World Bank memos

[Rakesh Bhandari]

Henry,
There may be a "financial" crisis due to the withdrawal of short term
credits and the near collapse of domestic banking systems  but foreign
direct investment has far from abated. In today's WSJ there is this article
"Credit Squeeze in Asia Promises Windfall for Cash Rich Foreigners" by Erik
Guyot:

"Problems in Asia banking system are creating a potential bonanza for cash
rich US and European firms. Profitable companies here can't get funds from
their bankers, so they are selling stakes to foreign investors...Across
Asia US businesses are taking stakes in otherwise healthy companies that
can't get bank loans. So far this year, US and European concerns have
invested $8.14 billion in Asian companies outside Japan, according to trade
publication M and A Asia, up from $3.35 billion last year."  p. A26

Again we see the inter-penetration of opposites: monopoly stagnation marked
by excess capital in the imperialist countries--imperialist aggression in
the form of the seizure of productive assets abroad through the export of
capital. This is the ABCs of Leninism, and I would have thought Henry c K
understood it better.

yours, rakesh