• Welcome to DOSBODS

    Please consider creating a free account to be able to access all the features of the DOSBODS community. It only takes 20 seconds!

Sign in to follow this  
Admiral Pepe

Princes of Yen

Recommended Posts

Came across a documentary last night, well worth a watch.

A snippet:

We have entrenched bureaucratic structures, politicians, and all these cartels and so on. That was the old system. Well history teaches a system only changes fundamentally if there is a crisis. The commission proposed that monetary policy should be used to promote a historic crisis,  sufficiently large to overcome the vested interests of the Ministry of Finance, politicians and corporate Japan. Every system has groups that benefit from it and hence have no desire to change it. There is probably no country in the world that has changed its economic, social, and political system in a significant way without a crisis. It is the crisis that convinces citizens and interest groups of the need for change. How can you achieve this? Well you need a crisis, and the best way to create it, is to have a bubble, because that is how nobody stops you.

How to create a Bubble The Bank of Japan began to significantly increase window guidance loan quotas. Average yearly loan growth quotas were close to 15% in the late 1980’s. One city banker would later remark: "during the bubble, we wanted a certain amount of loan increases, but the Bank of Japan wanted us to use more. Young people in their 20s and 30s on modest salaries were able to buy second and third homes. The credit boom caused not only a boom in real estate, but also in the stock market. Between 1985 and 1989, stocks rose 240%

 

Share this post


Link to post
Share on other sites

Halfway through this and I have to say it's a super film.Really good analysis of the 1980's bubble that the japanese have never recovered from.

I'm trying to consider how it matches where we are today but will have to finish it first.

 

Thanks ever so much for posting.

Share this post


Link to post
Share on other sites
11 hours ago, sancho panza said:

Halfway through this and I have to say it's a super film.Really good analysis of the 1980's bubble that the japanese have never recovered from.

I'm trying to consider how it matches where we are today but will have to finish it first.

 

Thanks ever so much for posting.

You're welcome. I will be interested to hear your opinions once you've finished it.

For me it looks like the TPTB's have perfected a way to change societies without having to go to war or trying to inact change through normal democratic channels. Looks like Canada and Oz are next and won't be long that the CB's start pulling the trigger and the likes of Goldman start coming in and hoovering everything up.

Share this post


Link to post
Share on other sites
28 minutes ago, georgist said:

Werner on banks creating money:

I should add I really like Princes of Yen. Must read the book.

 

Seen before, but never hurts posting it and watching it again.

Share this post


Link to post
Share on other sites

Worth watching, agree, thanks.

Then if you have time watch this one

Which is 90% about what happened to Ireland and how the ECB held a gun to the govts head to bail out bondholders (which by agreeing to, quadrupled their national debt and wrecked the economy for years and has essentially fixed nothing given Dublin is in yet another land bubble today...).

 

So same central bank interventions having the same outcomes, bailout cash to the rich, socialise the losses plus central bank powers just grew even more

Seems it works every time, so which country is next..?

Edited by Sugarlips

Share this post


Link to post
Share on other sites
Posted (edited)
On 23/09/2018 at 00:25, georgist said:

Werner on banks creating money: https://youtu.be/EC0G7pY4wRE

Astounding! Fifteen minutes of calm discussion, with the host sitting back and smiling, and allowing the guests to speak. No raised voices or interruptions.What's more amazing is that prof Werner was allowed to explain clearly that banks aren't really a benefit to GDP in themselves, but an accounting fudge makes it appear otherwise, and that the money they hand out as loans is magically found.  Imagine that revelation being on the BBC. Why do our politicians protest that RT is just lies and propaganda, when it appears far more grown up and trustworthy than anything home grown?

Edited by Bod

Share this post


Link to post
Share on other sites

I think Werner is a very interesting guy. Would recommend both these videos. Haven't read the book yet, which I imagine has to be far more in depth.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.