William Pesek > Quotes

“How did Japan manage to delay painful and destabilizing change? By employing the so-called Bubble Fix, a term popularized by former Morgan Stanley economist Stephen Roach, whereby central bankers and government officials soothe markets with monetary and fiscal stimulants in the short run in ways that create financial imbalances in the long run, essentially curing bubbles with new ones.”
― William Pesek, Japanization: What the World Can Learn from Japan's Lost Decades

“The core of this system is often referred to as Japan’s “iron triangle” of politicians, bureaucrats, and big business, each occupying a corner. Each facilitates the others in achieving their goals and aspirations—rising status for politicians, power for bureaucrats, and riches for corporate chieftains.”
― William Pesek, Japanization: What the World Can Learn from Japan's Lost Decades