Whatever research I have read on Japan’s lost decade I always thought the reason for crisis was – asset market boom (with rising real estate and equity prices), banks lending to the real estate companies and other zombie corporations. Once the house prices fell, all things collapsed. We are seeing the same events in US and other economies whose fin firms were linked to US housing markets. That is why we often compare the 2 events. And then the policy moves deepened the recession (though Japanese policymakers don’t agree, see this as well)
In my quest to find anything on Japanese, I came across this paper from Edward Prescott and Fumio Hayashi. Here is what they say:
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Regardless of whether you think Christina Hoff Sommers is a “true feminist”, she doesn’t deserve to be treated like this when she’s giving a talk. People everywhere have been trying to shut her down, almost as if she’s a Nazi. In fact, she’s an equity feminist who’s been critical of gender feminism, but extreme Leftists and some gender feminists have demonized her beyond reason.
Have a look at these tweets from Andy Ngo about how Sommers was greeted when trying to talk at Lewis and Clark College law school in Portland, Oregon. (Portland, of course, is Disruption and Antifa Central in America.)
Oh, and given yesterday’s post on how the Right is more censorious than the left, if someone can come up with similar recent videos of a left-wing speaker being shut down by the right, I’ll be glad to post that, too. It doesn’t seem to happen often, and…
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Timothy J. Kehoe and Gonzalo Fernandez de Cordoba wrote this for the Annual Report Essay of the Federal Reserve Bank of Minneapolis in 2008 on the eve of the financial crisis in Ireland:
Different sorts of shocks can start financial crises. Some shocks are external to the economy. In the cases of Chile and Mexico, the shock was the increase in world interest rates and the decrease in international commodity prices, and in the case of Finland, it was collapse in trade with the former Soviet Union. Some shocks are internal. In the case of Japan, the shock was the fall in the prices of commercial real estate, and, currently in North America and Western Europe, it is the fall in the prices of residential real estate. The analysis of great depressions shows that the type of shock that starts the depression is less important than reaction to the shock by the economy and, in particular, the government.
The screen snapshot below shows that the Irish government did not bail out the depositors of a bank, they bailed out the bondholders. It is only when there is a bank run by depositors of a large bank is a financial system under threat. Bondholders are on their own.
intersectionalism doesn’t intersect when the oppressed groups are a. women and b. Muslims.
“We are watching the astonishing spectacle of non-Muslims telling actual Muslims that they’re anti-Muslim bigots”
—Nick Cohen (11:06 in the show)
I’ve often spoken how the American Left and its feminist wing largely ignore the misogyny and oppression of women in Muslim countries of the Middle East. The main reason, of course, is that Muslims are considered “people of color”, which apparently trumps the rights of those having two X chromosomes. But another excuse is that “we should deal with women’s problems closer to home and not those in distant countries.”
That excuse, however, doesn’t apply in the UK, where endemic Muslim communities also practice oppression—not just of women, but of gays, apostates, and atheists. And that’s in the West. And as in the US, the UK Left shies away from addressing Muslim sexism and misogyny. In this BBC Radio 4 show, Observer columnist Nick Cohen, whose Leftist…
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Not a single suggestion on how to reduce offending.
Andrew Little wants to reduce the prison population by 30%
In September 2017, New Zealand’s prison population hit an all-time high of 10,470, of whom 2,983 or 28% were on remand. The background to this boom is covered inExplaining NZ’s record high prison population.
Whatever the causes, the situation is clearly out of control. The operating cost of our prison system is about $100,000 per prisoner or $1.5 billion a year. The National Government was planning a new prison at an estimated cost of $2.5 billion. According to the new Justice Minister, Andrew Little, unless we start doing things differently, New Zealand will need to build a new prison every two or three years.
At the 2017 election, Gareth Morgan proposed reducing the prison muster by 40% over ten years. The Labour coalition wants to reduce it by 30% over 15 years. However, both Kelvin Davis…
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