What really caused Japan's Lost Decade? | 54 comments (54 topical, editorial, 0 hidden)

Re: What really caused Japan's Lost Decade? (4.00 / 5)

The world is awash in claims on productivity, some of which are more plausible than others, but which sum to a ridiculous figure that has no basis in physical or social reality.

As Chris keeps saying - more or less - capital is not a substance, or even a number. Its value derives entirely from its ability to claim the productivity of others, and/or to monopolise resources.

If the productivity or resources don't exist, the book value is meaningless.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Wed Mar 24th, 2010 at 11:36:00 AM EST
[ Parent ]

The book value is meaningless... (4.00 / 3)

...but it has real consequences because there are debt contracts tied to inflated valuations from the time the contracts were made, and denominated in money units. The serious people don't want to

allow defaults on any of the debt
allow inflation of the money units

so here we are.

The brainless should not be in banking -- Willem Buiter

by Carrie (migeru at eurotrib dot com) on Wed Mar 24th, 2010 at 12:27:03 PM EST
[ Parent ]

What really caused Japan's Lost Decade? | 54 comments (54 topical, 0 editorial, 0 hidden)

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