Plunging approval ratings of Prime Minister Noda follow tradition. Public approval is high at the start when voters still have hope. As reality sets in, approval skitters down a steep slope for 8 to 15 months. Then a new guy is installed. But bureaucrats and corporate interests stay in place, public debt turns into a mushroom cloud, and the endgame continues.
Tokyo Tidbit: Superlative Supercar Pileup
by Wolf Richter • • Comments Off on Tokyo Tidbit: Superlative Supercar Pileup
A convoy of 20 supercars was speeding down the Chūgoku Expressway, trying to get to a supercar gathering in Hiroshima. The mere sight of such an apparition can turn heads and cause accidents. The convoy entered a left-hand bend at 90–100 mph, though the posted speed limit was 50 mph. The highway was wet. And the rest was very expensive.
Afghanistan: “There Will Be Civil War”
by Wolf Richter • • Comments Off on Afghanistan: “There Will Be Civil War”
Delegations from 100 countries and organizations will meet on Monday in Bonn for a conference on Afghanistan—1,000 participants in all, including Hilary Clinton, Hamid Karzai, Angela Merkel, and 60 foreign ministers. Goal: “Laying the foundation for a better future of Afghanistan.” But just when official optimism gets frothy, classified documents surface that predict a dire future.
Indefinite Detentions of Americans Without Trial
by Wolf Richter • • Comments Off on Indefinite Detentions of Americans Without Trial
A Cheneyesque banana-republic law passed another hurdle in the Senate on Tuesday. It would mandate that the US military detain terrorism suspects, including US citizens, even on US soil, and hold them without trial, possibly for life, in military facilities. It sounds like a dark part of a futuristic novel. But it’s actually part of the National Defense Authorization Act.
Japanese Micro-Steps Toward The End Of An Era
by Wolf Richter • • Comments Off on Japanese Micro-Steps Toward The End Of An Era
The Consequences When Three Elements Collided
by Wolf Richter • • Comments Off on The Consequences When Three Elements Collided
When Bond Buyers Pull Out Their Calculators
by Wolf Richter • • Comments Off on When Bond Buyers Pull Out Their Calculators
As the euro debt debacle unfolded, Germany benefited from a reputation as safe haven: yields on its 10-year bonds dropped below the rate of inflation while yields spiked in other countries. So when it offered €6 billion in 10-year bonds at a record low yield of 1.98%, it expected them to fly off the shelf. They didn’t. “Disaster,” the media screamed worldwide. But….
Cutting The Deficit: They Won’t Because They Don’t Have To
by Wolf Richter • • Comments Off on Cutting The Deficit: They Won’t Because They Don’t Have To
Euro Schizophrenia in Germany
by Wolf Richter • • Comments Off on Euro Schizophrenia in Germany
My German contacts want to keep the euro. They’ve gotten used to it. They like it in their wallets. It’s so convenient for cross-border travel and commerce. And it has been strong. But now that the European bailout fund has descended into irrelevance, they fret about the euro’s future. They want it saved. And they’re increasingly willing to pay a price.