Tag Archives: free trade



Finally, an economics reporter, in this case, in England, finally figures out what I figured out 4 years ago: the Japanese carry trade flooded the entire planet with easy credit.  In this case, Mr. Elliott is talking about Iceland.  But the story of Iceland is exactly the same as England, Spain, Ireland, Scotland, the US, etc, etc.  Eventually, if everyone finally, finally sits down and examines where this flood of funny money came from, they will finally, finally figure out, it was due to the ZIRP banking system of the Bank of Japan, not homeowners suddenly wanting to buy three or more houses.  And if we finally, finally understand all of this, we have to fix it so it won’t happen again and how are we doing this with half of the first world nations imitating Japan’s ZIRP system of banking?  Of course.  This is doomed.
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Filed under free trade, money matters