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...something about deflation and the fast appreciating yen, the Bank of Japan held an emergency meeting Tuesday - and decided what the world's second largest economy needs is more money. Central bank governor Masaaki Shirakawa announced steps to step up monetary easing by injecting 10 trillion yen (about $115 billion) into Japan's financial system. Shirakawa told reporters that these steps could be considered "quantitative easing in a broad sense." The eight-member policy board also unanimously voted to maintain the Bank of Japan's key short-term interest rate at 0.1%. Doubts, however, remain about what the boost...
...demand that is behind the economic situation. On Nov. 20, the day that Hatoyama acknowledged deflation, Shirakawa said, "We need to work on the core reason for [deflation]: weak final demand as seen in capital investment and private consumption." Economists estimate Japan's demand shortage at around $400 billion a year. (Read: "Japan's Latest Economic Ailment: Deflation...
...administrators at Harvard have encouraged—or acquiesced to—policies that give greater weight to the bottom line than to the university’s historic mission, deferring to hired money managers rather than to its own experienced community. The endowment’s $8 billion loss is a stark warning of the peril that Harvard faces as it speeds down the corporate highway...
...should be paid for with a war surtax. That, of course, is a fiscal fig leaf for antiwar sentiment within the party that helped win Obama its presidential nomination. The tax proposal may make political sense during a recession, but the estimated cost of the additional troops - perhaps $40 billion annually - is just over 1% of this year's federal budget. Don't expect Obama to play bean counter tonight, which will upset Democrats more than the GOP. (Read "Obama Weighs the Cost of an Afghan Surge...
...future vitality: If our spirit of self-reliance does not wither with further government coddling, our debt from reform will destroy the can-do spirit of our posterity. And yet, according to the nonpartisan Congressional Budget Office, the bill passed by the House would reduce the deficit by $109 billion over the first decade, and the Senate bill would reduce it by $127 billion—not to mention the other, more difficult to quantify elements such as the excise tax on high-cost insurance that will bring down costs as we grow. On the flipside, if we keep...