False rumor, prejudice, blind spots 7;   Danced currency 2


4 金本位制

We look back on the situation that a crack hand by which Finance Minister Takahashi saved Japan will invite destruction before long.

 

Why was the gold standard stopped?

The gold standard is to promise to exchange money which country publishes with gold.

Therefore, because the country couldn’t supply money excessively, the currency was trusted.

However, unless production or acquisition of gold increase, the country cannot supply additionally money.

It invites deflation, and then economic recessions.

Oppositely, the silver mining of ancient Athens or the gold looting from South America in Spain brought about prosperity to each nation by issuing additional coins.

In this way, each country repeated adoption and stop of the gold standard many times from the end of the 19th century.

                                            

 

 

蔵相高橋是清の救国の妙手が、やがて破滅を招く様子を振り返ります。

 

なぜ金本位制を停止したのか

金本位制は、国が発行する貨幣と金の交換を約束するものです。

これにより紙幣の乱発が出来ないので、通貨が信用されたのです。

しかし金の産出や入手が増えない限り、通貨の増発が出来ず、デフレを招き経済は低迷しました。

逆に、古代アテネの銀採掘やスペインの南米からの金略奪は、硬貨増発によって繁栄をもたらしたのです。

こうして各国は19世紀末から幾度も金本位制の採用と停止を繰り返していました。

 

A deficit bond and an undertaking of the Bank of Japan

 

In a simple term, it is that the Bank of Japan issues as many money as the government wants. 

In 1931, Finance Minister Takahashi extended the currency issuance limit of the Bank of Japan from 120 million yen to 1 billion yen.

Then the government was able to enrich the finance without difficulty.

The gross national product in that year was 1,400 million yen, and we can understand it is a large amount.

 

 

赤字国債と日銀引き受け

これは簡単に言うと、日銀が政府の欲しいだけの紙幣を発行することです。

31年、蔵相高橋は日銀券の発行限度を1.2億円から10億円に拡大し、国は苦もなく財政を潤すことが出来たのです。

この年の国民総生産は14億円で、如何に巨額かがわかります。

 

February 26th Incident, a coup, a photo by a movie 

 February 26th Incident, a coup, a photo by a movie >

 

In 1935, Finance Minister Takahashi feels a danger, and starts the military expense compression for a gradual decrease of the government bond issue.

But the military that got angry with this procedure assassinated him (February 26th Incident).

In this way, the military secured the revenues for rushing from Manchurian Incident to Sino-Japanese War in 1937.

After that, the government that was led by the military authorities continued huge bond issuance.

The inflation before and behind World War II became from 16% to 125%.

In the end, people had to pay heavily compensation, and changed it for a temporary relief.

 

 

35年、高橋蔵相は危険を感じ、国債発行漸減のために軍事費圧縮に乗り出します。

だがこれに怒った軍部は彼を暗殺します(二・二六事件)。

こうして軍部は満州事変から37年の日中戦争へと突き進む財源を確保したのです。

その後、軍部主導の政府によって膨大な国債発行が続いた。

第二次世界大戦前後のインフレは16%から125%へと突き進んだ。

国民は一時期の安堵に替えて、大きな代償を払うことになったのです。

 

 

Conclusion

A crack hand of his magic saved the painful economy many times.

At the end, it was misused, and Japan rushed the way of a catastrophe.

When a nation has touched a forbidden fruit once, even if the nation wishes to stop it, powerful vested interests will obstruct it.

The present public construction is also the same.

The world and Japan fear to adopt this crack hand from the regret of this history.

 

 

まとめ  

彼の魔法の一手は苦境の経済を幾度も救った。

しかし最後には悪用され、破局の道を突き進むことになった。

一度、禁断の実に手をつけると常習になり、それを止めようとしても、強力な権益勢力が阻むことになる。

現在の公共投資も同様です。

この歴史の反省から、必要な場合もありますが、世界は上記の手法を恐れて来たのです。

 

the Bank of Japan

< the Bank of Japan  >

An important thing is that we know the fear of currency issue and financial policy, and stop a reckless operation.

We must secure the independence of the Bank of Japan at least.

 

Next time, we will study world crises of the same period in the United States

 

 

大事なことは、通貨発行と金融政策の恐ろしさを皆さんが知り、暴走を止める手立てを確保することです。

少なくとも日銀の独立性を確保することは最低限守るべきことです。

 

次回は、同時期の世界恐慌を招いたアメリカから教訓を学びます。

 

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

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