Edward Hugh submits: As Japanese officials continue to toil away in what we all hope will be a successful bid to avert a worst case scenario nuclear meltdown, even while thousands of Japanese still remain missing and unaccounted for, financial market participants across the globe have been struggling with themselves to answer one and the same question: Just how serious are the economic consequences of all this devastation likely to be? Basically, the economic issues raised by Japan's continuing ago
Black Monday messages on Facebook and Twitter have gone viral in Italy as people have had enough of austerity, job losses, and uncertainty. La Stampa reports on Panic in the Network.
What follows is a Mish-revised translation of select ideas and quotes from the article. My specific comments are in brackets.
Empirical research has shown that "opportunity-driven" entrepreneurship is the wellspring of growth in the modern market economy. In Japan, the relative dearth of opportunity-driven entrepreneurship has contributed to the nation's economic malaise over the past two decades -- since the asset price bubble burst in 1991.
In Japan things have gone from Grim to Grimmer. The Markit/JMMA Japan Manufacturing PMI™ shows Japanese manufacturing sector contracts at sharpest rate for 19 months in November.
Output and new orders both continue to decline
Capital goods producers register sharpest falls in production and sales
Inventories and employment cut amid subdued economic outlook
In an effort to halt expansion of Japan's massive public debt, Japan's Prime Minister Seeks Doubling National Sales Tax.
Prime Minister Yoshihiko Noda said containing Japan’s public debt load, the world’s largest, is critical after Standard & Poor’s downgraded credit ratings on France, Austria and seven other European nations.
MANY people have linked to Robert Peston's nice piece on the potential obstacle to Japanese recovery posed by its high debt level. Japanese sovereign debt is in a league all its own. Its gross-debt-to-GDP ratio may reach 228% this year—more than twice the ratio in America.