Decline of American Power?

[Yoshie Furuhashi]

>At 6:29 PM -0400 10/9/02, Doug Henwood wrote:
>>BTW, Rakesh points out on page C1 of todays WSJ the current account #s
>>show that Asian net dollar purchases have more than offset European net
>>sales. What with Yoshies point, Doug. Can the Japanese internal state
>>yen denominated debt be seen as growing in step with net Japanese
>>holdings of US dollar debt? Monetarization of the dollar denominated
>>reserves? Is it reasonable to argue that the ballooning of yen
>>denominated internal debt is in fact a source of strength vis-a-vis the
>>US, like the ballooning of English pound denominated internal state debt
>>was in fact a source of strength vis-a-vis the Dutch&French from the
>>late seventeenth century?   too much Wallerstein on the mind, i guess...
>
>So you endorsing the Japan-as-inheritor scenario here?

I don't know about John, but I'm interested in thinking out loud 
about several possible developments, _not_ to endorse one of them, 
_but_ to think out loud about how we may act in response to each 
possibility.  (I'd like to hear more from Rakesh, if he has time; I'm 
cc'ing this to him.)
-- 
Yoshie

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