False rumor, prejudice, blind spots 6;   Danced currency 1

  高橋是清, Korekiyo Takahashi   

< 高橋是清, Korekiyo Takahashi  


I look back on a time of the tragedy that financial policy trifled at.

I introduce Takahashi who challenged and saved the depression of from Taisho Period to Showa Period.

The contributor was assassinated at the end, and his last resort became a sarcastic result of forgiving reckless driving to military nation.

The currency is so terrible thing.


He is the Finance Minister whom actor Nishida played well in a NHK drama.

He was like to potbelly doll that wore a moustache, and was popular among the people because he was disinterested.

Between 1913 and 1936, he held the Finance Minister posts five times, and the Prime Minister post.












The world of those days

At the time when he took an active part, there were an outbreak of World War I, and, next, world depression.

Furthermore the time advanced to World War II that became a large trouble before long,

On the other hand, Japan established a bridgehead of invading to continent by Russo-Japanese War, and went on an outbreak of Manchurian incident before long.

Since military expansions were repeated in Japan, the war expenditure had spent from 10% to 70% of national budgets.







2 日露戦争

The world economy was in good condition at the head of U.S., Germany, and Britain, and Japan was also growing rapidly after the Meiji Restoration.

Since the 19th century, overseas trade was continuing expansion mainly in Europe.

However, two great wars exhausted the world economy rapidly, and each country came to be confused by the exchange, finance, and the monetary.

At that time, economic boom, inflation, deflation, and depression surged repeatedly.


Cleverness of Takahashi

At first, he showed an uncommon talent as he succeeded to raise funds for the Russo-Japanese War by external bonds issuance.

The amount of money was about half of the gross national product, or the war cost, and made war possible.

Naturally the people must pay back this amount of money later.


At Showa financial panic in 1927, he hit many countermeasures quickly, and there is an interesting episode.


He printed paper money only for one side in large quantities, and piled it up on the store of the bank, and let a run on many banks calm.
















3 昭和金融恐慌

In 1931, he saved Japan from the world financial crisis by a way of magic.


It was the stop (embargo on the export of gold) of the gold standard, and large increase of the government expenditure that was accepted by the Bank of Japan.


As a result, the deflation is settled, the trade expands, and business has recovered remarkably.


This continues to the next time.










Categories: economy, history+evolution, <english language, <japanese language, politics, Series: False rumor, prejudice, blind spots | Tags: , , , , | Leave a comment

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