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To: Tom Kearney who wrote (49086)	4/6/1999 7:27:00 PM
From: GST	Respond to of 164684

Tom -- the difference between the UK and Japan is that Japan is broke and trying to raise a trillion dollars for public works projects and to bail out the banks. BTW, I was talking treasuries, not FDI, where Britain is the leader. More recently, you can add China to the list for the same reason Japan is on there -- a huge current account surplus with the US -- which is another thing the UK does not have. Japan has been persuaded, it seems, to simply print the money and gamble that it will lead to growth which will justify this enormous fiscal gamble -- we will see.