(I am probably overquota again, sorry).
As a followup to a rather long message on this I just sent: Japan "owned our sorry asses" last year, but the yen was falling then. Why? Barkley Rosser -----Original Message----- From: Dennis R Redmond <dredmond at OREGON.UOREGON.EDU> To: lbo-talk at lists.panix.com <lbo-talk at lists.panix.com> Date: Thursday, September 23, 1999 4:28 PM Subject: RE: Americanization of global finance (cont.)
>On Thu, 23 Sep 1999, Seth Ackerman wrote:
>
>> But why does the the yen keep appreciating? The Ronald MacKinnon
>> article from the Economist that I posted claimed it is due to "unresolved
>> trade disputes" which struck me as being somewhat vague.
>
>Because Japan owns our sorry American asses, that's why. Japan is the
>biggest single global creditor, to the tune of a trillion euros or so; the
>US is the single biggest debtor (minus two trillion euros). It's World
>Systems Econ 101: semiperipheral capital flows to metropoles, while
>metropolitan commodities flow to the semiperipheries. And don't even get
>me started on that other metropole, the EU.
>
>-- Dennis
>
>