Daily Archives: April 5, 2013

With the announcement by Haruhiko Kuroda, the Bank of Japan’s new governor, of the doubling of the monetary base within the next two years at most, the Japanese authorities committed to do “whatever it takes” to achieve their newly assigned objective — an inflation rate of 2 per cent. Two questions should be raised. First, why such a drastic step up in monetary expansion? Second, will it work?

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This week, a new book, “The Great Deformation: The Corruption of Capitalism in America” by David A. Stockman was published in the US, garnering a great deal of notice. The attention is due not so much to the 742-page book, which is dense with discussions of obscure financial topics, but because of the author, who once played a critical role in American economic policy.

Mr Stockman was the proverbial whiz-kid of American politics. After college, he worked on the staff of the US Congress for Rep John B. Anderson of Illinois, the third-ranking Republican in the House of Representatives. In 1976, Mr Stockman returned to his native state of Michigan to run for Congress himself, winning elective office on his first try.

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