I had a very uh interesting and and distinct conversation with one of Japan’s top Economic Policy makers in the mid-1990s who was a friend and very senior let’s just say and uh I said why don’t you weaken the currency you know your exports have completely stalled you have
a a uh a lack of growth Japan’s no longer competitive and he looked at me and he said Jeff the U.S won’t let us do it okay this is clear it’s kind of obvious but never said what is said in the history books is Japan had a balance sheet recession