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To: Ron Bower who wrote (6219)	7/8/1998 9:42:00 AM
From: Joseph Beltran	Read Replies (2) \| Respond to of 10921

ugly news out of korea on the chip front: biz.yahoo.com regards

To: Ron Bower who wrote (6219)	7/8/1998 10:31:00 AM
From: Mason Barge	Respond to of 10921

OT It is hard to look at the US inflation from 1970-1985 in terms of fiscal policy. The effects of the Vietnam War were so extraordinarily inflationary that it is hard to see positive or negative effects from fiscal manipulation, although Keynsian theory became quite popular in that time. There was also the OPEC thing popping up for a few years. And really, aside from the Vietnam War, you'd have to say that the real deficit spending came in the Reagan/Bush era (I know this is surprising, but look at the federal deficit on a year-by-year basis). It might have been partially the legacy of the Great Society social legislation, but Reagan failed to contain domestic spending and increased the military budget. Our current prosperity really began with military spending cuts. Anyway, yes, I think that the tax rates in Japan, in combination with government spending, are bound to hurt their economy. Their government spending is wasteful even by our standards, and we know how hard it is to contain. The first step would have to be a tax cut, to put pressure to bear on the budget. They need to put the Diet on a diet.