William Pesek and I in agreement regarding something, in this case Abenomics. (Link)
Pesek dives, as usual, way too deep in the smarmy snark and cynicism tanks. Nevertheless, he sees pretty much the same weaknesses I do.
I guess this means I need to take a hard look at my current levels of coffee intake.
Later - I should emphasize that I do not disagree with the fundamental policy -- that if one wishes to attempt a revival of economic growth, then one needs a combination of targeted fiscal stimulus, imprudent monetary policy and economic restructuring. I just cannot trust the Liberal Democratic Party and Abe Shinzo to make the tough decisions. Recall, the folks ostensibly running the country are the same crowd who, even when they possessed a supermajority in the House of Representatives, could not figure out how to renew a law 60 days prior to its expiration date.
[For those confused by the above, check out what happened to the Indian Ocean dispatch, the road construction and the gasoline levy laws in 2008. The LDP's mismanagement of the calendar staggers the mind.]
If Dr. Krugman, Matthew Yglesias and other Americans want the United States government to shrug off demands for fiscal probity, please do not point to the actions of an LDP-led government as a guide star. There is simply no way to idiot-proof a policy so that it is impervious to Abe and Company's ability to mess it up.
How macro answered its critics
3 hours ago