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As far as his flip-flop on the Bush tax cuts, his explanation is "Blah blah...9-11...restrain spending...2006 election...restrain spending...my tax cuts were better...we have fiscal difficulties today...right now today...restrain spending...so now we will make these tax cuts permanent".
(Between 2005 and 2006, assets rose only 9.7%.) Further erosion in Global 2000 aggregates is quite possible, because many Japanese companies have fiscal years ending in March and have yet to report 2008 results.
Some 80 countries now have fiscal rules in place, according to the IMF, up from just seven in 1990.
Other states also have fiscal problems.
Canada does not have fiscal rules.
"To maintain the trust of international financial markets, it is important to have fiscal discipline," Mr. Kan said.
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I still have tomorrow.
"But now we have 2011.
But we still have Christmas.
We will still have spring.
Everyone else can have 2,300.
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