March/April 2002 Vol.5, No. 3 Contents America's Growing Isolation by Melvin Rhodes Restoration: A Dangerous World by Darris McNeely Debate Over Islam Continues: Is It a Religion of Peace? by Cecil E. Maranville The Last Battle for the British Empire by John Ross Schroeder Generations in Crisis by Doug Johnson Disastrous Weather By Graemme Marshall In Brief...World News Review by Ken Martin and Jim Tuck This Is the Way... Forgiving the Unforgivable by Robin Webber March/April '02 WNP Main In Brief... World News Review Can We Shrug Off Japan's Economic Crisis? The Intensification of Global Instability U.S. to Weigh Computer Chip Implant Can We Shrug Off Japan's Economic Crisis? The fact that Japan's 12-year slump has fallen into a full-scale crisis is beginning to be realized by the world. The downward slide of various indicators in the second most powerful economy resembles the United States during the Great Depression of the 1930s. It was once thought that Japan could buy its way out of financial trouble. Many believed the heavy debt from the nation's terrible banking system and the actuarial deceit of its postal- and insurer-based retirement systems was just Japan owing itself. However, Japan's economy isn't like Russia or Argentina or Thailand. By comparison, Japan's massive economy is 42 times that of Thailand. Kenneth Courtis, vice chairman of Goldman Sachs in Asia, said Japan represents the "largest economic crisis since the 1930s." Royoji Musha, strategist for Deutsche Bank said the "...world is heading for a once in-a-century economic crisis." The Japanese are dedicated to saving their money, and have as much as $11 trillion socked away. Unfortunately, Goldman Sachs estimates debts from household, corporate and government sectors to be around $30 trillion, which is six times Japan's gross national product (GNP). The U.S. ratio of debt to GNP is 2 to 1. Read the full article at www.wnponline.org/wnp/wnp0203/inbrief0203.htm Related Information on UCG Sites: Table of Contents that includes "World News Review March/April 2002" Japan: _Turning Swords Into Plowshares: Starting Now _World News Review May 1999 _World News Review January 2000 _World News Review May 2001 _World News Review Jun 2001 _World News Review Jul 2002 _World News Review August 2006 _North Korea's Nuclear Blast: What Does It Mean? _Are We on the Threshold of a New Age? _North Korean Nukes: What's Next? Search Our Site Key Subjects Index General Topics Index Biblical References Index Good News Magazine Index Booklets and All Literature Index Home Page of this site