*Note: This story is old. In fact, it’s from 2012, but I had already hit publish by the time I recognized this oversight. So while this is NOT a new story, it is true, and the sentiments I share remain valid.
Japan is the prime example of what happens to a nation when lunatics are permitted to centrally plan an economy for several decades. As many of you will remember, the following advertisement was a real pitch used by the finance ministry several years ago to sell JGBs, i.e., Japanese government bonds.
Fast forward a few years, and we have this…
From the Telegraph:
Japan’s cash-strapped government is reportedly turning to popular music group AKB48 to help it sell government bonds, as interest in the low-yield paper wanes.
The debt campaign will see AKB48 – comprising about 90 performers, ranging in age from early teens to mid-20s – joined by sumo wrestling’s champion Hakuho and female football star Homare Sawa, Japan’s Jiji press agency reported.
The group’s bubblegum pop and synchronised dancing has proved a huge hit with young girls.
Running the gamut from girl-next-door to sultry temptress, the band also has a substantial male following – many of whom are older – who support a vast merchandising industry.
Japan has the industrialised world’s worst public debt, amounting to more than twice its gross domestic product – topping hard-hit eurozone countries including Greece, which have drawn fire from foreign investors over their fiscal management.
This is the happy face of the Japanese government:
This is the reality:
Video of the Day – Brawl Breaks Out in Japanese Parliament Over “War Bill”
More on Japan…
Unusually Massive Protests Erupt in Japan Against Forthcoming “War Legislation”
The Stock Market Myth and How the Japanese Middle Class is on the Precipice Thanks to Abenomics
In Liberty,
Michael Krieger
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Well, not really any different than using actors, popular singers, athletes and medal of honor winners during WWII to sell war bonds.
Except Japan isn’t in a world war…yet.