{"id":5276,"date":"2012-08-16T06:56:44","date_gmt":"2012-08-16T10:56:44","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5276"},"modified":"2012-08-16T06:56:44","modified_gmt":"2012-08-16T10:56:44","slug":"friedmans-japanese-lessons-for-the-ecb-the-market-monetarist","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/16\/friedmans-japanese-lessons-for-the-ecb-the-market-monetarist\/","title":{"rendered":"Friedman\u2019s Japanese lessons for the ECB \u00ab The Market Monetarist"},"content":{"rendered":"

Milton Friedman, December 1997:<\/p>\n

Defenders of the Bank of Japan will say, \u201cHow? The bank has already cut its discount rate to 0.5 percent. What more can it do to increase the quantity of money?\u201d<\/p>\n

The answer is straightforward: The Bank of Japan can buy government bonds on the open market, paying for them with either currency or deposits at the Bank of Japan, what economists call high-powered money. Most of the proceeds will end up in commercial banks, adding to their reserves and enabling them to expand their liabilities by loans and open market purchases. But whether they do so or not, the money supply will increase.<\/p>\n

There is no limit to the extent to which the Bank of Japan can increase the money supply if it wishes to do so. Higher monetary growth will have the same effect as always. After a year or so, the economy will expand more rapidly; output will grow, and after another delay, inflation will increase moderately. A return to the conditions of the late 1980s would rejuvenate Japan and help shore up the rest of Asia.<\/p><\/blockquote>\n

via Friedman\u2019s Japanese lessons for the ECB \u00ab The Market Monetarist<\/a>.<\/p>\n

Friedman was suggesting that the BOJ implement QE to boost the money supply and create inflation. Inflation would rescue the banks and real-estate-owners with underwater mortgages.<\/p>\n","protected":false},"excerpt":{"rendered":"

Milton Friedman, December 1997: Defenders of the Bank of Japan will say, \u201cHow? The bank has already cut its discount rate to 0.5 percent. What more can it do to increase the quantity of money?\u201d The answer is straightforward: The Bank of Japan can buy government bonds on the open market, paying for them with … <\/p>\n

Continue reading “Friedman\u2019s Japanese lessons for the ECB \u00ab The Market Monetarist”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,17,33],"tags":[2319,2356,2831],"class_list":["post-5276","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-japan-korea","category-uk-europe-countries-regions","tag-milton-friedman","tag-money-supply","tag-quantitative-easing"],"yoast_head":"\nFriedman\u2019s Japanese lessons for the ECB \u00ab The Market Monetarist - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Friedman\u2019s Japanese lessons for the ECB \u00ab The Market Monetarist - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Milton Friedman, December 1997: Defenders of the Bank of Japan will say, \u201cHow? The bank has already cut its discount rate to 0.5 percent. 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He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-1n6","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":5317,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/21\/milton-friedmans-advice\/","url_meta":{"origin":5276,"position":0},"title":"Milton Friedman's Advice","author":"Colin Twiggs","date":"August 21, 2012","format":false,"excerpt":"In 1997 Milton Friedman commented on Bank of Japan policy following Japan's deflationary spiral of the early 1990s: Defenders of the Bank of Japan will say, \u201cHow? The bank has already cut its discount rate to 0.5 percent. What more can it do to increase the quantity of money?\u201d The\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7798,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/05\/26\/two-cheers-for-higher-japanese-bond-yields-in-the-spirit-of-milton-friedman-the-market-monetarist\/","url_meta":{"origin":5276,"position":1},"title":"Two cheers for higher Japanese bond yields in the spirit of Milton Friedman | The Market Monetarist","author":"ColinTwiggs","date":"May 26, 2013","format":false,"excerpt":"Market monetarist Lars Christensen gives an insight into rising Japanese (JGB) bond yields: .....the markets do not think that the Japanese government is about to go bankrupt. In fact completely in parallel with the increase in inflation expectations the markets\u2019 perception of the Japanese government\u2019s default risk have decreased significantly.\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7685,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/05\/04\/blame-del-pont-for-the-nightmarish-rise-in-argentine-inflation-the-market-monetarist\/","url_meta":{"origin":5276,"position":2},"title":"Blame del Pont for the nightmarish rise in Argentine inflation | The Market Monetarist","author":"ColinTwiggs","date":"May 4, 2013","format":false,"excerpt":"Lars Christensen cites MercoPress on hyper-inflation in Argentina: Because of inflation, people collect their salaries and rush to turn them into foreign currency\u201d, added the money traders\u2026 He observes: The collapse of the peso should be no surprise to anybody who have studied Milton Friedman. Unfortunately Argentina\u2019s central bank governor\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62357,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/09\/10\/gold-flags-a-secular-bear-market-in-bonds\/","url_meta":{"origin":5276,"position":3},"title":"Gold flags a secular bear market in bonds","author":"Colin Twiggs","date":"September 10, 2025","format":false,"excerpt":"Key Points Government bonds sell at inflated prices as central banks suppress long-term yields. Long-term yields are in a cyclical downtrend, driven by speculators. However, long-term bonds are in a secular bear market fueled by fiscal instability and a rising threat of inflation. International capital flows will also dry up\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Combined Assets of the Fed, ECB, BOJ, and PBOC","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":26010,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/05\/27\/inflation-gdp-and-the-money-supply\/","url_meta":{"origin":5276,"position":4},"title":"Inflation, GDP and the money supply","author":"Colin Twiggs","date":"May 27, 2021","format":false,"excerpt":"I receive plenty of advice in my inbox along the lines of \"Inflation hasn't been a problem for more than twenty years. Nothing has changed. Price spikes are transitory. This is stale news. Nothing to see here. Move along now.....\" I keep coming back to this chart, which shows the\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35916,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/07\/30\/powell-versus-inflation\/","url_meta":{"origin":5276,"position":5},"title":"Powell versus inflation","author":"Colin Twiggs","date":"July 30, 2022","format":false,"excerpt":"The Federal Reserve hiked their target range for the federal funds rate by 75 basis points to 2.25 - 2.5 percent on Wednesday. The FOMC statement reiterates that inflation is seen as the primary threat and the Fed will continue to tighten -- until something breaks. GDP Real GDP has\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Real GDP & Hours Worked","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-29-realgdp-hours-qtr.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-29-realgdp-hours-qtr.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-29-realgdp-hours-qtr.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5276"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5276\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}