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visitorq
Joined: 11 Jan 2008
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 Posted: Fri Jun 11, 2010 7:54 am Post subject: |
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| Captain Corea wrote: |
| visitorq wrote: |
| 4 months left wrote: |
| visitorq wrote: |
Well I guess we'll just have to disagree. I see the yen as being the strongest currency around by far, for the simple reason that Japanese products are good quality and consistently in demand. This may change in the future of course (as if any of us can predict that exactly), but by then we may be looking at a world economy unrecognizable to the one we have now (ie. fully collapsed or with a new global monetary system). |
Is Japan "The Greece of The East"?
http://www.cnbc.com/id/15840232?video=1491596680&play=1 |
Japan, the "Greece of the East"??? You've got to be joking... that's seriously one of the most absurd comparison I've ever heard. And CNBC is a total joke too - nothing but a bunch of hired shills whose job it is to peddle lies and lure the sucker public and hoards of day-trader zombies back into the markets each time there's a panic. It's just a blatant propaganda arm for Wall Street. This is the same network that brings us "Mad Money" with Jim Cramer... It's an absolute FARCE.
Anyway, my well deserved trashing of CNBC aside, the fact of the matter is that Japan's overall (public + external) debt isn't really all that alarming compared to that of other countries, and is actually lower than European nations like the UK (which has external debt pushing 400% of GDP). Focusing only on Japan's higher internal debt is meaningless.
Lastly, and it should go without saying, Japan is simply nothing like Greece. Japan is an economic superpower with many, many world-beating, highly profitable companies. Japan also has a positive balance of trade most years. So let's get real now. |
Odd, because the leader of Japan disagrees with you.
http://news.bbc.co.uk/2/hi/business/10290933.stm
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| Japan PM Naoto Kan warns of 'collapse' under debt pile |
Why not fly over there and school him about how you know Japan better than he does? |
Ok, so you have zero understanding of the issue yourself, haven't even read the rest of the thread, and you expect me to seriously address your pathetic, lazy, stupid attempt to butt in out of the blue and appeal to authority, as if doing so makes you clever? You think a link (the contents of which had already been discussed here) to the BBC rehashing the words of an unelected hack PM trumps all? You think everyone and his dog isn't capable of clicking onto the BBC homepage and reading what politicians have to say? You think everything that politicians say are objectively true? No doubt you do. That's fine, but seriously, if you have nothing new to add, or any point of your own, then just shut up (and stop stalking me onto other threads). |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Fri Jun 11, 2010 5:32 pm Post subject: |
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Or, you could actually prove that you know more than the man who get's to look at the figures (note; he's also the former Finance Minister).
But yeah, telling me to shut up is a great rebuttal. I'm sure that it prove that the Japanese PM is wrong and that you are right.  |
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visitorq
Joined: 11 Jan 2008
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| Posted: Sat Jun 12, 2010 1:43 am Post subject: |
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| Captain Corea wrote: |
Or, you could actually prove that you know more than the man who get's to look at the figures (note; he's also the former Finance Minister).
But yeah, telling me to shut up is a great rebuttal. I'm sure that it prove that the Japanese PM is wrong and that you are right. |
As I said, you don't deserve a rebuttal. Because you haven't made an actual argument or added anything new to the discussion. It's quite obvious you aren't intellectually capable of doing so (as your scholarly prowess is limited to parroting mainstream media and drawing spandex-clad cartoon characters). |
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Rteacher
Joined: 23 May 2005
Location: Western MA, USA
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4 months left
Joined: 07 Feb 2003
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| Posted: Tue Jun 15, 2010 1:05 am Post subject: |
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| visitorq wrote: |
| 4 months left wrote: |
"While Japan is on firmer financial footing than Greece because most of its debt is held domestically, Prime Minister Naoto Kan's blunt talk appeared designed to push forward his agenda, which may involve raising taxes." |
Enough said. |
It doesn't matter whether your debt is foreign or domestic... it still has to be paid back.
Things must be great!!! Only 33 billion in stimulus this time!!
Japan central bank to start new US$33 billion lending scheme
Tue Jun 15, 4:09 AM
By The Associated Press
TOKYO - Japan's central bank on Tuesday unveiled details of a new $33 billion low-interest lending scheme intended to fuel economic growth and fight deflation.
The plan accompanied the Bank of Japan's decision to keep its key interest rate near zero.
As widely expected, the eight-member policy board voted unanimously to leave the overnight call rate target at 0.1 per cent. The bank has not touched the rate since December 2008.
It cited robust overseas demand for helping the world's second biggest economy continue a moderate recovery. Exports and production are up, and corporate capital investment is climbing. Government stimulus measures are also driving consumer demand at home.
The jobs and wages situation "remained severe, but the degree of severity has ease somewhat," the central bank said.
It pledged to keep monetary policy "extremely accommodative" to fight deflation and foster sustainable growth in the country.
Still, the central bank faced persistent political pressure to do more as prices in the country continued to fall. Deflation plagued Japan during its "Lost Decade" in the 1990s, hampering growth by depressing company profits, sparking wage cuts and causing consumers to postpone purchases.
The new credit program, first announced last month, is designed to encourage private banks to lend money to businesses in growth sectors such as environment, energy, elderly care and tourism.
"The most critical challenge the Japanese economy is currently facing is to raise the potential economic growth rate and productivity," the Bank of Japan said in its statement.
"The fund-provisioning measure aims to act as a catalyst for financial institutions in making efforts toward strengthening the foundations for economic growth" and to broadly support financial institutions' own initiatives.
Through the lending facility, commercial banks will have access to a total 3 trillion yen (US$32.8 billion). Approved banks will be able to borrow up to 150 billion yen each for up to four years at an annual interest rate of 0.1 per cent.
The central bank aims to start the program by the end of August.
Bank of Japan Gov. Masaaki Shirakawa's latest move met with skepticism among economists, who question whether companies really need more loans.
"We reiterate that we see little impact at this stage due to a lack of demand for funds and rising corporate fund surpluses," Goldman Sachs economist Chiwoong Lee said in a report.
Meanwhile, government pressure on the central bank is unlikely to fade under new Prime Minister Naoto Kan.
Kan, who served a short stint as finance minister, warned in his first address to Parliament last week that Japan could face a Greece-like crisis if the country does not shrink its swelling national debt. He also promised to work closely with the Bank of Japan to tackle deflation. |
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visitorq
Joined: 11 Jan 2008
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| Posted: Tue Jun 15, 2010 7:32 am Post subject: |
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| 4 months left wrote: |
| visitorq wrote: |
| 4 months left wrote: |
"While Japan is on firmer financial footing than Greece because most of its debt is held domestically, Prime Minister Naoto Kan's blunt talk appeared designed to push forward his agenda, which may involve raising taxes." |
Enough said. |
It doesn't matter whether your debt is foreign or domestic... it still has to be paid back. |
No it doesn't. No country in the history of debt-based fractional reserve central banking has ever paid back its debt (to do so would result in the money supply shrinking to "0"). The debt is never meant to be paid back - it is simply an instrument of usury (interest payments).
That said, of course foreign debt is much worse than domestic for obvious reasons.
Even if it didn't matter as you claim, Japan is still much less in debt overall (relative to GDP) than countries like the UK. Japan is also an industrial/manufacturing powerhouse (produces things other than derivatives) and has regular trade surpluses.
| Quote: |
| Things must be great!!! Only 33 billion in stimulus this time!! |
Pocket change compared to other countries' bailouts. It actually undermines your point, so I wonder why you bothered posting it.
Japan will be one of the last countries standing. Mark my words. |
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4 months left
Joined: 07 Feb 2003
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| Posted: Tue Jun 15, 2010 2:13 pm Post subject: |
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| visitorq wrote: |
| 4 months left wrote: |
| visitorq wrote: |
| 4 months left wrote: |
"While Japan is on firmer financial footing than Greece because most of its debt is held domestically, Prime Minister Naoto Kan's blunt talk appeared designed to push forward his agenda, which may involve raising taxes." |
Enough said. |
It doesn't matter whether your debt is foreign or domestic... it still has to be paid back. |
No it doesn't. No country in the history of debt-based fractional reserve central banking has ever paid back its debt (to do so would result in the money supply shrinking to "0"). The debt is never meant to be paid back - it is simply an instrument of usury (interest payments).
That said, of course foreign debt is much worse than domestic for obvious reasons.
Even if it didn't matter as you claim, Japan is still much less in debt overall (relative to GDP) than countries like the UK. Japan is also an industrial/manufacturing powerhouse (produces things other than derivatives) and has regular trade surpluses.
| Quote: |
| Things must be great!!! Only 33 billion in stimulus this time!! |
Pocket change compared to other countries' bailouts. It actually undermines your point, so I wonder why you bothered posting it.
Japan will be one of the last countries standing. Mark my words. |
Visitorq are you Ben Bernanke or Alan Greenspan??
And no fiat currency has ever survived over the long term in the history of the world. Of course you have to pay back your debt. You pay it back and issue more debt. Issuing relatively less debt than other countries does not put you in a position of strength. |
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visitorq
Joined: 11 Jan 2008
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| Posted: Wed Jun 16, 2010 1:33 am Post subject: |
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| 4 months left wrote: |
| visitorq wrote: |
| 4 months left wrote: |
| visitorq wrote: |
| 4 months left wrote: |
"While Japan is on firmer financial footing than Greece because most of its debt is held domestically, Prime Minister Naoto Kan's blunt talk appeared designed to push forward his agenda, which may involve raising taxes." |
Enough said. |
It doesn't matter whether your debt is foreign or domestic... it still has to be paid back. |
No it doesn't. No country in the history of debt-based fractional reserve central banking has ever paid back its debt (to do so would result in the money supply shrinking to "0"). The debt is never meant to be paid back - it is simply an instrument of usury (interest payments).
That said, of course foreign debt is much worse than domestic for obvious reasons.
Even if it didn't matter as you claim, Japan is still much less in debt overall (relative to GDP) than countries like the UK. Japan is also an industrial/manufacturing powerhouse (produces things other than derivatives) and has regular trade surpluses.
| Quote: |
| Things must be great!!! Only 33 billion in stimulus this time!! |
Pocket change compared to other countries' bailouts. It actually undermines your point, so I wonder why you bothered posting it.
Japan will be one of the last countries standing. Mark my words. |
Visitorq are you Ben Bernanke or Alan Greenspan?? |
Yeah, all I ever do on here is vouch for and heap praise upon the Fed. You know me so well.
| Quote: |
| And no fiat currency has ever survived over the long term in the history of the world. Of course you have to pay back your debt. You pay it back and issue more debt. Issuing relatively less debt than other countries does not put you in a position of strength. |
This is all irrelevant. I am not defending debt-based fiat currency (I know it's all a scam so the bankers can buy up the whole world). The point is that Japan produces real goods (many of which are the best on earth) that can be bought with its currency, and has regular trade surpluses. Any country in that position (ie. not the US or UK) is able to get away with having debt a whole lot better than countries that just issue bonds and derivatives. That is why Japan is in a position of relative strength. Period. |
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