The current Japanese crisis began in the 1990s, but was not then seen as a possible forerunner of crises among the industrialized countries of North America and Europe. The problems of East Asia were followed by crises in Russia, Brazil, Turkey and Argentina.
But when you calculate how much of even a big slowdown in manufacturing passes through to overall GDP, we have to keep that in proportion. Audience member: First, congratulations on an interesting and smart tiering system. I think I agree with you it’s about giving enough balance in excess reserves and excess liquidity.