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Japan Goes From Dynamic to Disheartened
Economists are pointing to Japan, which has been trapped in low growth and deflation, as a dark vision of the future for the West.
Cassandra never gets any credit. The prescription for this ill is well known by those who have been willing to consider the possibility of this trap. Our world has been in this situation before. Not so very long ago it was a regular feature of life. Selective memory got us into this mess. It won't get us out. For the presently wealthy the cure is worse than the disease.
It appears that wealth must perish before we can build new wealth.
Sunday, October 17, 2010
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