Wednesday, March 23, 2011

when you have a yen for something you have a yen for something

The Japanese Currency Intervention - Robert P. Murphy - Mises Daily

"At best, the G7 currency intervention will simply postpone the inevitable adjustment of world currencies to a change in demand for yen. At worst, the Bank of Japan can enforce a permanent depreciation through money creation, which will redistribute wealth from Japanese relief agencies and average citizens into the pockets of manufacturers."

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