I remember it well. That is, the fiscal rectitude of the old Japan. During early 1981 as the Reagan White House prepared its radical fiscal plan—-what Senate Majority Leader Howard Baker famously called a “riverboat gamble”—-we were visited by a high ranking delegation from the Japanese finance ministry (MOF). It is no overstatement to say … Continue reading Japan’s Keynesian Demise: A Cautionary Tale For Our Times