In winter, I'm a Buddhist,
And in summer, I'm a nudist.
- Joe Gould
"My Religion"
In fact the whole of Japan is a pure invention. There is no such country, there are no such people.
- Oscar Wilde, aware in 1889 that popular conceptions about the country and its people are mostly fiction.
Not even 10% of what Japanese people are thinking is communicated overseas.
- Watanabe Tsuneo of CSIS
All foreign correspondents, whenever they desert statistics for judgments of opinion...become models of self-deception. They may call themselves, with proper gravity, ‘reporters’. But...they are nothing but quack psychiatrists who do not even know that this is the field they practise.
- Alistair Cooke
Where all news comes at second-hand, where all the testimony is uncertain, men cease to respond to truths, and respond simply to opinions. The environment in which they act is not the realities themselves, but the pseudo-environment of reports, rumors, and guesses.
- Walter Lippmann
We want...a revolution - a turning of the wheel, so that the state becomes once again the servant of the people, and not the other way around. We are the progressives now, comrades, (and) you the reactionaries.
- Daniel Hannan
If the textbook says, "It is well known that...", you can be sure that is a very good place to begin a research inquiry.
- Isaiah Bowman, geographer and former president of Johns Hopkins University
The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance.
- Cicero (55 BC)
We do not need a censorship of the press. We have a censorship by the press. It is not we who silence the press. It is the press that silences us. It is not a case of the Commonwealth settling how much the editors shall say; it is a case of the editors settling how much the Commonwealth shall know. If we attack the press, we shall be rebelling, not repressing.
- G.K. Chesterton
You can see a lot by looking.
- Yogi Berra
All text copyright 2007, 2008, 2009, 2010, 2011, 2012 by William Sakovich
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rab said
In government accounting, any kind of cash out is counted as expenditure. So, lending to some entity, investment in securities and repayment of government bonds are all expenditures. About 30% of that JPY 100 trillion is repayment of government bonds issued 10 years ago during Koizumi administration when Mr. Takenaka was the minister of government fiscal policy.
But what is wrong with fiscal deficit? The last time when all the nations in the world tried to balance the budget triggered the great depression. We learned and avoided depression since then. It is regrettable that young people do not learn from history.
———-
r: Thanks for the note.
I think a lot of people would disagree with your idea about what caused a depression, and would be surprised that someone could be casual about spending twice as much as you bring in. Do you not see how that makes money worth that much less?
From 2001 to 2007, the Japanese budget deficit was reduced from 20+ trillion to 7 trillion, with Mr. Takenaka in charge during most of those years. It is now more than 45 trillion. How has the economy been during the past four years?
-A.
nigelboy said
“How has the economy been during the past four years?”
Deflationary.
The Japanese banks and financial institutions are holding record number of cash savings from depositors because people aren’t spending. The excess cash held by these institutions are utilized to buy JGB. JBG is needed to fund the deficiency in tax revenue to pay out pensions and social services. In essence, the central government, banks, and citizens are basically passing around prepaid cards without using them.