The Bank of Japan’s surprise expansion of financial stimulus strikes me as the monetary equivalent of Pearl Harbor

Monday, November 3, 2014
By Paul Martin

Charles Hugh Smith
OfTwoMinds.com
November 3, 2014

Trying to “fix” a sclerotic, inefficient state-cartel economy by boosting inflation–the ultimate goal of Japan’s Monetary Pearl Harbor– is a self-liquidating path to destruction.

The Bank of Japan’s surprise expansion of financial stimulus strikes me as the monetary equivalent of Pearl Harbor –not in the sense of launching a pre-emptive war (though the move does raise the odds of a global currency war), but in the sense of a leadership pursuing a Grand Strategy to the point of self-destruction because they have no alternative within their intellectual and political framework.

In the years before Japan’s December 7, 1941 attack on Pearl Harbor, the Imperial government’s Grand Strategy was simple: bring the entire Asian-Pacific region under the control of the Japanese Empire.

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