Japan Today runs a meditation by Charles Olson entitled “Why Isn’t Japan Broke?” It includes this welcome observation, implying an Austrian-like understanding: “many things have delayed the facing of the music and extended the downside. Politicians are the major authors of delaying tactics to resist drastic solutions, preferring schemes to prop up prices or limiting the amount of write-downs. A dozen years after the bubble, proposals to use public money to support the stock market are still being given coverage in the press.”
Facing the Downside
