Bank Of Japan Still On The Wrong Pathhttp://www.thomasbrewton.com/index.php/weblog/bank-of-japan-still-on-the-wrong-path/
Monday’s stock markets around the world were given a probably temporary bump upwards by Japan’s central bank’s announcement that it was swallowing the Federal Reserve Bernanke pig whole. The Bank of Japan revised its QE3-style fiat money creation target sharply upward.
For an explanation read this Mises.org article, published in 2002, but still on target.
After decades of “miracle” economic growth since World War II, Japan’s economy abruptly faltered in 1990 and has stagnated since. Why? Neither the Keynesian nor Monetarist explanations can provide an account. Only the Austrian theory of the business cycle provides the explanation.