Bankruptcy in Japan and the
Rise of Militarism
By Michael Burkert
While everyone is watching the apparent collapse of our American and
Western European economies, there is little attention being paid to
Asia. While we hear
from time to time about
China being encouraged to buy more
there has been very little heard concerning
Japan and her once
skyrocketing economy. As much trouble as we are in here at home, the
Japanese are in deeper than you know. They are virtually BANKRUPT
and close to defaulting on their foreign debt.
We usually don’t even think about Japan having a
or in any sort of debt, but they do. Of the major industrial
economies in the world, Japan’s government is the most indebted! You
read that correctly.
Japan has been in a
recession for nearly 20 years. Attempting their own “bailout”
when their banking system was about to default, the Japanese
government attempted to prop up the nation’s private banks with
trillions and trillions of
yen in a series of
bailout programs all designed and intended to “stimulate” the
Japanese economy. It hasn’t worked.
In fact, Japan’s government is in debt in excess of U.S. $7.8
Economists use a “debt
to Gross Domestic Product or GDP” ratio to compare the
indebtedness of the leading economic powers in the world. As an
Britain has a government debt-to-GDP ratio of 48%. The
has a government debt-to-GDP ratio of 75%. In Japan, that government
debt-to-GDP ratio is a whopping 187%! The Japanese economy is in a
shambles and sinking deeper and deeper every day. With no
immigration and a near geriatric population, Japan will never be
able to repay her debt.
Japanese auto makers,
Nissan and Toyota
are losing sales as the world’s demand for new automobiles continues
to shrink. Toyota recently posted their first loss EVER. Not even
the collapse of Japan at the end of
World War II
imposed losses on Toyota, a major manufacturer of goods and
equipment used by the
Ironically, the Japanese yen is currently the most popular currency
in the world. It’s thought to be the only “safe haven” and in 2008,
was the best performing currency. The yen rose 19% against the U.S.
dollar, 33% against the Canadian dollar, and 40% against the British
pound. However, as with any flat currency, the yen is subject to
market forces and has now sunk 12% over all in recent trading
The Germans hold
nearly three trillion dollars worth of Japanese government debt.
There is no way that debt will be repaid and the Germans know it.
Already there is panic in the German banking system over the coming
bankruptcy of Japan.
Garner Ted Armstrong warned of worldwide financial collapse and it’s
upon us now. He also warned us that collapsing governments create a
power void that is quickly filled by extremists bent on righting the
wrongs of the previous government, often with violent and tragic
results. I urge each of you to read his comments published at this
website in 2002. His commentary,
IS GLOBAL ECONOMIC MELTDOWN UNDERWAY, is as valid today as it
was when he wrote it.
Mr. Armstrong wrote, “Japan is frantically trying to save its entire
banking system, which had its own chicanery and scandals. Japan is
now awash in a sea of bad debt, struggling to make reforms after 10
years of falling prices and recession. Will a military government
soon take over in Japan?"
What are the odds that Japan will once again become a
nation; one that reveres the emperor, bows to authority and honors a
strong army and navy? Sadly, the odds are good for this very event
to happen and happen quickly right before our eyes.
Japan continues to have many enemies. Many nations once occupied by
Japanese forces have NEVER forgotten the brutal ways in which their
peoples were treated by the invading Japanese forces. In the West, “political
correctness” has seen to it that most Japanese atrocities
committed against British,
and American personnel were warranted and justified, due to the
rampant anti-Japanese “racism”
Commonweath nations and the United States.
Wartime brutality and atrocities directed against the Chinese and
other Asian peoples are glossed over and conveniently ignored by
most in our Western partisan and liberal media. However the Chinese
have not forgotten. The
Burmese have not forgotten how barbaric, occupying Japanese
troops behaved. Accordingly, there is little sympathy for Japan
today in most of Asia. Japan sees herself in a “go-it-alone”
situation. Today in Japan, numerous radical political groups want to
seize power and rule. Most are extreme national movements that
revere the emperor, swear allegiance to everything that smacks of
Japanese royalty and absolutely are willing to “die for the emperor
and the Japanese nation!” They want a large, modern, and strong
army. They demand a new
Imperial Navy that can rival any navy in the world. They believe
that they have an economic plan that will put Japanese back to work,
create jobs in the armaments industry and return Japan once again to
a nation feared and respected.
Japanese militarism is on the rise and the collapse of the
democratic government in
Tokyo may well
usher in a new prime minister selected from the military high
command. The militarist groups have received little media coverage
over the years and in the West were mostly thought of as kooks.
Now, however, the aggressive nationalism they espouse is becoming
mainstream. A resurgent nationalism among some mainstream
politicians and North Korea’s recent nuclear testing have meant
right-wing groups are now being listened to at the highest levels.
Many of the policies they promote are now on the government’s
Traditionally sensitive topics that have recently become open to
political and public discourse, such as stripping the constitution
of its pacifist components, developing nuclear weapons, and
promoting patriotism in schools, are the very issues right-wing
extremists have been pushing for decades.
They know that Japan was able to rapidly expand her economy and
bring about prosperity during the militaristic era of earlier times.
They hope to repeat what their grandfathers accomplished and are
likely to do so if Tokyo defaults on her huge debt and the
Already, Japanese militarists are responsible for several riots,
sabotage against police stations and other government installations
as well as political assassinations. Don’t be surprised if political
assassinations by Japanese militarists eventually paralyze the
elected government and cause chaos and terror in Tokyo and other
Naturally, many of the surrounding Asian nations are nervously
eyeing the emerging nationalism in Japan.