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The globalization phase, after all, was the period with both the lost decade and the current recession. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
Our Wall Street elites and their D.C. political agents certainly are not going to have more concern for the welfare of Japan than they have for the welfare of the USA. For fifteen years General Electric and others rolled in profits from "the Japan Carry Trade." Those were the years during which Japan had a Zero Rate Interest Policy. Borrowing money was free and provision of very low interest rate money was one of the services Japan provided to the US financial sector. Unfortunately, Japan was undergoing the unwind of their own massive real estate bubble, so the average Japanese citizen did not benefit. The Bank of Japan pioneered this policy of "all money to the banks" that the USA has now adopted. Both are capitalist societies, so the institutions of capital are "protected" at all costs, costs which are borne by all but the banks. "It is not necessary to have hope in order to persevere."
(all the same the globalisation phase in the '90s and 2000s mainly benefited consumer countries, banks and traders, and not Japan)
The Bank of Japan pioneered this policy of "all money to the banks" that the USA has now adopted.
From the monetary-libertarian frame of view, what else they can do?
Japanese banks charge still a lot for their services. For example, I moved recently to a new apartment and wanted to arrange automatic monthly payments - but the bank is ripping 735 yen for each monthly transaction (i.e., moving a bunch of electrons) between two private accounts!
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