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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Giuseppe Scalamogna who wrote (36761)	11/18/1998 4:07:00 PM
From: Knighty Tin	Read Replies (1) \| Respond to of 132070

GS, Our problem is different than Japan's for lots of reasons: 1. They are great savers. We are non-savers and a debtor nation. 2. They run trade and budget surpluses. We run deficits. 3. We have military spending and need to stomp on pissants every once in a while. They don't spend money on that sort of thing. 4. We are innovative, they are derivative. 5. We are half-assed on quality while they are perfectionists. 6. They have high productivity growth while we have been pretty stagnant and seen multiple decades of declining growth in that most important area of economic health. O.K., but, even with those differences, we are shaking down to crony financial manipulation in the USA, which was also a big part of their problem. And we have overcapacity. So far, this has been hidden by the more severe problems in other areas and the dollar's role as a reserve currency. But, I expect a piston reaction. Asia will come back as the Euro gains credibility and we decline, which will show all our dirty laundry. MB