21.1.13

A alternativa Japonesa: Revolutionary Japan is suddenly the centre of world affairs


"Premier Shinzo Abe has vowed an all-out assault on deflation, going for broke on multiple fronts with fiscal, monetary, and exchange stimulus.
This is a near copy of the remarkable experiment in the early 1930s under Korekiyo Takahasi, described by Ben Bernanke as the man who "brilliantly rescued" his country from the Great Depression.
... Few dispute that Japan escaped from slump and pioneered the world's most successful policy mix -- in strictly economic terms -- from 1932 to 1936. The trick was to act with overpowering force and combine all forms of stimulus, each leavening the other....
... Japan's great experiment cuts both ways for the rest of us: the reflation blitz helps lift the global economy out of the doldrums: but yen manipulation snatches market share, incites protectionism, and takes us into the brave new world of "actively managed exchange rates", as Sir Mervyn King put it last month.
We will find out soon enough which is the more powerful effect."

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