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Strategies & Market Trends : HONG KONG -- Ignore unavailable to you. Want to Upgrade?

To: Tom who wrote (2390)	10/7/1998 11:03:00 AM
From: Ron Bower	Read Replies (2) \| Respond to of 2951

Tom, (Very glad you chose to make the OT post of Mr. Armstrong's commentary.) "If I had a stamp of approval, I'd have to mark Mr. Armstrong's commentary with it." Couldn't agree more. I believe this may be the best commentary on global economies I've seen. There are numerous statements worth highlighting but, for obvious reasons, I consider the below well worth repetition. "In November of 1997, I was invited to Beijing and met with the Ministry of Finance. I was asked what advice I could give concerning the future of China and the Asian Crisis. In a straightforward manner I suggested to keep their markets closed until 2003. That advice was shocking and the reply I quickly received was that it was not the same advice that the US government or IMF was offering. My reply again was that "PEI is not the US government nor was it the IMF." We warned at that meeting that if China opened its markets and currency to the world economy before a full economic transition was complete, they would suffer the fate of South East Asia and watch their currency be demoralized. Thank God China has adhered to that policy for now or else the world might be in far worse shape had China been attacked in the aftermath of a Russian collapse." Isn't it interesting that China has been criticized by the US and the IMF for not fully opening their markets and currency to the supposedly 'Free Market'? This should be required reading. Thanks for posting, Ron