From the article of 'Petrel'
No.695 / September 27, 1998

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The Government and Opposition Party's Solution Plan are Six of One and Half a Dozen of the Other.

It is the Same as the Government's Idea in Spite of Saying as  "Nationalization."
Both Reliefs are for the Large Bank and the Large Capital.

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The government and the opposition party fuss this time as the interpretation being different immediately after the mutual agreement, and they have not reached even at the point to propose the amendment bill, and the financial rebuilding bill takes a weaving course. Though Prime Minister Obuchi took a defiant attitude as to say he could do nothing but organize wartime economy already to do the more effective relief plan just before leaving to the United States, this might be a threat or a menace to us people, too. However, might the policy "agreed" among the Liberal-Democratic Party and the opposition parties be so wonderful one? There is not an essential difference between the insistence of the Liberal-Democratic Party and the policy of the opposition party, and they are same in the respect to try to relief capitalism and to call back the past prosperity again.
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Obuchi talked "There is only the wartime economy any further" as follows.

"The only one of traditional relief plan that remain is perhaps to make up so-called "the Wartime Economy," which creates employment and expands industrial production by increasing defense spending, but I want to make clear that I have not such intention."

Moreover, this Prime Minister talked as follows incidentally.

"If they say that Japan has not taken enough countermeasures, what do they say us to do? We can not hear any concrete proposal. I wish the inernational society, economists, the persons concerning market to teach us if they have any idea."

However, the policy that the Obuchi regime adopted is not more than that the enormous amount of public capital (After all, the money returns in the load of the people like a tax etc.) is invested in the Japan Long-term Credit Bank that failed basically, or failed in fact.

It is impudent to brag as "I have done all I should to do. There is nothing to do any further except to organize wartime economy." with doing such makeshift and easy way. But, it is more difficult for me to permit that the real policy of the Liberal-Democratic Party's regime is only to maneuver to defend their past rights and interests and to defend the profit of the monopolistic capital and farmer (or rather the Agriculture Cooperatives) by relieving the Japan Long-term Credit Bank.

They take a defiant attitude and are threatening the people with pursuing such a self-regard policy as they are making an effort with their whole soul by doing any further for the economic relief and for the business recovery, do you say to organize wartime economy if you say to do furthermore, do you say to start to prepare for a new war (If not, you should accept the policy of the Liberal-Democratic Party). What mean party they are?

The investment of the public capital to the Japan Long-term Credit Bank is for the compensation of the abandonment of enormous amount of credit on such as the nonbank.

The abandonment of the credit on such as nonbanks is to save and relieve the other banks and the Agriculture Cooperatives lent money to them by saving the nonbank, and it is also the savings of the Japan Long-term Credit Bank itself by that.

The government of the Liberal-Democratic Party see a right way to evade the crisis only in these kinds of things alone.

They do not care that the Japan Long-term Credit Bank has carried on severely irresponsible management and has indulged in speculation by using such as nonbank, and they have nothing to do with that such as the Agriculture Cooperatives has coveted excessive profits by financing to such banking facility. Such things are past stories, and the problem is how to overcome and eliminate the present financial crisis.

However, do you say the problem is solved if we invest the public capital? The injection of the public capital to the Japan Long-term Credit Bank is estimated to become over several hundred billions yen on a large scale (because the claim that the Japan Long-term Credit Bank abandon is about 7.5 billions yen), however, the bad debt of the Japan Long-term Credit Bank is estimated not to settle in such scale and to reach as too much as 2 trillions yen (or it might increase further more).

When we pour the money of nation and begin the relief of failure enterprise, there is no guarantee that it does not become ceaseless. However, the bourgeoisie tries to inject the money of nation like water as if all should be permitted for the stability of the capitalism system.

However, it is not only the problem like what Naoto Kan shouts as he opposite to the injection of the public capital before going bankrupt, it is well to make the Japan Long-term Credit Bank to go bankrupt and "Nationalize" it of course either. The opposition party's policy is powerless and dilemma, too.

To begin with, their ways are not radical but are only in the frame of the major premise of the Obuchi regime of investing the public capital to the bank even if it does not fail at all and relieve the large bank.

And secondarily, it does not mean that the public capital is not introduced even if they nationalize it. Reversely, it might become one step to do it efficiently and smoothly.

Of course, there is not a certain prospect for the overcome of the serious recession even if to invest the public capital. Moreover, it should not be able to invest the unrestricted financial funds with the failed national finance under their nose.

To nationalize is to "Collect" the claim of the Japan Long-term Credit Bank, and if the Japan Long-term Credit Bank tries to collect and recover the claim, the other financial facilities will also scurry to do so. It might also deepen the credit crisis further and bring dramatic failure.

In this case, "Being Logical" is the thing to deepen the crisis further and actualize it as the one impassable. Naoto Kan does not understand the capitalism and the contradiction at all.

Therefore, it is deceptive to say as if nationalization solves and dissolves the problem. If they could "process" well by nationalization, it would be the result of investing the national funds even very much, and it is exactly by the reason that they execute the solution plan of which the Liberal-Democratic Party is meaning in somewhat different shape.

The policy of Kan is adopted even by the Liberal-Democratic Party and bourgeoisie only in such meaning. However, in that case, the opposition party should assume the responsibility in case of not going well. It might be convenient for the Liberal-Democratic Party at all. The Liberal-Democratic Party can never thank enough for the assistance of Naoto Kan and others.

Moreover, in case of nationalization and investing the public capital it does not return at all, on the other hand, in case of relief as enterprise there can be the situation "to recover the investment" if the enterprise will revive and become profitable.

At this time, the government party and the opposition party keep conflicting about the interpretation of "Mutual agreement" performed once and continue a nonsense long debate whether to invest the public capital before failing or nationalization.

It exposes how the bourgeoisie, the state organization (the Ministry of Finance etc.), and politicians (Regardless of the government party and the opposition party, regardless of the conservatives and reformist)(In short, all bourgeois elements) are powerless and can be nothing but powerless against the deepening crisis, too.

The time for which only thoroughly radical means are effective has come. Though Obuchi began to say, "There remains only the wartime economy," we should confirm a serious meaning that this word had begun to be vomited. I wonder whether the bourgeois power would rapidly incline to "the Wartime Economy" if it would be exposed that the relief plan at this time would also be powerless.

It might be an ominous notice that Obuchi spoke about "the Wartime Economy." They began to consider such "Solution Plan" exactly, and the reactionary power, the militarist power, and the fascist power will pick up this word with pleasure. The fire that becomes so has already been fully fumigated.

The economic crisis of the Showa era panic and the great depression brought the victory of the militarism and the fascism as the relief plan and the program of overcoming the crisis by "Military Economy" had become the real one also at prewar days.

The history repeats, the first as a tragedy and the secondary as a comedy.

However, if the workers do not decide with folding the arms and look on the bourgeois power to "Raise" the crisis in a reactionary direction, there is the possibility that the history will be repeated as a tragedy.

(Translated by Yoshi)