from The Daily Bell:
Nomura Profit Slump Signals End of Abenomics … Nomura Holdings Inc. (8604)’s lowest profit in seven quarters signals the boost from Prime Minister Shinzo Abe’s economic stimulus policies for Japanese brokerages is over. Japan’s largest securities firm yesterday posted a 70 percent drop in net income to 19.9 billion yen ($195 million) in the three months ended June, missing analysts’ estimates for 26 billion yen. – Bloomberg
Dominant Social Theme: Abenomics: The answer to the structural rigidities and failures of the Japanese economy.
Free-Market Analysis: So we learn that Abenomics is not working so well. Okay … we never expected it to.
Honestly, where has a Keynesian economic program ever really rebuilt an economy? FDR tried it in the US, but the US economy didn’t recover until the end of World War II when virtually every other major economy in the world faced significant reindustrialization.
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