"Japan, despite its economic malaise, continues to rank at or near the top of advanced economies in social wellbeing indicators. Part of that may be that the island nation exaggerated how bad things were so as to allow it to run a really cheap currency (at least until the financial crisis induced the unwind of the yen carry trade) and maintain a robust export sector. But another big element was that Japan opted for a model of shared sacrifice (particularly an even further narrowing of the gap between average worker and executive pay) in order to maintain employment levels.... ...The behavior of the putative European leaders is wildly reckless and irresponsible. It’s a fundamental renunciation of what society is supposed to be about, which is a sharing of effort and burdens for the collective good. The elites may think they can stay in their cocoon while the masses suffer, but as social decay progresses, you’ll see a breakdown in services, in public health, and more and more difficulty in maintaining security."
Posted on: Thu, 11 Jul 2013 16:35:56 +0000
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