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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who wrote (20243)10/19/2004 9:17:12 AM
From: glenn_a  Read Replies (1) of 110194
 
Russ.

Regarding Japan and "the Great Bag Holder" question as you call it, I'd like to give some thought to my reply, and set it in the context of Japan's geopolitical reality post-WWII as a vital U.S. Asia bulwark in the cold war era. Unfortunately, I'm off to work in a moment, so will have to reply in greater detail later this evening.

But briefly ...

Constructing this post-WWII Cold War bulwark involved putting and help keep in a place an incredibly corrupt political structure most exemplified by the LDP party party (can a party possibly be more corrupt in its monopoly of power than the post-WWII Mexican PRI?), and ultimately backing the industrial cartels and criminal elements (i.e. "mobbed-up" Yakuza) that support it.

To my mind, the present political structure in Japan is fundamentally part of this political heritage, and is important towards understanding likely policy responses by the Japanese MoF.

So if "rational self interest" prevails in Japan, I'm pretty certain "whose" self interest it will be geared towards - i.e. largely Japan's industrial cartels, and whatever elements of society need to be bought off to maintain the power of these cartels.

More later.

Glenn
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