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Tuesday, October 11, 2005

This Man Understands Almost Nothing

John Snow is on tour again, and as usual he is busy shooting his mouth off about things over which he seems to exhibit an inordinate level of general ignorance. This time he is in Tokyo and hailing Japan's economic reforms as an example for Europe:

Mr Snow, at the end of a two-day visit to Japan, said Tokyo had demonstrated that structural reforms could lead to stronger economic performance...

Mr Snow's comments on Japan's outlook were remarkably upbeat, following meetings with Sadakazu Tanigaki, finance minister, and business leaders. “I am delighted to see the pick-up in economic activity... I was encouraged to believe that good growth, good economic performance is going to continue,” he said, adding that the “bugaboo” of deflation should soon be laid to rest.

“One thing I have seen - of course beyond the numbers, which are telling a good story - is the confidence of government officials and confidence of private sector officials, that Japan is on the right course,” he said.

Mr Snow said he could not explain why this confidence had not persuaded Japanese investors to participate in the recent equity rally, which has been driven almost entirely by foreigners.