Geithner encouraged by Japan focus on local demand


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What is to be encouraged about? Abandoning foreign customers represents Japan's efficient capacity being replaced by inefficient capacity of other nations. If Japan can produce competitive products cheaply, it should do it for any customer willing to pay.

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has pledged monthly cash handouts of $280 to families with children.

Talk about vague and with the restrictions. Crazy.

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He's just talking because that's what he wants Japan to do, reduce exports and buy US goods. Perfect for him.

Too bad Americans can't do the same thing because the value of the dollar has gone down the toilet.

A similar things is going on with China. You don't hear US treasury officials complain about a weak Renminbi anymore. Not only are they holding a big chunk of the US treasuries, but China is also realigning their economy to stimulate domestic consumption instead of exports.

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“We’re at a point now..blah blah blah...you don’t have yet in place the conditions for a self-sustaining recovery led by the private sector that...blah blah blah...can bring unemployment down and get factories investing,” he said.

“Our collective judgment is that it’s going to take continued carefully designed support from government policy as a bridge to a recovery in private demand,” he said. “It’s too early on a global basis to see people shift to restraint."

What Geithner is saying is that the government needs to give banks more power.

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Geithner has his chickens and eggs mixed up. The imbalances didn't cause the recession, they are the effect of the underlying problem. The imbalances exist because the USA needs the rest of the world to have money to lend to them and subsidize their economy. The idea that Americans had to borrow money because those damn foreigners were offering to lend it to them is a joke. They had to borrow the money because they had screwed up their real economy so badly that it was the only way to maintain their standard of living.

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