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This Inflation Is Supposed To Be GOOD For Japanese Workers?

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Wolf Richter   www.testosteronepit.com   www.amazon.com/author/wolfrichter

Japan’s new economic religion, lovingly dubbed Abenomics, relies mostly on a money-printing binge that monetizes the entire government deficit plus a chunk of its public debt, month after month. Printing yourself out of trouble and to wealth works every time. For the elite. This is a lesson learned from the Fed. But how are workers and consumers faring? And by implication the real economy?

We keep getting juicy morsels of data on this phenomenon. Abenomics is accomplishing its two major goals – watering down the yen and stirring up inflation – pretty well. Over the last 12 months, the yen has been devalued by 20% against the dollar that the Fed is trying to devalue as well. So this is quite a feat! It's been devalued by 28% against the euro. And inflation is heating up.

The consumer price index, released today, rose 0.1% in October and is now up 1.1% for the 12-month period. Less “imputed rent,” inflation rose 1.4% year over year. Service prices were up 0.4%, but goods prices jumped 1.9%. At this rate, Abenomics will have no problems meeting or exceeding by March, 2015, its “2% price stability” target, as the Bank of Japan has come to call it with bitter cynicism.

What isn’t happening: wage increases!

The Japanese Statistics Bureau just reported incomes and expenditures of households with two or more persons. This is by far the largest category of households in Japan. Due to the cost of housing in large urban areas – and due to remnants of tradition – a large number of singles live with their parents. This category is further divided into “workers’ households,” “no occupation” households, and “other” households.  

Incomes of the all-important “workers’ households” rose a measly 0.1% from a year ago to ¥482,684. In nominal terms. But adjusted for inflation – yes, here is where the benefits of Abenomics are kicking in – incomes fell 1.3%. Disposable incomes fell 1.4%. The details were ugly: “Current income” (salaries and wages) dropped 1.2% and “temporary bonuses” plunged 19.5%. Income from self-employment and piecework plummeted 20.8%.

So these strung-out workers’ households whose belts are being tightened by Abenomics and whose real incomes are being whittled away by inflation, how can they spend more to perk up the economy? Turns out, they don’t. Spending rose a scant 0.4% in nominal terms from a year ago – but adjusted for inflation, spending fell 1.0%.

And this despite rampant frontloading of big-ticket purchases. The consumption-tax hike from 5% to 8%, to take effect on April 1, is motivating households to buy big-ticket items now and save 3%. It has turned into a frenzy. Durable goods purchases, the primary target of frontloading, jumped 40.4% in October from a year ago. While it’s goosing the economy now, it will create a hole starting next spring. Japan has been through this before.

When the consumption tax hike from 3% to 5% was passed in 1996, Japanese consumers went out on a buying binge of big-ticket items to avoid paying the extra 2% in taxes, and the economy boomed. The hangover came around April 1, 1997, when the tax hike became effective. The economy skittered into a recession that lasted a year and a half. Now Japanese households are frontloading to avoid an additional 3% in consumption tax. The hangover next year is going to be painful.

But frontloading of a few big-ticket items is hitting day-to-day expenditures. These households spent 1.8% less on non-durable goods and 2.0% less on services, compared to prior year. Hence, the drop of 1% in overall spending by these households, despite their splurging on a few big items.

This is the benefit of inflation without compensation! A process that ever so slowly hollows out the middle class and pushes the lower classes deeper in the quagmire. It’s hurting workers and consumers. It’s constraining the real economy. Yet, holders of assets that the central bank inflates into the stratosphere benefit. Japan isn’t the only country that is practicing this large-scale redistribution of wealth from workers to holders of inflated assets. Abenomics is following the playbook of the Fed. But it’s pushing it further to the extreme.

The dogfight over Japan’s biggest problem, its gargantuan government deficit, entered its annual ritual of leaks and pressure tactics that usually lead to a pre-Christmas draft budget with an even bigger deficit. But this time, it’s different. Very different. Read..... Japan Is Used To Natural Disasters, But This One Is Man-Made

 

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Sun, 12/01/2013 - 23:08 | 4205366 steveo77
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As the Pacific Ecosystem is ravaged by Fukushima, shark attacks in Hawaii are going parabolic, almost 1 per month for the last 2 years.   

Check it out here, original work

http://nukeprofessional.blogspot.com/2013/12/apex-predators-in-hawaii-ar...

And other evidence that the bulk contaminated water from Fukushima is now in Hawaii

http://nukeprofessional.blogspot.com/2013/11/possibly-radioactive-japane...

 

Sun, 12/01/2013 - 21:05 | 4204909 rgetty
rgetty's picture

I am in Japan now and I have to say if this is deflation and a economy in the doldrums then most should wish for it. The streets are paved with little to no potholes like in the US there are NO slum areas but then there is little immigration so that helps, and I mean that by saying that most migrants stay in the same area and live like they did in their country so usually not as clean as the host counrty. But I am writing to talk about apartment prices, I am in the process of moving from a samller town to a bigger city so I just looked at many places. The apartments are not like the US by any means but the price is a lot cheaper. For a 2 room flat which is say a living room and a bedroom a kitchen and bathroom you can pay many different prices, currently we are paying about 350USD a month and the other place which is in a bigger city and the rooms are a bit bigger will be about 430 USD a month. I feel that children live at home not because its expensive because you can get a studio type room here for about 300USD and even working at 7-11 you can afford that. Its more of a cultural thing then a money thing most Asians stay at home with their parents until they marry and then may even live with one of the parents. The single people in the US are more independent then their Asian counterparts.

Sun, 12/01/2013 - 19:55 | 4204690 razorthin
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Of least concern at the moment to Janpanese workers - Japanese anything - is economic.  Or at least it should be.

Sun, 12/01/2013 - 23:05 | 4205349 steveo77
steveo77's picture

Exactly,, war on Fukushima, its killing the Pacific

Sun, 12/01/2013 - 15:02 | 4203857 novictim
novictim's picture

Q: What was worse...Weimar hyperinflation to pay off the national debt of Germany?  Or WWI and WW2?

 

Yes, yes...you can argue that WWI debt lead to WW2...but that is not the question I am asking.  

 

Would you rather have brief periods where your money lost value and millionaires/corporations became mortal folks again...or would you rather have wars?

Sun, 12/01/2013 - 20:19 | 4204763 BigJim
BigJim's picture

Miilionaires and corporations became mortal after Weimar, did they? I'm sure some of the rich lost a major proportion of their wealth, but the middle and lower classes got completely hammered. Read some history, ignoramus.

Sat, 11/30/2013 - 23:28 | 4202940 q99x2
q99x2's picture

Bankers destroy economies wherever they find them.

Sat, 11/30/2013 - 22:26 | 4202846 Hedgetard55
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Fuck the yellow monkeys. Let them eat dogfood. Or better yet, dogs.

Sun, 12/01/2013 - 07:11 | 4203205 Zero Point
Zero Point's picture

I ate a dog once Hedgetard.

Tell your mum I said hi.

Sun, 12/01/2013 - 01:15 | 4203066 Promethus
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You're a real class act Hedgetard.

Sat, 11/30/2013 - 20:58 | 4202700 Marco
Marco's picture

What alternative do you propose?

Massive spending cuts? Won't do shit about the real wages, which are structurally too high ... those wages would have to be cut through a lengthy period of high unemployment and low productivity. That's not going to improve the ability of the median Japanese to consume either.

Defaulting on debt? Hah.

Japans trade balance went into freefall in 2011, they don't have the reserve currency ... their real wages HAVE to fall.

Sun, 12/01/2013 - 09:11 | 4203262 sky wing 2010
sky wing 2010's picture

What alternative do you propose?

--> a war, eventually. They did that before to save their econ, and will do it again.

Sun, 12/01/2013 - 03:24 | 4203141 Lost My Shorts
Lost My Shorts's picture

You are totally right.  The ZH wiseguys always piss on Abenomics, but Japan has no choice.  It's their best choice among plenty of worse choices.  Remember the standard advice given by the IMF to broke countries:  devalue.  Usually that means just repegging an artificially pegged exchange rate, but since the yen is a freely traded hard currency, it means printing.  The Japanese have been living a charmed life, travelling the world with their artificially strong currency like modern sultans.  But reality needs to reemerge and they need a 30% decline in real wages to restore balance to their economy.  Their real wages need to match the value they actually create, which is limited by their total lack of natural resources.

The problem is not the decline in real wages (which must happen) but China's response of actively preparing for war. 

Sun, 12/01/2013 - 00:56 | 4203049 Oldwood
Oldwood's picture

Obviously the answer is to do nothing but more of what they already have been doing, right? For sure they shouldn't try to return to reality as that would hurt, for sure more than reality would have hurt five years ago. So they just double down, right? And what could possibly go wrong with a widely proclaimed currency war. China and Korea are just going to lay down for this, right, because of their undying love for Japan? Sure they owe more money than any of them will live to see paid back, or their children, or even their grandchildren. YeHaw! Just fucking go for it! The people that really matter will be fine. Gambling is always so much more fun when you use other people's money, or serfdom, or lives.

Sat, 11/30/2013 - 17:08 | 4202382 novictim
novictim's picture

Devaluation of the currency leads to increased exports.  Gee, Japan might just benefit from that.

 

Also, Japan is in a liquidity trap just as we are.  They need inflation, not the deflation they have been experiencing.  

You see, in the REAL WORLD (as opposed to the Fairy Kingdom of Ideological Stupidity) inflation sometimes has a role to play in correcting wealth imbalances, discouraging wealth hoarding, and spuring productivity growth.

Sat, 11/30/2013 - 23:34 | 4202948 philipat
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"Devaluation of the currency leads to increased exports.  Gee, Japan might just benefit from that"

So please explain the newly created negative trade balance?

Hint: Japan imports all its energy subsequent to Fukushima.

Sat, 11/30/2013 - 19:00 | 4202545 Captain Willard
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Please explain how inflation will improve Japanese productivity.

Surely you're not suggesting that the corporate sector in Japan lacks money to invest. Surely you don't think that drill-bit yields on savings encourage wealth hoarding - the savings rate in Japan is below 3% now. And anyway, you must know the Japanese government is running a deficit big enough to absorb the savings of both the corporate and indivdual sectors.

So I ask you again how inflation is going to help this situation.

Sun, 12/01/2013 - 03:36 | 4203148 Lost My Shorts
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Inflation is just a byproduct, a way to realign Japanese living standards with what they actually can sell to the world.  Inflation is not an end in itself.  Because actual wage cuts are socially awkward, inflation is a less painful way to get the same end.

The incoherence of the ZH choir is amazing.  On another thread, everyone would be clucking and wailing about Greece, which can't print and therefore must undergo "internal devaluation" of cutting wages and putting their companies and public institutions through the wood chipper.  If only Greece hadn't submitted itself to the Euro, it could devalue!!  See, the Euro is evil because it prevents Greece from devaluing.  Meanwhile, Japan is doing exactly what everyone says Greece should do if not shackled by the Euro, and -- everyone is clucking and wailing.  Japan could follow the path of Greece, with brutal deflation and economic collapse in a strong currency environment, and would that be better?

Or do you think they have sashimi-shitting unicorns corralled in the imperial palace which they perversely refuse to release?

Sat, 11/30/2013 - 21:02 | 4202702 novictim
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Captain, THANK YOU for asking!  I wish more folks did this rather than just bumbling their whole lives away with a head full of wrong ideas.

So, again, THANK YOU THANK YOU THANK YOU!

First, you must understand Japans situation.  They have been doing what our own Fed has been doing only to an even greater degree.  They believe that growth, not consumption, must be the focus.  It is a quite conservative notion that can be described as TRICKLE DOWN ECONOMICS.  Rather than stimulate consumers ability to spend leading to a response by industry of increased production they have pumped up their investment sector with funds meant to cause growth.  Have we ever seen this approach work?  Never to a degree that justifies the attempt.

All the money pumped into the Japanese banking sector was then squirreled away...interest rates on borrowing failed to come down as banks and financial firms felt that the money was at risk of loss if invested in production.

All this should sound VERY familiar to the US reader.

So the manufacturers and the banks haven't taken the money and created jobs...no, they are way too selfish and pessimistic to do the country any service when they could just hold the money or divert it into asset purchases.  Heck, deflation REWARDED them to just hold onto the money...How perverse!...and...Hmmmm...where have I seen that happen before?

This decision not to allow easy money to grow productivity is called a liquidity trap.

A liquidity trap is a situation where attempts to spur investments in productivity through easy money via the banking sector/monetary policy (by ZIRP and Central bank bond buying, etc) fails to make lending easier or said lending fails to materialize into capital growth/jobs/higher wages. 

So Captain, where does INFLATION fit in here?  Picture a bag of money in a bank vault only the money has just been lit on fire...every moment you just let it sit around it fails to generate new wealth and you lose actual value by the day.  

But if you see inflation slowly but surely burning up that money then you're motivated to put it into action to create real things that have real value.  Inflation scares money into the economy like a fire in the jungle scares game onto the savanah...  Do you understand this a little better now, Captain?

Happy Hunting!

Sat, 11/30/2013 - 22:56 | 4202896 suteibu
suteibu's picture

So, you belong to the asshole class who believes it is right to scare people out of their savings?

Sounds great in theory.  What you left out is the lack of competition among Japanese corporations, competition being key to innovation, investment, risk - you know, all those good things that don't happen in an economy when governments and corporations collude to protect favored businesses.  Corporate welfare, corruption, and policies that stifle competition are the basis of Japan's lost decades, driving the necessity for bailouts of bankrupt corporations, debt,  tax increases and, ultimately ZIRP and QE.  It is hardly the fault of the good stewards of their hard-earned money.

And I would challenge your premise which is that government can manipulate an economy, especially one which is increasingly global and thereby falling outside the protected domestic economy, to achieve some sort of balance which benefits all components of the economy.  The problem the current Keynesian model, and any derivative macroeconomic theory which advocates government intervention, is that it can never account for the nature of the micro-economy, those households who rightfully understand it is wiser to put off consumption during lean times as a protective measure, even as the government desperately needs for everyone to spend until they are essentially living from paycheck to paycheck.  Of course, the solution government ultimately fall back on is to destroy the saving class in order to pull forward consumption (forcing increasing numbers of household to actually live paycheck to paycheck) in the hopes that one day, by some God-given miracle (but certainly not because of anything government has accomplished), the economy will return to real growth and the political, bureaucratic, and corporate elite can look back at the economic ruins they have caused and congratulate themselves for surviving relatively unscathed.

Your greatest error is believing that anyone has the right to manipulate a society to do anything, but especially to cover up past failed policies.

Inflation is a violent assault on those who respect the value of their hard work and, in Japan's case, whose savings have been keeping the leaky government ship afloat for the past two decades.  Sadly, they will all be thanked by the appreciative government by having their wealth confiscated in yet another scheme sold as "for the benefit of the nation," kind of like the policy of spreading radioactive debris all over the nation to be incinerated or forcing schoolchildren to eat radioactive food from Fukushima.

 

Sun, 12/01/2013 - 14:42 | 4203807 novictim
novictim's picture

+1!  Thanks, suteibu, for a thoughtful and interesting criticism.

Starting with your last point, you need to consider that the entire modern economy is a rigged game (thank goodness!).

Look at history.  Wars, revolutions, devastation, famine puctuate the timeline...they are the periods of correction where the economic game is reset and the economic deck reshuffled.  That level of violence is what we are trying to avoid with rational systems of redistribution.

INFLATION plays the role that revolution/devastating war used to play.  

Have you ever played Monopoly(game)...it is a game that starts out with everyone on a level playing field but within 2-3 hours a winner holds the entire cash supply and the game ends.  Capitalism, the greatest system for short term allocations of resources, always comes to an end in a nasty and violent way unless Governments intervene.  

Regarding personal savings.  The average Japanese citizen has a paltry savings when compared to the real behemoth of stored global wealth.  I call for Global INflation now...knowing that in the short run it will seem unfair to frugal individuals...but in the long run it will drain the massive wealth out from the oligarchs vaults and place this capital back into the economic system.  

If we are going to transistion to a green economy, that locked up wealth must be released.  Inflation will do that.

Regarding QE and ZIRP, this I do NOT advocate as it is NOT NeoKeynesian policy.  Japan should have been retrofitting the economy with green energy systems via a nation wide jobs program rather than feathering the nests of bankers and speculators.  

Trickle-Down Monetary policy has not accomplished a resurgence in Japan anymore than it has for the USA.

Sun, 12/01/2013 - 15:59 | 4203963 suteibu
suteibu's picture

You still don't get it.  Those oligarchs are in no danger of losing their wealth because they not only own the political process, but real property and resources.  Inflate all you want, inflate away all of the wealth of the working class and the oligarchs will increase their relative wealth over the rest of the population.  They are not concerned about where they will live, what they will eat, how they will support their children no matter how much global inflation is created.

On the other hand, this inflationary process will destroy the working-class family for generations, sending more over the brink of poverty, and adding inertia to the spiraling collapse of cultures and societies.  While you may think the world should change to meet your idea of a more "sustainable" (that is the buzzword for change these days, isn't it?) world, you have no right to hold a gun to the heads of billions in order to force that change.

As for converting Japan to a green economy, you first.  Rather than advocating for the government to steal the wealth of the working class in order to achieve your goal, put all of your money into building solar farms on your own private property.  You do not seem to like "feathering the nests of bankers and speculators." but who do you think is the direct beneficiary of "green" subsidies?  You can't have it both ways.  The government should act to promote innovation and competition and protect the free markets from collusion and corruption, not participate in it for a political agenda.

Finally, as for inflation stopping wars, look around the world.  People are dying every day for one reason or another.  To assert that inflation is a panacea for stopping this violence is absurd. 

None of your arguments pass the common sense test. 

Sun, 12/01/2013 - 18:39 | 4204467 novictim
novictim's picture

Well, suteibu...if inflation won't create and equalization (which it, of course, always does) then you must be arguing for bloody revolution yourself.  Or do you look forward to a future where your own children are serfs dependent on some oligarch?

I just reject your starting point that inflation only hurts the poor.  suteibu, world leaders are fighting like crazy to prevent inflation...why do you think that is?  DUH!  DERP DERP DERP

Seriously, you think that your measely savings amount ot a hill of beans in the big picture?  Get real!

Regarding US first, I'm with you on that one.  Green energy is humanities only hope.  But we have horrible corruption in the USA which masquerades as a Campaign Finance System.  The global count-down to envoronmental catastrophe is racing with our efforts for reform...we as a Republic cannot do the right things until we get money out of politics.  

Personally, I think the collapse of global food production will come much sooner than reform.

Sun, 12/01/2013 - 20:18 | 4204758 BigJim
BigJim's picture

You are heroically ignorant. Inflation has followed major wars throughout history, as the results of government printing come home to roost. Who does this inflation hurt? The poor... they're the ones who see their daily bread going up in price every day. The rich are the ones supplying them the bread/wheat/energy/distribution. That's why inflation helps exports - because the workers are paid less in real terms.

suteibu, world leaders are fighting like crazy to prevent inflation...why do you think that is?  DUH!  DERP DERP DERP

LOL. Bernanke, Kuroda, Carney, the SNB, are 'fighting like crazy to prevent inflation'??? Which universe are you inhabiting?

We've had some real numpty trolls around here, but you, sir, take the biscuit.

Sun, 12/01/2013 - 00:49 | 4203042 Oldwood
Oldwood's picture

The real hoot is when we hear how this is all for our own good. The government's take action for only one reason and that is to save THEIR asses. The banks own their worthless buts right now because they have to keep the cash flowing, but no one, not a single one of us matters one bit to these assholes. They are inflating to enrich themselves. They are inflating to create fiat to be used to bribe voters and all of the corporations that have become dependent upon their incestuous, corrupt relationships. And they have the fucking nerve to tax us on the inflation that they created and never ever adjust the tax brackets to reflect these substantial increases. But the important thing is to incentivise us to spend all we make and rely on Big Brother to take care of all of our personal security issues, like feeding ourselves in the hard times, that of course they have absolutely nothing to do with. Fuck these people. Does anyone here really want us to believe that the disaster we face IS NOT the fault of our government's policies?

Sat, 11/30/2013 - 23:40 | 4202939 yogy999
yogy999's picture

You sir, are not only a literary genius, but you have more than aptly said exactly what my feelings are. Thank you for hitting it squarly on the head and in such a beautifull literary fashion.

 

"Inflation is a violent assault on those who respect the value of their hard work"

 

Bingo!!!!!! You nailed it. Beers are on me sometime when we meet in Gults Gulch.

Sat, 11/30/2013 - 22:43 | 4202868 yogy999
yogy999's picture

And so the "little guy" who is attempting to make ends meet and trying to "save" for retirement is just a casuality in this process? All you are doing is spewing exactly what is wrong with Central Bankers continuously canceling that with what we were instilled when we were young. Underconsumtion is a virtue and not a vice would you not agree?

 

I think you and Krugman would make a great couple.

Sat, 11/30/2013 - 21:23 | 4202739 Orly
Orly's picture

Exactly why I have been saying that we are in a steep deflationary environment all along.  If the people who have money were so concerned about real asset prices getting too high, they would be buying everything in sight.

They're not.  They've been sitting on all that money since TARP, essentially holding cash, waiting for lower prices.  They can wait a long, long time, too.  No hurry.

They're not making loans, nor are they buying up western Ohio.  They're just waiting.

:D

Sun, 12/01/2013 - 08:35 | 4203241 zhandax
zhandax's picture

Orly, how do you think this market can support new highs in the dow or S&P?  The people with the money are buying everything in sight but there are only so many tvs or cars you can store if you are talking real money.  Same for the banks.  JPM, BOA, shity, and Wells hold around half of total US deposits and they are pumping dollars into the market with reckless abandon.  Don't confuse having made some shitty loans or derivative commitments with deflation.

Sat, 11/30/2013 - 16:44 | 4202338 squid427
squid427's picture

Look, I'm not saying Isreal's gov is a bunch of nice guys or something, but I don't think that Israel and Hitler are even close to being comparable.

Sat, 11/30/2013 - 18:02 | 4202463 logicalman
logicalman's picture

They are not - Israel is more dangerous.

Sat, 11/30/2013 - 15:52 | 4202227 squid427
squid427's picture

@The Heart

You are insane to say Israel is worse than Hitler

Sat, 11/30/2013 - 16:28 | 4202308 TPTB_r_TBTF
TPTB_r_TBTF's picture

Which is worse?

 

Hitler is [purportedly] dead and therefore [presumably] not able to threaten his neighbors.

 

The Israelis threaten their neighbors continuously.

Sat, 11/30/2013 - 16:19 | 4202286 markovchainey
markovchainey's picture

If Hitler had a son he'd look like Benjamin Netanyahu

Sun, 12/01/2013 - 02:53 | 4203088 are we there yet
are we there yet's picture

If Treavon Martin had a son he would look like buckweat...so your point is?

Sat, 11/30/2013 - 15:50 | 4202222 squid427
squid427's picture

@ max2205

whoever down arrowed you has no sence of humor

Sat, 11/30/2013 - 15:40 | 4202204 Yenbot
Yenbot's picture

Back to Japan (erm): That's income PER MONTH.  http://www.stat.go.jp/english/data/kakei/156.htm says: 482,684 yen per month income for Two-or-more-person working Households. In US dollars @ 98 yen to the dollar: $4,925.35 a month.

Uh... the Average 'merican Walmart worker should be so lucky.

Sat, 11/30/2013 - 23:25 | 4202936 philipat
philipat's picture

And after all the years of deflation, a cup of coffee still costs $10 in Tokyo. Go figure.

Sat, 11/30/2013 - 15:41 | 4202196 The Heart
The Heart's picture

Why would anyone care about the japanese workers, when they do not even care about themselves? The collective ignorance of the ELE in fuckushima is the most horrendous life threatening event to ever take place in human history. They, the entire nation of lemmings are doing NOTHING to stop it. It is a country wide mass suicide, and no one cares.

Here is a more important and real deal to be concerned about. The blatant and continuing murder of innocents by the evil apartheid puppet-state of isreal.

http://www.telegraph.co.uk/news/worldnews/middleeast/palestinianauthorit...

When will these evil murderous wicked people of isreal be brought to the world court of justice?

How long can these atrocities go on as the world fully supports this horrendous evil?

How much longer will these puppets keep playing the world domination and population elimination agenda games for the bankster globalist commie/zionist puppet masters?

What isreal is doing to the Palestinian people is WORSE than what hitler did to the hundreds of jews during world war two.

 

Sun, 12/01/2013 - 02:29 | 4203113 Promethus
Promethus's picture

The Heart. What does Israel have to do with Japan?  You are an idiot, just like the Palestians. Screw the Palestinian savages.

Sat, 11/30/2013 - 15:57 | 4202237 TPTB_r_TBTF
TPTB_r_TBTF's picture

The Chosen People can do as they please.

Their God is the strongest God of War.  "The Lord is a warrior."  (Exodus 15:3)

 

Nothing can be done to prevent the actions of the Chosen.  Their God protects them:

When you go out to war against other nations, and come face to face with ... armies greater in number than yourselves, have no fear of them: for the Lord your God is with you … (Deuteronomy 20:1)

Sat, 11/30/2013 - 23:39 | 4202964 Tim_
Tim_'s picture

The jew is self-chosen.

"G-d is the jewish people."

Sat, 11/30/2013 - 18:06 | 4202466 logicalman
logicalman's picture

Politicians always use the 'God is on our side' bullshit to make wars acceptable.

Politics and religion - the evil twins of human control.

Sun, 12/01/2013 - 04:08 | 4203154 bunnyswanson
bunnyswanson's picture

Accomplished thieves, nothing more.

Sat, 11/30/2013 - 15:20 | 4202172 max2205
max2205's picture

Wie tu por

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