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Economic Trouble in Japan (and for the Feds) by Lew Rockwell

Writes a friend:

Now, in Japan, it is end of the year party time (Bonenkai). I've been drinking with my co-workers as well as some very high up people (CEO's & presidents of huge companies like Sony and TV Tokyo). These guys seem to be getting desperate.

They told me that they would even accept advertising contracts for $2000 - $3000 dollars! (It used to be that if you weren't talking at least $25,000, you couldn't even get a receptionist to talk to you. One CEO of a major satellite TV channel (owned by one of the biggest companies in Japan) said that, the ways things are now, any money is acceptable. TV Tokyo sales dropped 69.7% up until August this year (I suspect it will be even worse by year's end).

Ex-CEO guy dropped my jaw when I was mentioning about how the US government was destroying trust in the US economy and that, soon, Chinese and Japanese banks are going to quit buying bonds... He floored me when he said, "We have already stopped" (understand that these guys know the CEO's of the big Japanese banks as those are their financial backers).


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