Editor's Note: This is a continuation of the analysis of Japan's economy and the analysis of the Three M's: Myths, Memes and Misunderstandings.
Can we be honest here?
The fact is, Japan's Abenomics is really just another name for Kruganomics.
And it's an abject failure, carried on the backs of the citizenry.
We've talked about this in excruciating detail before. Of Abe's so-called "Three Arrows", the only arrow that was needed was the structural reform arrow. The other arrows such as the devaluation of the yen would have come naturally as Japan's current account was depleted due TEPCO's (Eastern Japan's Power Company) abject failure to run their nuclear power plants safely and prudently, resulting in nuclear plant shutdowns and the massive importation of oil and natural gas.
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