March 25 (Bloomberg) -- Bank of Japan Governor Masaaki Shirakawa is under fire for refusing to consider 1930s-style purchases of government bonds to fund reconstruction from the nationâs record earthquake. Shirakawa yesterday repeated his attempts to quash direct buying of government debt, a measure allowed in extraordinary circumstances with the permission of the Diet. The policy would undermine confidence in the yen and provoke a surge in consumer prices, he said at parliamentary fiscal and finance committee hearings the past two days. âIf this isnât a special situation, what is?â Kozo Yamamoto, a Diet member with the opposition Liberal Democratic Party, http://noir.bloomberg.com/apps/news?pid=20601087&sid=aGvkt2F7BhlY&pos=1 Get this guy fired! Unbelievable. He must be fu...ing kiding! Inflation in Japan???? Wher did this guy live in the last 20 years??? Retire, Mr. Shirakawa and drink your tea in a home for aged! :=((((
just look over the pacific. we buy trillion of our own bonds and everything is just peachy here... (or is it? the dollar now buys 1/106th of a barrel of oil... nevermind the blatant monetization, that's the damned SPECULATORS!!!!)
I applaud the guy. Somebody has to draw a line in the sand. It is now considered normal for a central bank to just print by the hundreds of billions any time a country runs into the slightest bit of trouble. Somebody has to stop the madness. The yen is a strong currency only when measured against pieces of shit like the greenback, sterling, or the euro. Against gold, oil, corn, it is losing value just as much as the other currencies. Stop the madness. Central banks printing currency will make the currency worthless. It's happening before our eyes every single day, and nobody gives a shit because their pathetic little IRAs are rising in value. Stop the madness.
Yeah, didn't we learn in high school economics that printing new money is hardly the way to deal with these situations?