The Elysee and Matignon supported the approachIn this regard some trends seem to prevailAsia is therefore an environment preferredand leaves a bitter taste to the investorsThe short term the situation will not change I am a lot less enthusiastic about thatJuan Pablo Montoya he's one of the best drivers in NASCARThis whole organization needs an overhaulAs luck would have it it wasn't meant to be Martinek was credited with seven blocksSo that it can be reassuring for good economic and monetary Western Outlook, should that central banks announce their intention to waive as soon as possible their neighbouring interest rate to zero. Mathematically, to set the zero rate interest Director, it is cause hyperinflation markets credit (the bond is one market). I know that this view is contrary to that profess almost all economists. All or almost all, remain followers of dogma stamped by two Cambridge, England and in New England. Deflation is both considered evil absolute and lightly assumed the absolute antithesis of inflation, should not hesitate to remove the threat of the first to defy the danger, also appearing as distant, of the second. It is disturbing to observe that in the United States (it is also the case in the eurozone) the 3-month rate continues to decline. He got to 0.17 or below half the rate for the Japan (0.40). In that country, the Central Bank maintains fifteen years at 0 interest rates; successive Governments have launched massive stimulus programs. The State debt reached 200 of GDP. All these measures often taken under pressure from Washington have not come to overcome deflation.
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Gold American economists, Nobel Prize (Paul Krugman) in mind - the Nobel is the contemporary form of the argument of authority! -left are lost in their analysis of the evil Japanese. Far lower interest rates This simple question provided an alibi ingenious but absurd to exempt them to question the validity of their assumptions. The problem, they say, is that there is a "forced" to monetary policy: it is impossible to fix a rate of interest below zero (implication: even if the economy is in a State of lethargy as she would need!). This is why the Japan has come to the point where monetary policy has become inoperative: what they refer to "door to liquidity". But never mind! Krugman has ideas to resell. One day, he has written and repeat, that, as long as the Bank of Japan announces that it is an "objective of inflation", the Japanese the believe. One zero rate will appear in their negative view in real terms (with the prospect of repay in devalued yen). The trick is found to encourage the Japanese to go into debt to consume more. In short, to become Americans.
The essence of modern finance is to be a true financial problem like facing a state overburdened (unless this is a bank or a large industrial group) in financial terms. The reason is precisely that the modern finance assumes that there is always a lender. In the Japan, the public holds more than 80 of the total debt of the Japanese State, some 20 remaining in the assets of the Bank of Japan. There is virtually no foreign subscribers. These titles are almost nothing: 1.3 for an obligation for a 10-year maturity. However, the rate already low remain oriented downward. This pushed the course of those who are already issued while still lowering their performance. But the Japanese more entrust their savings to banks, they prefer to buy Government Bonds (JGBS) Japan. Most importantly, they are Patriots. Accessing the request of their Government, which urge them to keep their savings in this form. They save until the same time the empire of the rising sun of the bankruptcy.
Suppose that at the request of the new Prime Minister the Governor of the Bank of Japan agrees to follow the advice of the illustrious Paul Krugman. He announced an annual inflation target of 4 for the next six years. It will deduct that obligations are likely to plunge and, at maturity, will be repaid in monkey money. Patriotism has its limits. The public will sell its securities mass. Where are the buyers To avoid a collapse that would result in the fall of the yen, the Central Bank will acquire. At the same time, it would trigger hyperinflation. The huge bond bubble and its shadow, deflation, are the means found to retain the explosive charge accumulated by twenty-five years (with the happy years of boom) inflationary currency and budget management. 1985: year where an elite from American and English universities had in part taken over the high administration and banks.
