To: staytrue
Japan's economy is doomed IMHO, unless they finally become willing to face the facts that they're not using a truly capitalist system. An economy based largely on an Old Boys Club (good luck getting in if you're not already there), bribery, fuzzy accounting, a barely-functioning real estate industry, etc, simply cannot last forever. It's somewhat like the late 90s dotcom fraud here, only in much slower motion and much more widely distributed. Their problems at this point are entirely due to outmoded cultural traditions and inane laws. Clean out the cultural cesspool and rewrite the laws, and they can start making money again - after a number of years of volatility.
4 posted on
09/02/2002 11:10:50 PM PDT by
Timesink
To: Timesink
Re #4
I am afraid that "geniuses" in Wall St. have been thinking that they are above the failings of Japanese. They said it can never happen here. But it is. Here, it is the old-boy/girl-financial-clubs. In Japan, entire bureaucracy helps it along. That could be the main difference. Japan's economy will collapse. Even many Japanese sense that. They basically gave up. They will have truly volatile years ahead before the dust settles. And it won't be the same Japan.
To: Timesink
Japan has been practicing twelve years of demand management, with the ever increasing loads of government debt and economic underperformance that go along with it. In the United States, it's known as Bushonomics. And this quote from the article: "Without some decisive action, such as a cut in the consumption tax to rev up spending," it's apparent that the Japanese aren't about to change their losing economic ways, and neither will Bush.
8 posted on
09/02/2002 11:56:53 PM PDT by
Moonman62
To: Timesink
Perhaps they should raise their prime rate and collapse their real estate bubble. Once that is sorted out, they can get back on track.
To: Timesink
Please note the most recent post of an article I attached to this thread.
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