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winning economically. Europe had one with us during the 80's while losing 2 million jobs.

It is true that the Japanese have made substantial investments in the United States. This indicates that the world is becoming a global community economically. What is also interesting is that all this fuss is made concerning Japanese investment, while British investment in the United States exceeds Japanese.

Some of the Japanese investments are going to be losses. The Japanese banks hold about half the perpetual floating-rate notes, which amounts to billions of dollars. Speaking about these notes

(which have by the way had difficulties) Merrill Lynch money-markets specialist Paul Dennison

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