The Rise and Fall of the Japanese Miracle

Source: Cobden Centre
by Jeffrey Herbener

“In 1943, John Maynard Keynes claimed that central-bank credit expansion performs the ‘miracle of turning a stone into bread.’ In its attempt to revive itself after a long recession, the Japanese government and central bank have given the world its last twentieth-century Keynesian experiment. It is an experiment that has failed, and miserably so. Not just Japan’s history but the whole of economic history this century has shown that Keynes’s supposed miracle is a counterfeit producing not higher standards of living, but crises and depressions.” (10/01/21)