> One of scrooge's nightmares was about having invested in U.S. bonds.
> Carl Remick wrote:
> > Re Michael Cohen's: " How did the US keep from becoming a permanent
> > economic colony of Britain?"
If foreign governments cannot guarantee a supply of capital at attractive rates,then default or a moratorium on private debt becomes attractive. I guess the problem is the develping Asian countries are largely developed for the export market.
--mike -- Michael Cohen mike at cns.bu.edu Associate Professor, Center for Adaptive Systems Work: 677 Beacon, Street, Rm313 Boston, Mass 02115 Home: 25 Stearns Rd, #3 Brookline, Mass 02146 Tel-Work: 617-353-9484 Tel-Home:617-353-7755