August 22, 2010.
The “disposal of nonperforming loans through an injection of public funds” proposed in 1992 by former Prime Minister Kiichi Miyazawa demonstrated the foresight of a true elite.
However, it was quashed by opposition from government agencies, the mass media, and financial institutions, and Japan suffered losses of 900 trillion yen over twenty years.
Nevertheless, the mass media continue to attach the label of “politics and money” to politicians they want to bring down.
“Politics and money” is nothing other than the destruction of capable politicians with the ability to make decisions, driven by a foolish sense of justice that obstructs the nation’s prosperity.
From the perspective of August 22, 2010, an examination of the true roots of the “politics and money” issue.
The author argues that the proposal Kiichi Miyazawa made in 1992 to inject public funds to dispose of nonperforming loans was quashed by opposition from the mass media, government agencies, and others, causing the prolonged stagnation of the Japanese economy that followed.
The author severely criticizes this conduct by the mass media as the fundamental problem of “politics and money,” as well as their attitude of condemning particular politicians while setting aside their own responsibility.
On “Politics and Money.”
August 22, 2010
Kiichi Miyazawa, a true elite produced by Japan, the prime minister at the time, and also Japan’s foremost authority on the economy, in August 1992, recognized what both he and we had noticed…
Moreover, there was an example in the United States… Before what the mass media in Japan named the bubble phenomenon occurred in Japan, something similar had happened in the United States… The United States injected the necessary public funds and resolved it in a short period of time…
Regarding financial instability following the collapse of the bubble economy, he spoke of public assistance for financial institutions at the Liberal Democratic Party’s Karuizawa seminar in August 1992.
He stated that the sharp decline in asset prices, including land and stock prices, made this qualitatively different from previous economic downturns, and that nonperforming loans needed to be disposed of promptly, even if this required an injection of public funds.
However, strong opposition from government agencies, the mass media, business organizations, and the financial institutions themselves prevented its implementation.
At that time, the strongest voices of opposition came from the Asahi Shimbun and Atsushi Yamada, who was merely a reporter in its economics department.
As a result, Kiichi Miyazawa had to withdraw that decision, and this made the disposal of nonperforming loans through an injection of public funds into banks taboo; for years afterward, not a single Japanese politician could even speak of it.…
See my essay, “Until Twenty Years Ago, There Were True Elites Even in the World of Politics.”
For example, led by economics reporters at the Asahi Shimbun, who are only second-rate when it comes to economics, you suppressed, with a great chorus of foolish righteousness, the solution that had inevitably occurred to the mind of a true elite, inflicting losses of around 900 trillion yen on the nation over these twenty years.…
There must also have been people in the Democratic Party who joined in that chorus…
That, precisely, is the problem of “politics and money.”
After that, how can you have the audacity to label influential, capable politicians as though “politics and money” will forever dog them, and how can you possibly claim that this represents public opinion?
Are you not worse than kindergarten children?