Comments for NYT Tells Readers the Cause of Japan's Debt Problems at http://www.cepr.net , comment 1 to 4 out of 4 comments http://www.cepr.net Tue, 18 Jun 2013 23:33:31 +0100 FeedCreator 1.7.3 http://www.cepr.net/index.php/blogs/beat-the-press/nyt-tells-readers-the-cause-of-japans-debt-problems#comment-21294 Whoa... That's downright bad. And more reason nobody should ridicule people who just don't have a clue. Who's giving them any accurate comprehensive information? NO ONE. - watermelonpunch Tue, 15 Jan 2013 20:41:38 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/nyt-tells-readers-the-cause-of-japans-debt-problems#comment-21287 The meeting in the U.S. of Finance Ministers of major developed economies in the 1980s during the Reagan Administration --the Plaza Accord-- in which the Japanese and the Europeans were forced by the U.S. to revalue their currencies upwards was the principal cause of the Japanese Deflation. Because of that "concord," the Japanese currency went through the roof and is now worth less than a quarter of what it was in the 1970s. This forced the Japanese to off-shore their production, in the process laying off a big chunk of their work-force and allowing in massive imports which at much lower prices because of the strength of the currency have led to the continuing "deflation." This is also the reason why Chancellor Merkel does not want Germany to leave the Euro Union and expose German industry to a very expensive currency; the same logic is what terrifies the Chinese government. When the value of the Yen jumped, so did the relative purchasing power of the Japanese households and institutions leading to speculative investments in the housing market. - kaj Tue, 15 Jan 2013 05:32:48 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/nyt-tells-readers-the-cause-of-japans-debt-problems#comment-21275 Among the things I wouldn't know if not for news media like the NYT: 1. the real true source of Japan's problems 2. how great the Estonian economy is 3. The USA is in a similar position to that of Greece The one thing the NYT does teach me that I do know for sure is true is why so many of my acquaintances -- which includes some regular folk, some very smart folks, and even a certified financial planner -- are very confused about virtually every aspect of the world economy. - JDM Tue, 15 Jan 2013 00:15:09 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/nyt-tells-readers-the-cause-of-japans-debt-problems#comment-21274 It's criminal what the press has been getting away with on the Japanese debt position. If everyone understood what was going on in Japan their whole worldview of national debt and deficits and government spending would be turned upside down. That's why it's in the interests of NYTimes to push lies like public works programs and deficit spending leading to the current debt/gdp levels. Anyone remotely involved in finance knows what happened to the Nikkei and their housing market and how INADEQUATE stimulus and response to that crisis is what has led to their protracted deflationary hell. The irony is that Japan had their own sort of tea party nuts who were insisting that overheating the economy would bring ruin to Japan, when the whole time there wasn't any real signs of inflation or overheating going on at all. So the Republicans can be essentially viewed as the Pro-Austerity, Pro-Japanese-Deflation-Stagnation party at this point, since they're refusing to step up to the plate to risk overheating in the name of at least giving a full recovery a chance. - Chris Engel Tue, 15 Jan 2013 00:07:15 +0100