Japan has long been held up as a role model for those who oppose mass immigration into Western countries. The Japanese have managed to create and maintain a prosperous high-tech economy without importing millions of culture-enrichers. Like the West, the Japanese face a catastrophic demographic decline, but they have not responded to the aging of their population by inviting in a horde of illiterate young third-worlders.
Not yet, anyway.
The people who control your financial future and mine — the central bankers of Japan, Europe, and the United States — met last week in Jackson Hole, Wyoming. The banksters are deeply concerned by the failure of their current policies to maintain the global financial system in the smoothly-functioning state they prefer. Zero interest rates and massive “quantitative easing” have not restored the growth-generating conditions of the 1990s. So the world’s financial leaders are pooling their brain power in an effort to find a solution. Formerly fringe ideas such as negative interest rates — which effectively means the abolition of cash — are now on the table.
One of the proposed solutions for global fiscal anemia is that Japan should change its immigration policies and allow in significantly more migrants. It worked so well for Germany and Britain — why shouldn’t the Japanese jump on the bandwagon? The head of Japan’s central bank is apparently trying to persuade Prime Minister Shinzo Abe of the wisdom of importing youngsters en-masse from the Third World. Cultural enrichment plus financial enrichment — what could possibly go wrong?
By the way — this is the way the most crucial decisions that affect your life and mine are made. The real action is not in all the glitzy election contests and parliamentary debates. It’s right there in those plush climate-controlled venues where the global banksters meet. No one elected them, and none of us has any control over what they decide. Elected leaders can only plead with the banking wizards to adopt their preferred policies.
And the banksters are generally able to make offers that political leaders can’t refuse. So keep an eye on Japan — if the Third World starts flowing into the Home Islands, you’ll know who really rules in Japan, just as they rule everywhere else.
Below are excerpts from a Reuters report from Jackson Hole (emphasis added):
Global Central Bankers, Stuck at Zero, Unite in Plea for Help From Governments
JACKSON HOLE, Wyo. (Reuters) – Central bankers in charge of the vast bulk of the world’s economy delved deep into the weeds of money markets and interest rates over a three-day conference here, and emerged with a common plea to their colleagues in the rest of government: please help.
Mired in a world of low growth, low inflation and low interest rates, officials from the Federal Reserve, Bank of Japan and the European Central Bank said their efforts to bolster the economy through monetary policy may falter unless elected leaders stepped forward with bold measures. These would range from immigration reform in Japan to structural changes to boost productivity and growth in the U.S. and Europe.
Without that, they said, it would be hard to convince markets and households that things will get better, and encourage the shift in mood many economists feel are needed to improve economic performance worldwide. During a Saturday session at the symposium, such a slump in expectations about inflation and about other aspects of the economy was cited as a central problem complicating central banks’ efforts to reach inflation targets and dimming prospects in Japan and Europe.
ECB executive board member Benoit Coeure said the bank was working hard to prevent public expectations about inflation from becoming entrenched “on either side” – neither too high nor too low. But the slow pace of economic reform among European governments, he said, was damaging the effort.
“What we have seen since 2007 is half-baked and half-hearted structural reforms. That does not help supporting inflation expectations. That has helped entertain disinflationary expectations,” Coeure said.
Bank of Japan governor Haruhiko Kuroda said he is in regular talks with Japanese Prime Minister Shinzo Abe about opening Japan to more immigration and other politically sensitive changes needed to improve potential growth, currently estimated at only around one percent annually.
Fed Chair Janet Yellen devoted the final page of her keynote talk on possible monetary policy reforms to a list of fiscal and structural policies she feels would help the economy.
Fiscal policy was not on the formal agenda for the conference, but it was a steady part of the dialogue as policymakers thought through policies for a post-crisis world. One of the central worries is that households and businesses have become so cautious and set in their outlooks – expecting little growth and little inflation – that they do not respond in expected ways to the efforts central banks have made.
That has included flooding the financial system with cash, and voicing a steady commitment to their inflation targets in an effort to make people believe they will be met.