> To Dennis R. Richmond:
Redmond. I'm far from rich. And even farther from Richmond, VA.
> American banks lost only US$30 billion in Asia since 1997, while Japanese
> banks lost US$450 billion and European bank who came late, lost US$250
> billion .
Is it really that much, or is this the total loan exposure to Asia? I can't imagine China and South Korea going under completely; they do have some fairly competitive export industries, and are less likely to fold than, say, hapless neoliberalizing Brazil, which is slashing its fiscal wrists as we speak.
Also, what do you think of China's stock buying spree? Is this part of Beijing's "talk nice to the Americans, redistribute like the Europeans, and invest like the Japanese" strategy?
-- Dennis