Monday, July 15, 2013

False rumor, prejudice, blind spots 6;   Danced currency 1

高橋是清, Korekiyo Takahashi

< 高橋是清, Korekiyo Takahashi  

I look back on a time of the tragedy that financial policy trifled at.
I introduce Takahashi who challenged and saved the depression of from Taisho Period to Showa Period.
The contributor was assassinated at the end, and his last resort became a sarcastic result of forgiving reckless driving to military nation.
The currency is so terrible thing.

He is the Finance Minister whom actor Nishida played well in a NHK drama.
He was like to potbelly doll that wore a moustache, and was popular among the people because he was disinterested.
Between 1913 and 1936, he held the Finance Minister posts five times, and the Prime Minister post.

金融政策に翻弄された悲劇の時代を振り返ります。
大正から昭和の恐慌に挑み、それを救った高橋是清に迫ります。
貢献した彼は最後に暗殺され、彼の苦肉の策は軍事国家への暴走をゆるす皮肉な結果となったのです。
通貨はかくも恐ろしいものなのです。

彼はNHKドラマ「坂の上の雲」で西田敏行が好演した蔵相です。
彼は髭を蓄えただるまさんのようで、苦労人で無欲だったので国民に人気があった。
彼は1913年から36年までに大蔵大臣5回と総理大臣1回とを歴任した。


The world of those days
At the time when he took an active part, there were an outbreak of World War I, and, next, world depression.
Furthermore the time advanced to World War II that became a large trouble before long,
On the other hand, Japan established a bridgehead of invading to continent by Russo-Japanese War, and went on an outbreak of Manchurian incident before long.
Since military expansions were repeated in Japan, the war expenditure had spent from 10% to 70% of national budgets.

当時の世界は
彼が活躍した頃の世界は、第一次世界大戦勃発、次いで世界恐慌、やがて第二次世界大戦へと進む大波乱の時代でした。
一方日本は、日露戦争によって大陸侵略のあしかがりを得、やがて満州事変勃発へと向かっていた。
日本の財政は度重なる軍拡で、国家予算の10~70%を軍事費に費やしていた。



The world economy was in good condition at the head of U.S., Germany, and Britain, and Japan was also growing rapidly after the Meiji Restoration.
Since the 19th century, overseas trade was continuing expansion mainly in Europe.
However, two great wars exhausted the world economy rapidly, and each country came to be confused by the exchange, finance, and the monetary.
At that time, economic boom, inflation, deflation, and depression surged repeatedly.

Cleverness of Takahashi
At first, he showed an uncommon talent as he succeeded to raise funds for the Russo-Japanese War by external bonds issuance.
The amount of money was about half of the gross national product, or the war cost, and made war possible.
Naturally the people must pay back this amount of money later.

At Showa financial panic in 1927, he hit many countermeasures quickly, and there is an interesting episode.

He printed paper money only for one side in large quantities, and piled it up on the store of the bank, and let a run on many banks calm.


世界経済は米独英を筆頭に好調で、日本も明治維新後急成長しつつあった。
19世紀以来、ヨーロッパを中心に海外貿易が拡大を続けていた。
しかし二つの大戦は世界経済を急激に疲弊させ、各国は為替や財政、金融で混乱していくことになる。
当時は好景気、インフレ、デフレ、恐慌が繰り返し押し寄せた。

高橋是清の英明
彼が最初に尋常でない才能を発揮したのは、日露戦争の戦費調達を外債発行で成功させたことです。
その金額は当時の国民総生産や戦費のほぼ半分になり、戦端を開くことを可能にした。
当然、後に国民はこの金額を返済することになるのですが。

27年の昭和金融恐慌のおり、彼は素早く数々の対策を打ったが、おもしろいエピソードがあります。
彼は片面だけの紙幣を大量に印刷し銀行の店頭に積み上げ、取付け騒ぎを沈静化させた。




In 1931, he saved Japan from the world financial crisis by a way of magic.

It was the stop (embargo on the export of gold) of the gold standard, and large increase of the government expenditure that was accepted by the Bank of Japan.

As a result, the deflation is settled, the trade expands, and business has recovered remarkably.

This continues to the next time.

31年、彼は世界恐慌から日本を魔法の一手で救うことになった。
それは金本位制の停止(金輸出禁止)と日銀引き受けによる政府支出の大幅増額でした。
これによってデフレは収束し、貿易は伸張し景気は著しく回復した。

次回に続きます。



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