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To: Joe NYC who wrote (15928)	10/2/1998 4:06:00 PM
From: dougjn	Respond to of 152472

But some of these assumptions don't hold. Banks are not lending the money. The system is not closed, because you have a valve to outside world which causes money to escape the Japanese system and inflate US Treasuries instead. Yes, that has been happening, and I think would for a while. But once banks equity positions get stronger, they are likely to start lending again. The basic idea, though, is to get Japanese consumers to go out and spend, to avoid higher prices around the corner. By all accounts Japanese consumers have lots of money. They're just saving it all. Doug