(Mt. Fuji last evening; click to enlarge.)Mr. Lawrence Summers and Mr. Robert Rubin
The economy of today is still based on the following paradigm:
If a factory cannot produce products needed by consumers any more, it must go bankrupt and get closed, firing all the workers there.
But, another factory will surely rise, producing a new type of products consumers need and like to buy. This factory will surely employ those workers who were fired by the old factory.
This chain of generation changes of factories will continue endlessly, firing and employing workers reciprocally.
But, of course, you can easily find 10 potential problems in this paradigm.
Yet, GM was successful in coping with this paradigm with their own scheme to realize continuous production and induce uninterrupted needs from consumers. Accordingly, no socialist party and communist party have been needed in the U.S., since wasteful economy was promoted so exhaustively by GM and the like.
On the other hand, even around 1995, the Japanese Government was formed together by the conservative Liberal Democratic Party and the Japan Socialist Party in a tie up for coalition.
This simple fact tells that there is a significant difference between Japan and the U.S. in terms of social, cultural, and historical underlying conditions.
But, as Mr. Lawrence Summers and Mr. Robert Rubin could not understand this simple fact, they virtually called the Japanese people fools as Japan took a long time to fix its financial problems in late 1990's.
How can anybody in the world call the Japanese people, who have achieved the most successful development after WWII in terms of culture, science, technology, economy, and business, fools?
Indeed, Mr. Lawrence Summers and Mr. Robert Rubin could not foresee, predict, prevent, and understand the 2008 Financial Crisis that started on Wall Street.
Now you know whoever call the Japanese people fools are true fools.
(Are they truly respected in Isreal?)
I recommend Mr. Lawrence Summers and Mr. Robert Rubin to first study why no socialist party and communist party exist in the U.S. but they do exist in Japan (and then hopefully, about the existence of the communist/socialist party in China, India, and Russia).
And then, they have to start to work in a factory of GM, if they really want to understand what economy the God requests of mankind.
Anyway, Former President Mr. George W. Bush was clever not to respect those economists, but President Mr. Barack Obama had better find more God-fearing economists...
(Yes, I heard that a former high-ranking official in the Bush Administration said recently that the Obama Administration would pass Japan to go and shake hands with China...as the Clinton Administration did in late 1990's.)