Princes Of The Yen: Central Banks And The Transformation Of An Economy

Japan, and the 'Asian tigers' as well, were mercantilist in their outlook and crony capitalist in their composition.  The enormous amounts of monetary stimulus were dissipated in supporting zombie corporations, a ruling elite, and widespread soft corruption and insider dealing.

To engage in 'free trade agreements' under these circumstances with other command and control economies is foolish, especially when it puts domestic labor, social services, and the environment at par.  Even when such processes are disguised under layers of complex rules and commissions, easily manipulation by global corporations. 

It rips the heart out of local autonomy and democracy under the banner of 'competitiveness.' It is corrosive of precious freedoms, and tramples the Constitution. But money has helped to ease the consciences of Western politicians.

Even moreso, can there be any doubt that the US, rather than helping to provide a positive example of a different way to Asia, inculcating freedom through its success of democratic and free markets, is in fact falling into the same model, a kind of a lowest common denominator of inverted totalitarianism under the standard of globalization.

And if indeed the Bank of Japan's economists are the 'princes of the yen,' this is because they are now and have long been liege lords in the Empire of the American Dollar.

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