In the spring of 2003 then-Fed Governor Ben Bernanke travelled to Tokyo as the guest of the Bank of Japan’s Tokiko Shimizu, who arranged meetings for him with the then newly-independent BoJ, as well as the Ministry of Finance and Financial Services Agency (Japan’s analogs to the U.S. Treasury and SEC, respectively). During his visit [...]
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It is an axiom of Austrian economic theory that the quickest road to recovery is to liquidate malinvestments as soon as possible. That is, sell off or bankrupt those failed projects invested in on the way up the boom phase of the business cycle. Those projects which seemed profitable at the time turned out to [...] |
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