Actually no. (Simplified explanation) The Japanese were doing things like selling super cheap in the US while having ridiculous prices in their own country in order to drive competition from the US out of business and once the US caught on it set tarifs and such. I was actually just reading about this so pardon me if I'm a little off.
Check out the bubble they had in Japan. The central bank inflated asset prices by pumping money into the economy (window guidance). The central bank forced the Japanese banks to issue more loans, and since there was not enough of a need for loans in the business sector, they flooded the real-estate sector. This created an inflation of money in circulacion and the inflation of asset prices.
www.chicagotribune.com
This is from 1989.
quote:
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''Japanese specialists jokingly refer to a tochi honi-sei, or `land standard` .... A number of explanations have been offered for this, but the simplest one is that the administrators in the banks, the ministries and the corporations have discovered a way of making money with money by agreeing not to spoil the party for each other,'' Wolferen writes.
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A massive scam. Orchestrated from inside the Japanese central bank, with the previous person I mentioned at its helm. He then agreed to stop this bubble - by popping it, crashing the economy, and forcing Japan to give concessions to the central bank (blaming the crisis on the lack of autonomy and oversight by the government ministry of finance).
I agree. But it's not just banks, it's everything.
Quite possibly. As power and wealth consolidates into ever larger corporations, so larger corporations become a larger proportion of bank business, and banks will increasingly concentrate their attention on them. It might also involve the fact that bank managers don't really do so much anymore - decison-making (certainly for little people) will be with more impersonalised, centralised services.
This phenomenon makes small businesses difficult to maintain, even medium-sized businesses. It's in essence the death-throes of the middle class.