Date: Wed, 26 Nov 1997 05:57:10 -0800
From: Mark Jones <Jones_M-AT-netcomuk.co.uk>
Subject: Re: M-I: Re: rentier nation?


> Doug Henwood wrote:
>
> what Japan needs to do - get over its obsession with saving, and spend
> spend spend! Of course, if it did so, this would be very disruptive to the
> rest of the world;

Dennis R Redmond wrote:

>  the Asian
> crisis and slow growth in Europe will, finally, force the new metropoles
> to finance another accelerated long wave of growth.

You are talking about replacing US hegemony by a tripolar bloc-system with each
bloc focussed on internal demand-management, which would require a new internal
social contract, protectionism and inevitably, compeitive devaluations, starting
with the dollar. Even if the Americans agreed to hand the baton over without a
fight, this is a recipe for turning global deflation into longterm global
depression.




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