Should We Turn Japanese?

“I thought America had studied Japan’s failures,” said Hirofumi Gomi, a top official at Japan’s Financial Services Agency during the crisis. “Why is it making the same mistakes?”

Japan’s problems did not happen at the time of a world-wide downturn. I think that Geithner is afraid that the World Financial System couldn’t handle the Japanese cure right now – The cure could kill the patient.

via Lessons From Japan in Stemming a Crisis –

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