Thursday, 5 March 2009
But only in Japan.
On the day the Bank of England embarks upon its controversial quantitative easing plan in an, I suspect ultimately futile, attempt to kick-start the British economy the citizens of Japan benefit from an alternative take on financial stimulus.
The Japanese government, in a controversial plan led by the PM Taro Aso, has decided to gift 12000 yen to every adult and up to 8000 yen to 18-21 years olds and those over 65, in the hope that they can help stimulate the faltering Japanese economy and avoid the pain suffered in the 10 years following the "Asset Price Bubble" disaster of the 1980s. Given that Japan is one of the few nations currently suffering as a result of the global financial catastrophe who has recent experience of a similar financial depression - and one that it successfully extricated itself from, I wonder why consideration isn't being given to a similar stimulus plan elsewhere.
I know it may be hard to swallow, particularly for the moronic right wing MSM and blogosphere - but the UK isn't the only country suffering, indeed many are much worse off; citizens of other countries also blame their own governments, that is the default position of lazy thinkers. I am the last person who would jump to the defence of Gordon Brown and Labour, they are guilty of many things that have marginalised the quality of freedom and life in Great Britain - but this disaster is patently not their fault, and to assert otherwise is complete and utter nonsense. That said, it is their responsibility to get us out of this, and the Japanese plan looks like a better way of doing it than creating financial instruments for financial institutions - the same avaricious wankers that got us into this quickly imploding black hole.
"Please sir, can I have some cash..."