To whom....,
Dennis has really tipped his hand with this statement: "All this
talk of how Japan is going to go bankrupt tomorrow is so much hooey --
what's happening is that some deeply unsettling fears about the length and
tenure of the Wall Street bubble are being projected, by the usual punters
and earnings-obsessed analysts, onto an immensely powerful Japanese
economy all but drained of speculative excess and about to declare its
fiscal and political autonomy from the USA." Meanwhile Japanese debt from
bankruptcies is at a fifty year high. The problem with the Keynesian
approach is that, unfortunately, somebody has to *own* it and that
somebody is *NOT* the proletariat. Keynesianism is two things: welfare
for people (some) and pork-barrel gifts to capitalists (lots). The
capitalists in Japan wouldn't know what to do with more money. They
already have the cheapest money in the industrialized world. The very
idea of giving them more money is absurd. As for the Japanese people, if
the government wants to fork over all those bonds to regular folks, I'm
all for it. Two words: Not likely.
Capitalism has to be disciplined to counter its greed and
complacency because it is a bad system. The Japanese are coddling a bad
system and it is acting badly. Either they will have to discipline it or
get rid of it.
peace
