Diet passes Y13.1 tril stimulus budget by one vote

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  • 4

    Yubaru

    My great-great-grandchildren will forever be in your debt here! Thanks for nothing!

  • 5

    EngrHassanSabi

    Funny how democracy works. Passing something that will affect the lives of so many people just by a stinking single vote. Lets just see if it'll work.

  • 2

    White_Shinobi

    Crazy, wow... No money? No problem! We can just print more!

  • 1

    papigiulio

    Yeah I never understood this, same in the states. How the heck can they have a bigger debt? where on earth do they get the money? In layman's terms please, im not a financial wonder.

  • 0

    Ewan Huzarmy

    I demand a recount !

  • 1

    Surf O'Holic

    " Crazy, wow... No money? No problem! We can just print more!"

    Pols never learn, and the morons who support them are equally guilty.

  • 1

    globalwatcher

    http://japanese.lingualift.com/blog/japanese-national-debt/

    As of May 2012, it was 960 trillion yen (somewhere around $12 trillion dollars!). The Finance Ministry says it will be a cool quadrillion by the end of the fiscal year.

    I am all for the Abenomics to suceed. I want Japan to get out from the deflation spiral however I am very concerned.

    Please look at the graph why I am very concerned.

    I am crossing my fingers. Kock on wood, hope everything works.

  • 1

    jeff198527

    There is no such thing as a deflation spiral. If it's real then why does is its only occurance happen in Japan?

  • 0

    timtak

    Thank you for the graph. Scary. I am afraid that I have bought gold. Buying gold is bad for the economy and an anti-social thing to do in a way but, if they are going to print then they are going to erode the value of money against commodities. I don't think stimulus is what is needed. If they would just print and pay back the debt, then devalue the yen would provide the stimulus in itself.

  • 0

    japan_cynic

    Crazy stuff. It's not like the west where a new injection of cash might have some effect. Japan has been awash with this sort of stimulus for decades now, it's just lining the pockets of the yazuka. No, scratch that, it's filling the pockets of the yakuza.

  • 0

    timtak

    @Jeff

    There is a theory (Heine et al) and research that argues that while Westerners have a tendency to be positive and optimistic (feeling personally loved by the creator of the universe) and that the Japanese achieve group cohesion by focusing upon negatives that are slowly removed (hansei, dame dashi). I think that the over-optimism of Westerners may have something to do with their greater tendency to invest, possibly over invest in stocks, and demands more and and more for their services and lead to inflationary spirals. If the converse theory is true of the Japanese, that they focus upon negatives, that could explain why there is a deflationary spiral only in Japan.

  • 0

    BertieWooster

    By ONE VOTE, eh?

    So the diet is right behind Abe's plan.

    Total support.

    NOT!

  • 1

    herefornow

    My great-great-grandchildren will forever be in your debt here! Thanks for nothing!

    Yubaru -- so true. Abe is rolling the dice big time with the Japanese economy and the futures of the generations to come. Undertaking this massive a stimulus package in a country already running a staggering debt level is incredibly risky. I hope for everyone's sake it really works and does not just give a temporary bump and then fizzle out.

  • 1

    JeffLee

    **where on earth do they get the money? **

    They print it, since they own the printing presses. They also pay for the spending by issuing bonds, which are bought by Japanese institutions, like pension funds, and by individuals.

    That's why Japan (and the US) will never become insolvent. They can keep printing and spending as much money as they like, as long as there are no fears of inflation. Greece can't, because it doesn't have its own money and it's heavily indebted to foreigners.

  • 0

    pumpkin31526

    Where on earth do they get the money? From our hard earned pockets is my guess!

  • 0

    In_japan

    ((((( Nooooooooooooo )))))

  • 0

    globalwatcher

    They can keep printing and spending as much money as they like, as long as there are no fears of inflation

    They can keep printing and spending as much money as they like, as long as there are .

    enough Japanese investors who are willing to buy them. Banks are already suturated with enough bonds. If not enough buyers are found, then the bond interests may shoot up to 6 to 8% and Japan will be in a big trouble just like what's happening in Spanish, Italian bond markets today. They will keep printing yen and the government will buy them back until Japanese economy gets out of deflation to the 2% inflation target, which is very difficult to attain. Well, meantime, your value of savings are going out to the door. That's the way I have been advised by WSJ.

  • -2

    Seirei Tobimatsu

    Money no good unless spread. Japanese have massive savings for contingencies which may never come. That could back the required infra upgrades before accidents take toll. And manufacturing innovations to keep ahead of competition or boost productivity. Abe is right.

  • -2

    JeffLee

    If not enough buyers are found, then the bond interests may shoot up to 6 to 8% and Japan will be in a big trouble

    That fear-mongering is getting really old. The warning has been around 10 years. There's just one problem: it hasn't happened, and shows no signs of happening.

    As long as inflation is at bay and bond yields remain low, Japan may as well pump its economy to the max. Otherwise, it is squandering the current conditions. And no, we're not all going to have to "pay for it" because the bond buyers are there, willing and waiting.

  • -2

    OKusa

    I think you all need to do a little research into Central Banking.

    Many people have the misconception that Central Banking (perhaps the most infamous being the U.S. Federal Reserve) is actually a controlled section of the government. This couldn’t be farther from the truth. In simple terms…Central Banking systems such as the Federal Reserve, are actually private institutions that consist of a conglomerate of various banks (from which the money trail trickles down to the 1% of ultra rich banking families) whom print and loan money to the government.

    In times of financial crisis and war the governments borrow money from these private Central Banks to help balance the economy and make it appear as if the problem is being solved. The real truth is that every yen that they borrow from these Banksters, they must pay back with interest. So this magical economic stimulus is actually 13 trillion yen plus interest, creating an infinitely large national debt that will never actually be paid in full before the next stimulus package is needed to bail out the next Abe-esque douch-nozel... Hence, a never ending cycle of craziness and debt.

    The most deceptive part of Central Banking is that such incessant borrowing and spending from governments has given this powerful group of elite Banksters the ultimate power as they control whether or not countries are given such stimulus packages and at what interest rates. Essentially, governments can easily be manipulated into changing policies, laws, civil liberties, etc. because their throats are firmly being held by those who control the money pipeline. So think much bigger than the Yakuza…these elite Banksters are the ultimate mafia and, sadly, control our fate.

  • -3

    CH3CHO

    The upper house resolution on government budget is just a straw poll. Japanese government budget can be determined solely by the lower house. That is why this narrow margin resolution is hardly a news in Japanese media.

  • 0

    globalwatcher

    Like I said before, knock on wood, I hope everything works.

    We are always stressing that [reforms are] for the good of the countryM says Takeshi Niinami, president of Lawson Inc, the Y658bn ($7.4bn) convenience-store chain, who is leading the working group to revitalise the farming sector.

    If it fails this time, this is our last chance.

    Together, you can do it!!

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