by Pater Tenebrarum
Policy-Induced Contrition in Japan
As we keep saying, there really is no point in trying to make people richer by making them poorer – which is what Shinzo Abe and Haruhiko Kuroda have been trying to do for the past several years. Not surprisingly, they have so to speak only succeeded in achieving the second part of the equation: they have certainly managed to impoverish their fellow Japanese citizens.
[…] Just think about the relentless pressure on the yen in the years following Kuroda’s implementation of the “QQE” policy (colloquially known as “money printing”). Economic growth has gone precisely nowhere, which should be no surprise. No new wealth can be created by printing money. If that were possible, Zimbabwe would be a Utopia of riches.