For nearly three decades, the Japanese economy has slowly imploded under low interest rates and heavy government debt. It may soon be time to pay the piper.
When consumer prices shot up after the massive monetary injections undertaken to counteract the job-killing Covid lockdowns, the political classes called it "price gouging." Indeed, when government inflates, we need all the price gouging we can get.
Forty years ago, American politicians claimed that Japanese economic success was due to government economic planning. Unfortunately, the myth of industrial policy never seems to die, no matter how many times it is discredited.
High time preferences also mean high times in a party atmosphere. When Jamaica embraced socialism many decades ago, it wasn't supposed to come to this.
Governments are demanding there be "proportional" representation of women in professions that women historically have avoided. Those efforts will be unsuccessful.
The Fed's predictable response to inflation is based on erroneous economic thinking common with Keynesians. Only a free-market approach can reduce inflation and restore true market interest rates.
