Socialism Today

Socialism Today The monthly journal of the Socialist Party folk Issue 55 About Us Back Issues Reviews cogitate Contact Us Subscribe Search When bubbles burst Biggest-ever Keynesian programme Political paralysis It hurts when bubbles burst With the US preservation now clearly in a downspin, parallels ar being drawn with the situation decennary years ago when Japans stock market bubble get togetherd, plunging the deliverance into a prolonged period of stagnation. LAURENCE COATES looks at the Nipponese experience. This term first appeared in Offensiv, the weekly paper of Rättvisepartiet Socialisterna (Socialist jurist Party), the Swedish section of the Committee for a Workers International. AT THIS course of studyS World Economic Forum in Davos, Japans blush minister Yoshiro Mori revealed that the so-called lost decade of the 1990s had cost the Japanese people 1000 trillion yen ($8,000bn), an amount like to twice the countrys gross domestic product (GDP). At the same meeting, Goldman Sachs economist Kenneth Courtis summed up the mood of world capitalism: The only way you can be optimistic near Japan is to look at the charts upside down.

The collapse of Japans asset bubble delivered a knock-out punch from which the economy has not recovered. Now the country is heading for an even worsened downturn. The Tokyo stock markets Nikkei 225 index has plummeted 35% in the ten months (up to February) since Mori took the helm, wiping out $884bn in share values - somewhat four times Swedens GDP. Stock markets plunged around the world put up year, especially in Asia, taking their cue from the NASDAQ. In Japan, assumption the web of cross-shareholdings which link banks to huge business clusters called keiretsu, the Nikkeis slide is make panic. It could drag bank balance sheets into the red, by the time accounts are filed in March, the end of the fiscal year. This could trigger a virgin banking crisis. At the time of the last... If you want to get a unspoilt essay, order it on our website: Ordercustompaper.com

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