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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (22007)	7/21/1998 3:11:00 PM
From: derek cao	Read Replies (1) \| Respond to of 70976

Ramsey, thanks for the link. A very article on economical cycles. I like the following part most: The Japanese Finance Ministry's insistence on effectively pegging the exchange rate renders the Bank of Japan's new "independence" meaningless. With a pegged exchange rate, a central bank must set the money supply at whatever level is necessary to validate that exchange rate. In Japan's case, that level has choked off recovery and has contributed to intensifying deflation. The focus of the American and Japanese governments on the dollar-yen exchange rate must end. Derek