What did I tell you? Exactly one week ago, I complained that those stupid idiots (I do have harsher words but this is a "family fun" blog) in the Japanese government threw away $50 some billion dollars trying to support the rising yen. In Japanese Central Bank Throws Away a Billion Dollars Again, I wrote:
This morning when I woke up I checked the financial markets, gold, silver and, of course, the dollar yen rate.
I was somewhat surprised to see the yen at ¥76.9-something to the US dollar. A hour or two later, the yen had dropped to its current ¥78.9 per US dollar. Obviously the Japanese Central Bank intervened and bought a bunch of dollars.
Fools. When will they ever learn? They keep throwing our hard earned tax money down the drain to stop the yen's rise, but it is all in vain as the yen's appreciation continues....
Why do these fools keep doing this? When will they ever learn that these interventions cannot and will not stop any long term trend?
Gee, you think that, after decades of this sort of failed action repeated over and over that these analysts would figure it out? Gee... I guess they really go out on a limb and stick their necks out when they make statements like, "We don't believe today's action will explicity change the trend."
What!? After decades of this sort of action and the inevitable failures of those actions, why is it difficult to say straight out that "this Bank of Japan intervention will fail like all the others have before it."
They intervened in the yen at ¥76.9, spending some $50 billion dollars. The yen rose to over ¥80 to the US dollar. Now, today, exactly one week later, we're right back where we started. The yen today, as of 4:11 am August 11, 2011 Japan time, is at ¥76.81...
Those fricking jerks in the government just threw away, for the umpteenth time, $50 billion dollars of hard earned tax payer money. That's your money and my money! God!@%>?! idiots!
Now they are considering doing this again!? What the f*ck is wrong with these stupid people?
Japanese policymakers voiced growing alarm on Tuesday as the yen scaled highs seen before last week's intervention and global stock markets crumbled under mounting fears of a new financial crisis. Finance Minister Yoshihiko Noda on several occasions repeated the mantra that he was watching markets closely as the dollar slid below 77 yen, under levels that spurred Tokyo to take action on August 4. He indicated that authorities would wait to see market reaction to U.S. Federal Reserve decisions later in the day (2:15 p.m. EDT) before deciding whether to act again.
What!? they are thinking about doing this again!? WTF!? God! I'm so pissed off about this I want to scream! How many times do they do this over and over and over and the same thing happens over and over until they finally learn? If history is any judge then we know that they never learn!
The only thing that does make me happy this morning is the news that, finally, it looks like we will get rid of that moron prime minister Kan...
Prospects grew on Wednesday that Prime Minister Naoto Kan would resign this month, setting the stage for the selection of Japan's sixth leader in five years as the country struggles to rebuild from a massive tsunami, forge a new energy policy in the wake of a nuclear crisis and fix tattered state finances. With two key bills that Kan wants to make into law before he goes looking likely to be enacted before parliament's session ends on Aug. 31, Japanese media said Kan's Democratic Party was planning to vote as early as Aug. 28 to select a new leader. Finance Minister Yoshihiko Noda, who favours paying for bulging social security costs by raising the 5 percent sales tax, and like Kan sees reining in ballooning public debt as policy priority, is mooted as a leading contender.
Noda!? The guy who keeps recommending that Japan buy dollars to lower the value of the yen!? Are you kidding me? No. Can't be. I just can't believe that. I've died and gone to hell. I refuse to accept it.
Well, Noda or not, if we can judge from the past, the next guy who will torture the Japanese nation as prime minister will be just as much of a dolt as Kan. I think Noda will be even worse. Now that's hard to imagine!
Too bad Japan can't be like Belgium.. They haven't had a government in almost a year... Some people get all the luck!
Maybe I'll move to Belgium.