After many years of false starts, the Japanese economy may finally be set to boom—or at least to enter a period of sustained growth with a sharply rising stock market.

The Fed should use reflation to stabalize the housing market.

The West may have to tolerate more imports but that is better than leaving Tokyo to sink.

A commitment to low but positive inflation by the Bank of Japanwould enhance the cyclical recovery under way in Japan and improve the chance of better long-term growth prospects.

Europe is now battling an acute systemic debt crisis that threatens the global financial system and the global economy. This worsening crisis constitutes the largest single threat to the US economy and its financial system

During 2001, Japan passed from a prolonged and serious recession into outright depression.

If we are headed for a depression, it will not be like the memories or pictures from history books we have of the 1930s.

U.S. policymakers are breaking new ground with important reflationary measures to move the economy onto a path of sustainable recovery.