From the article of 'Petrel'
No.692 / Septembert 6, 1998
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There is not a country that can become "Breakwater" either.
The sharp decline in stock prices, the deepening world crisis.
Stock prices are dropping sharply in the world.
A new crisis that started from Russia leaped to the United States at once and it is also about to rebound all over the world.
The end of the United States "Boom" might mean exactly a serious world crisis as we have emphasized it up to now.
Though they have said the panic from Russia, from Japan, from Asia, the crisis is not the one from such and such a place now but the crisis of capitalism is to appear exactly as a world "simultaneous" crisis.
Even if it would seem superficially to start from a country, it is exactly a explosion of the contradiction of the hole capitalism world and it is not the one of this and that nation's "responsibility" as long as it appears as a world panic.
However, the Japanese bourgeoisie has been talking actively as "to obstruct the panic from Japan" or Japan should become a breakwater against the world crisis and should contribute to the world and Asia.
They say in various ways that Japan should become a breakwater to the infection and the expansion of the world crisis by processing the bad debt and by immediately solving the financial crisis, or Japan should help the economic revival of Asian nations by quickly solving the sluggish business retreat and by expanding the market in Japan.
They say Japan should accomplish the role of which the United States had accomplished before (or still now).
And, it is emphasized for that that it is necessary to achieve "the Internationalization of Yen."
However, it is not the one or another "Effort" of this or that country to solve this crisis as well as this or that country is not responsible for the world crisis.
If Japan should play the role that the United States has played up to now and should play the role of the locomotive of the world capitalism, the relief person or the brake of the crisis, Japan might have to train the Yen for "the international currency" first of all, and should hunt the commodities all over the world by giving off the Yen and offer the market for the excessive production.
Or, Japan should accelerate inflation by the expansion of finance and confidence, and as the result, Japan should pull and undertake single-handedly the expansion of the world market, so the deflation policy and the tighten policy become out of question.
Japan should expand the Japanese market and should contribute for the capital suffering from excessive production and worrying the profit fall all over the world by doing financial expansion or everything and not the administrative reformation, the inexpensive government, or the restructuring.
However, I wonder whether the monopolistic capital of Japan is likely to be able to do these kinds of things or has such an ability.
If we see the national finance it is already in the going of extreme failing, so even to take this one, it is exactly clear that the JapanThe Japanese economy already has been having a hard time near 10 years in the recession and cannot set even itself right, so how does it afford to care another country? has been having a hard time near 10 years in the recession and cannot set even itself right, so how does it afford to care another country?
The Japanese monopolistic capital might be able to expand finance more (with piling the national debt to the national debt), to accelerate the inflation, to hunt the excessive commodity all over the world with overworking very much, but it is only accomplished in exchange for the tremendous failure of the rule of the Japanese monopolistic capital.
If such a policy is forced, Japan will fall to the nation more and more corrupted and parasitic like the United States is so.
Say the one who wants to say that Japan will be able to prosper for a passing time (as The United States was so) by giving off and discount the Yen, that is, by exploiting the world in such way, so Japan will be able to play a breaking role against the world economic crisis!
The working class of Japan hopes to contribute to the world, that is, to the human race in completely another shape and repels the bourgeois contribution as trivial "Evil ways."
However, some one also says that Japan is already a huge rich country having over one trillion dollars claim in the world, so why does not Japan contribute to the world crisis by "taking down" the claim?
However, will such a way be easily possible really? The United States has fallen to the debt nation with over one trillion dollars inversely proportional to that Japan has been becoming to a huge claim nation in the world actually, and has increased as much as the national debt of 400 billion dollars only for last year.
If Japan would collect the international claim under such a situation, it would immediately result to the failure of the United States, and the American economy would go failure, the world economy also might not be able to continue safely.
Thus, the insistence that Japan can and should become the savior of the world crisis is a mere consolation or a fantasy, and any powerful nation might be powerless for the deepening world crisis.
The explosion of the world crisis has been exactly prepared in 90's of the dismantlement of the Soviet Union, the recovery of the unity of the capitalistic market economy, and the deepening of the market economy. The age when the class struggle of the worker develops and the age when socialism "rights itself" are approaching.
(Translated by Yoshi)