Peter Schiff writes:
Last week, Brazilian Finance Minister Guido Mantega made headlines when he mentioned that a worldwide currency war was brewing, with the winner being the nation with the weakest currency. Ignoring the irony of why countries would want to destroy their own currencies, Mantega reasonably warned that the conflict could get out of hand and destabilize the global economy. His comments came in the wake of overt efforts by both the Japanese and Swiss governments to intervene in the foreign exchange market to push down their respective currencies.
The politics of currency intervention are actually quite simple. Japan's economy is dominated by large manufacturers that export lots of goods to Americans. The problem is that Americans can't really afford to buy in the quantities that they did just a few years ago. So, instead of looking for new customers with more money to spend, Japanese manufacturers use their political clout to force a bailout of their traditional US customers.
Long time Japan expert Ira Hata writes; "You've been saying this was going to happen for a long time, Mike. I agree with you. Unless those old farts in the Diet get off their ass and do something, Japan will become the next Philippines or, most likely, worse..."
Well, Ira, the way this is going, it might get worse... Though that is hard to imagine...
3 comments:
Whats up Mike, yeah I live in Japan too. Im also a big libertarian fan and supporter of Peter Schiff. If your working with people inside of Japanese media you need to get them to understand whats really going on out there and then find ways to spread that news out to the people. I really think the people are so apathetic here the government is truly going to do an epic number on all those poor bastards who have saved their asses off for the past 30 years and wont have anything to show for it by the end of this decade. Ive tipped my family to the mess that is transpiring and well be fine financially but most people have no clue. Anyway, its good to know there is another libertarian in Japan, Ill stay tuned to your blog.
Me to, me too, me too, there's at least 3 of us. Live in Japan, free market person, Schiff admirer. My take is not so much that people are apathetic here. They are actually more intelligent than brainwashed Americans and realize that the ruling party bosses don't care what the people think, say or do. So the Japanese don't waste time protesting or endlessly try to reform a bunch of crooked liars. Protecting their savings using gold and silver is easily doable here and I don't understand why it's not more common.
I agree that the people are on average more intelligent than an average American. But the Japanese dont get off the hook, they are still as naive and brainwashed into thinking that the news begins and ends with what NHK wants them to know and believe. There is little debate about the real issues throughout Japanese media which tells me people dont want to watch, they instead prefer talentless hacks makes jackasses out of themselves all for a cheap laugh and 15 minutes of fame. I think the Japanese will be sucked dry without putting up much of a fight.
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