The G7 Summit held in Ise Shima of Japan has been over.
Our Prime Minister has emphasized the recession of the world economy in his address of the chairman. According to his view, the economy is at the risk of depression comparable to the Lehman Brothers' shock in 2008. He wanted the other countries to make monetary easing to deal with the situation. What a crap! Lehman Brothers' problem was due to the credit crunch caused by the bubble of financial capitalism starting in '90s. Abe should have analyzed the mechanism of Lehman Brothers' shock to deal with it.
All he announced there was to carry out the monetary easing all over the world. Even in the credit crunch, that easing might be of help only transiently as well as superficially. The effect won't last long and would leave deep side effects of unstable economy in the world, as it does right now.
Proposing a bubble economy world wide, he intended to mask his failure of his economical policy in our country. It was another intention in this statement to deffer consumption tax hike in our country. It was for the upcoming national election in our country in July. The Summit was to discuss what was going on in the world and how they should deal with it. Abe has tried to take advantage of the meeting for his egoistic purpose.
Abe should have picked up the problem of tax haven for the agenda. Tax haven has the asset of ten trillions USD all over the world. It is a result as well as a cause for the economical disparity all around the world as well as in a country. Tax haven is an unfair system. It is used for laundering money from crime or for a route of bribe around the world. It also reduces the tax revenue, which imposes us more tax.
Abe has been telling lies at the Congress. He seems to have believed the same tactics could do at such as g7 Summit.