Takahashi Korekiyo headed the Bank of Japan and Japan's Minister of Finance (Treasury Secretary) in the 1920s and 1930s.
He was truly a man ahead of time, his policy prescriptions read like he could be a central banker today....
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Takahashi Korekiyo in the 1920s
He was truly a man ahead of time, his policy prescriptions read like he could be a central banker today....
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Takahashi Korekiyo in the 1920s
Following the onset of the Great Depression, he introduced controversial financial policies which included abandoning the gold standard, lowering interest rates, and using the Bank of Japan to finance deficit spending by the central government.
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These programs are largely credited for pulling Japan out of the Great Depression.
en.wikipedia.org/wiki/Takahashi…
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But a sobering bit of history for all central bankers re-creating Korekiyo's policies ....
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en.wikipedia.org/wiki/Takahashi…
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But a sobering bit of history for all central bankers re-creating Korekiyo's policies ....
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His decision to cut government spending in 1935 led to unrest within the Japanese military, who assassinated him in February 1936.
The moral ... it is easy for central bankers and Finance Ministers to get in, it is hard, really hard, to put these tools back on the shelf.
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The moral ... it is easy for central bankers and Finance Ministers to get in, it is hard, really hard, to put these tools back on the shelf.
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