Nov 3, 2003

How money changes hands in deflationary Japan

An old Japanese saying has it that money is a roving commodity. It will forever keep changing hands, so that yesterday’s borrowers are today’s lenders, and today’s impoverished will be tomorrow’s affluent. How very true. For it is a fact that in 1990, Japanese ...

| Sep 8, 2003

Taking the blue pill in a deflationary world

“Welcome to the real world,” says Morpheus, captain of the hovercraft Nebuchadnezzar. That is how the cult-movie serial “Matrix” first ventured out into its progressively surreal world. Fans avidly await the coming of the third and (supposedly) last installment of the saga later this ...

| Jun 30, 2003

Devolution trinity needs more than a moniker to succeed

Fewer subsidies, less transfers, more taxing power. Thus goes Prime Minister Junichiro Koizumi’s “trinity” of local government reforms. According to Mr. Koizumi’s proposals, subsidies paid out of the central government’s coffers to fund local community projects will be slashed by around 4 trillion yen ...