Japan: The Mother of All Painted Corners

Round two of John Mauldin's exposé on Japan.  It clearly displays the juxtaposition between the two diametrically opposed general philosophies of economics: Austrian economics, branched from the economist Friedrich A. Hayek and Neo-Keynesian economics branched from Lord Maynard Keynes.  The answer to the age old question of whose theory is more correct may be answered in the next few years.  For a more culturally relevant discussion on the differences between Hayek and Keynes, see this link.

Japan

I found another interesting article from John Mauldin regarding the global "race to the bottom" and the associated persistent "currency wars".  Although I very much agree with his underlying philosophical interpretation of how real economic value works, I am not 100% sure that it is correct.  There are more forces here at work that either he or I can see yet that I suspect will influence the exact nature of the outcome in Japan.  Forces such as culture, ideology, and religion play considerable roles in determining specific economic outcomes also, as much or more than simply reviewing government and economic forces.

Regardless, an excellent and worthwhile read nonetheless:

The Banal Transcendence of Europe

I had a fascinating article forwarded to me by John Mauldin.  The original article is from Stratfor's George Friedman regarding the death of the soul of Europe.  It is well worth the read.