The entire world has drawn its attention to the United States and its co-called economic recovery. The recovery itself seems to have been dictated and shoved down our throats by US Govt leaders, their downstream agencies, the unaware press & media, brokerage sell-side analysts, and economic analysts of questionable objectivity and detachment. When under 50% of Americans canvassed by national pollsters vote “NO” to the administration handling of the economy, one must ask tough questions like “is a recovery really underway?” The answer is not so clear. Rising residential real estate values, leveraged carry trade profits, and corporate cost reductions through cuts and Asian outsourcing hardly leave the observer convinced on the health of the engines of income sources and newfound prosperity. Rising debt levels serve as the foundation of capital flow for both the federal operations and household operations, a certain marshland upon which the foundation for recovery rests.
Ever since the early 1990 decade, Americans have mocked Japan for its terminal deflation, wrecked real estate market, insolvent bank sector, and moribund stock market. They point to our thriving capitalism, wide ranging opportunities, diverse resources, skilled labor force, and envied system. The facts do not support such a rosy comparison and dismissal of Japan. Enter China and the resurgence of East Asia following the 1997 Asian Meltdown. Our trade deficits make for Asian trade surpluses, which favor East Asia to a greater degree in almost every single year since China was granted the Most Favored Nation status in 1999. Yet we as a nation continue to mock, discredit, and look condescendingly to Japan, the home of the region’s largest economy and greatest savings rate, whose economy is built upon designing and building things, as opposed to our basis from credit extension, issuing debt, and selling financial paper instruments. Such negative criticism is very much misplaced. There might be an ethnic or racial bias behind such comments, which is noticeable when hearing about work standards, educational performance, tendency to engage party mode, and even their physical stature. This essay will explore why Japan has a vast array of advantages over the United States economically.
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