Japan Abandons America

September 22, 2009 | From theTrumpet.com

The USS America is sinking—and Japan is getting off while it canRobert Morley

http://www.thetrumpet.com/index.php?q=6567.5047.0.0

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For over 50 years, one party ruled Japan virtually uninterrupted. Duringthat time, Japan remained a loyal ally and supporter of U.S. policy. This  month, a historic event took place.

Japan has new leadership. In a landslide victory, a new party has done the  seemingly impossible. A new freshman class of leaders now governs the Land  of the Rising Sun. The effects are already rippling across the Pacific  toward America.

Yukio Hatoyama is Japan’s new leader. He officially took office last  Wednesday, and he is already threatening to split with the United StatesHatoyama blames America for the global economic crisis and says that theU.S. is responsible for “the destruction of human dignity.” He campaigned  on protecting traditional Japanese economic activities and reducing  U.S.-led globalization.

During the run-up to the election, Hatoyama’s finance minister told the  bbc he was worried about the future value of the dollar, and that if hisparty were elected in the upcoming national elections, it would refuse to  purchase any more U.S. treasuries unless they were denominated in Japanese  yen.

Japan is the world’s second-largest economy. It is also America’s  second-most-important creditor. The U.S. government owes Japan over $724billion! The only nation America owes more money to is China ($800  billion). The U.S. also imports $140 billion worth of goods from Japan  each year.

If Japan were to follow through with its threat to only lend in yen, thedollar would probably fall hard. What would that mean? America gets moreexpensive consumer goods, higher unemployment, and currency inflation. If  other nations like China follow suit, we would be looking at a currency crisis—Zimbabwe-style.
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