Dennis R Redmond wrote:
> On Sun, 7 Feb 1999, Henry C.K. Liu wrote:
> > Seriously, no doubt the euro is going to be important, but unless the Europeans
> > become more internationalist than they have been, the euro mya just go the route
> > of the yen.
> More internationalist? The EU is already the biggest single market on the
> planet, with the soundest asset base, the biggest banking system (assets
> of close to 11 trillion EUR, far larger than the US banking system asset
> base of around 3.7 trillion EUR). EU banks are the biggest source of
> capital to the world-economy, as BIS statistics on global lending
> (available over at www.bis.org in downloadable pdf format) show, far
> larger than Japan or the US. Latin America owes more debt to the EU than
> to the USA, and the EU is the biggest creditor in Asia, too (Japan is in
> second place, the US is a distant third).
> And then there's this myth that the yen, and Japan, is doomed. I'm
> collecting some stats on the Japanese keiretsu and will post those later
> today, but suffice to say that Japan Inc. is a very, very, *very* big and
> liquidity-flushed gorilla indeed.
> -- Dennis