Two decades of economic pain—could it happen here?
By John Wharton
In the late 1980s, the value of Japan’s real estate—the size of California—exceeded that of the entire United States. The land under the Imperial Palace in Tokyo was valued at more than all the real estate of California. Ordinary Japanese drank green tea laced with flakes of gold. The world spoke of “the Japanese Century.”
Thu, Apr 24, 7pm
Vicente Guerrero 4
Tickets at the door only
And then something happened—causes are still vague–and their stock market lost over 80 percent of its value while home prices crashed. The Japanese economy has remained in a serious funk for the two decades since, while nothing its government does seems to help it recover.
Could it happen in the United States today?
This intriguing and vital question will be discussed in a “Munk Debate” to be shown Thursday, April 24, 7pm at Shelter Theater. Some of the finest economic thinkers of our day will argue pro or con the resolution: “North America faces a Japan-style era of economic stagnation.”
On the ‘pro’ side in support of the idea will be Nobel Prize-winner Paul Krugman and Bank of America chief economist, David Rosenberg. On the ‘con’ side, arguing against, will be former Secretary of the Treasury and World Bank chief economist, Lawrence Summers and Ian Bremmer, noted Wall Street economist and risk analyst.
After the video debate, a discussion will be held hosted by George Lopuch, retired Executive Vice President of Strategic Planning at Best Buy.
The biannual Munk Debates are held in Toronto, dealing with major policy issues. Please don’t miss this first in a series of similar videos hosted by the bipartisan ‘Purple Solutions’ group of concerned San Miguel economists and thinkers.