Movie Night & Discussion
Princes of the Yen
Princes of the Yen (2014) is based on the book of the same name, 2003, by Richard Werner. The movie tells the story of the post-war Japanese economy and the influence of the Bank of Japan, the Japanese Central Bank.
After WWII, the Japanese Ministry of Finance and the Bank of Japan worked together to turn the war-torn nation into the second largest economy in the world. As the central bank began to exert more influence, shaped by an ideological desire to bring about structural economic change, Japan’s economy suffered. Credit bubbles of the 1980’s fueled a sky-rocketing real estate market and stock market. By 1990, it all burst, bringing down the economy and thousands of businesses.
According to the film, this disastrous formula was exported to Southeast Asia, where it killed the Asian Tiger economies, as well as to the Eurozone.
Our meeting will consist of viewing the second half of the film, followed by a discussion of the role of Central Banks in these economies. For another perspective on the collapse of the Asian Tiger economies, please review chapter 26 of Ellen Brown’s book, Web of Debt. Questions for discussion:
- What is the author’s assertion as to why post-war Japan experienced tremendous economic expansion?
- What was the relationship between the Ministry of Finance and the Bank of Japan during the expansion?
- Why have some blamed the Bank of Japan for the economic collapse?
- Compare the Southeast Asian crisis from the perspective of Richard Werner vs. Ellen Brown
- Compare & contrast the role of the central bank in each of the crises (Japan, Southeast Asia, and Eurozone.) How were they similar? Different?
To view the film in its entirety on you tube prior to the meeting:
About the Group:
All are welcomed to join, we are a non-partisan group. We like to explore alternative views and proposed reforms. There is quite a bit of diversity in the group, and different ideas and views are welcomed. Areas of discussion include Modern Monetary Theory, American Monetary Institute / Positive Money, Public Banking Institute, Complementary Currencies and the Austrian School of Thought. Feel free to attend an upcoming meeting. You'll be glad you did, and we would be happy to meet you.
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