Blessed to live in a safe, peaceful country without the curse of the Second Amendment, Shinzo Abe was nonetheless gunned down, as he was speaking in a public square. He was a conservative leading a party named the Liberal Democratic Party. His family had a long history of being active in Japanese politics, similar to the Kennedy’s or Bush’s in this country.
Abe was blessed with an affability rare among Japanese leaders and was their longest serving Prime Minister, having served twice, and was revered worldwide.
Among economists, he will be remembered for “Abenomics” a term he never uttered. It was threefold. First, he practiced Modern Monetary Theory before it even had a name. It permits virtually unlimited budget deficits, which is inflationary in deflationary economies. Second, he greatly expanded the nation’s money supply, which American presidents cannot do. That’s the responsibility of the Fed. Of course, that increase in the money was also inflationary but not with Japan’s deflation problem. Deflation is much more pernicious than inflation, but Abe beat it anyway. Third, he opened the doors to selective immigration, ending Japan’s chronic shortage of cheap labor, igniting a productivity burst.
He will be missed . . . another life cut short by a crazy person with a gun!