economic overlay), are eager for foreign equity investment partnerships, and have a comparatively open consumer market. Strange world. If someone had told me 20 years ago that China would prevail over Japan because of superior implementation of market economics and more openess to foreign trade, I'd have suggested therapy.