I see the yen sitting today at ¥81.92 per US dollar. This just after a massive buying of currency by the Bank of Japan (BOJ) to try to halt the yen's inexorable rise. I wrote at the time how much of a waste of taxpayers money this was and I stick by my comments and history shows me correct.
But, here's another boondoogle that the government instituted that they have realized is messed up and are now fiddling with it in order to make it do what they thought it would do. It has to do with the farce of Man-Made Global Warming and CO2.
The Yomiuri reports:
The government announced Friday that it will cut by about half the number of eco points to be awarded to consumers who purchase energy-saving home appliances starting in December. Under the system, initiated in May last year as an economic stimulus measure, consumers are given the points, which can be converted into such items as gift coupons, when they purchase electric appliances with energy-saving ratings of four stars or more as assessed by the Economy, Trade and Industry Ministry. In another change, from January eco points will be given only to consumers who purchase five-star flat screen TVs, air conditioners or refrigerators to replace older appliances.
What a complete farce! This just shows that this has nothing at all to do with the ecology and so-called "Green Credits." Just read that last sentence: "from January eco points will be given only to consumers who purchase five-star flat screen TVs, air conditioners or refrigerators to replace older appliances!" (emphasis mine). Oh yeah, right. That really helps the environment if I buy the high-end $2,000 a unit TV! What a load of crap!
Watch this bit by George Carlin to see what this "Saving the Earth" and the rest of this crap is really all about (besides lining some bureaucrats wallet).