NY Times – At a Military Museum, the Losers Write History
“The official postwar pacifism that reigns today is tied to an understanding of a stupid, feckless militarism, which ended in hellfire and defeat,” said Louise Young, author of “Japan’s Total Empire, Manchuria and the Culture of Wartime Imperialism” and associate professor of history at New York University. “The museum is offering a totally unreconstructed regurgitation of pre-1945 justifications of its past; a return to fascist mytho-history.”
This kind of thing is the worst kind of nationalism.
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NY Times – Grim Figures Cast a Shadow on Japan’s Bank-Debt Plan
“We’re clearly preparing for another slowdown,” said Ryo Hino, an economist at J. P. Morgan Securities. “The signs are already here. But the government’s economic package is really designed just to catch what falls after they shake up the banks. It’s damage control.”
That damage could be immense. According to Nikko Salomon Smith Barney, more than 2.4 million workers could be affected if the government follows through with plans to make the banks apply tighter capital and loan standards and write off bad loans faster, measures proposed by the new financial services minister, Heizo Takenaka. The company said the hardest-hit workers would be in two heavily indebted sectors, construction and retailing. The rise in bankruptcies and unemployment expected from the banking shake-up could push economic growth rates down by 1.7 percentage points in each of the next two years, the company calculated.