Seth
> -----Original Message-----
> From: Henry C.K. Liu [SMTP:hliu at mindspring.com]
> Sent: Tuesday, May 04, 1999 9:45 PM
> To: lbo-talk at lists.panix.com
> Subject: Re: Krugman sad
>
> Krugman misses an important point: that Japanese leaders who Krugman
> said
> "still lack the intellectual courage to act", are in fact
> displaying political courage to resist Western recommended solutions
> that will permanently place Japan in a disadvantaged position in the
> new global
> economic order.
>
> Dennis is correct. The Japanese are playing a different game to
> reposition
> themselves for the long haul while playing dumb with American advice.
> None of
> the countries that followed American/IMF prescriptons are doing that
> well.
>
> Henry C.K. Liu
>
>
>
> Dennis R Redmond wrote:
>
> > On Tue, 4 May 1999, Doug Henwood crossposted:
> >
> > > Financial Times - May 4, 1999
> > > DEPRESSED ABOUT JAPAN
> > > Paul Krugman
> > >
> > > The trouble with Japan, in other words, is that while key
> policymakers now
> > > understand the nature of their problems, they still lack the
> intellectual
> > > courage to act on that understanding.
> >
> > Good for Japan. Krugman's argument is, frankly, a bunch of
> neoliberal
> > crap. Japan has a net surplus of 800 billion euros vis-a-vis the
> USA,
> > has cash reserves of 2.7 trillion euros, is successfully bailing out
> its
> > banks and granting its industrial base plenty of time and credit to
> > restructure for the Long Boom. The whole thing verges perilously
> close
> > to the racist
> "poor-weak-sarariman-not-able-to-wield-White-Male-Rentier-
> > Phallus" stereotype retailed by our bourgeoisie in the Seventies,
> i.e.
> > claiming that Japan could never compete in luxury cars, high-tech
> chips or
> > electronics -- segments they now co-own, along with the EU. If only
> > Japanese elites starting firing people left and right, went deep
> into hock
> > to foreign countries, and trashed real wages, why, everything would
> be all
> > right!
> >
> > Still, I find it interesting that Krugman expresses frustration that
> > *Japan just won't listen to us anymore*. That's a good sign.
> >
> > -- Dennis