Sep
30
The Spirit of John Law Returns, from Stefan Jovanovich
September 30, 2013 |
The spirit of John Law returns and the Japanese under-secretaries of everything decide that the country's debt can successfully recapitalized by creating the Bank of the Empire.
Its yen notes become the sole legal tender for the country and replace the BOJ's paper.
Government debt is exchanged for Imperials.
Freed from the overhang of the existing government debt, the Diet decides that what Japan needs are bridge-tunnels to Korea and Manchuria and sells new government bonds, denominated in Imperial yen, to be secured by the toll revenues.
Japanese Pensioners begin speculating on lots in Vladivostok.
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