# | eng | mlg |
---|
1 | Japan: Views on Wall Street Crisis | Japana: Fijery momba ny olan'ny Wall street |
2 | The ongoing collapse, bail-out and buy-out of Wall Street investment banks, threatening a U.S. and possibly worldwide recession, has triggered no lack of debates in Japanese blogs on the country's strong financial connection with its overseas ally. Photo by Flickr user conorwithonen | Niteraka sahoan-dresaka maro dia maro tany amin'ny tontolom-bolongana japoney noho ny fifandraisana akaiky misy eo amin'ny firenena sy ampita atsinanan'ny ranomasina misy azy ny olan'ny fihitsanam-bidy, ny fanentsenana ny fatiantoka ary ny fividianana taratasim-bola mifanaretsaka any amin'ny bankim-pandraharahana ao amin'ny Wall Street, izay mandrahona hiteraka fitotongan'ny toe-karena amerikana mety hipaka manerantany koa. |
3 | Michi Kaifu [海部美知] (known in Japan for her blog Tech Mom from Silicon Valley) writes at newsvine.com about the Japanese precedent to the current Wall Street crisis: | Michi Kaifu [海部美知] (fantatra any Japana amin'ny bolongany hoe Hairahan'Ineny avy any Silicon Valley) no manoratra ao amin'ny newsvine.com momba ny kirizyefa nitranga nialoha ity ao amin'ny Wall Street ity: |
4 | The demise of Lehman Brothers and Merrill Lynch reminded me of my home country Japan 10 years ago. | Mampahatsiahy ahy izay nitranga teto Japana 10 taona lasa izay ity fidabohan'ny Lehman Brothers sy Merrill Lynch ity. |
5 | Amid the post-real-estate-bubble mess, in 1997, Yamaichi Secirities, then one of the “Big Four” brokers in Japan, closed its doors. | Tao anatin'ny fikorontanan-toe-karena, tamin'ny taona 1997, no nanakatom-baravarana ny Yamaichi Securities sy ny iray amin'ireo “mpanera efatra goavana” teto Japana. |
6 | Long Term Credit Bank and Nippon Credit Bank wend under as well. | Nanaraka ny lalan'izay ireo ihany koa ny Long Term Credit Bank sy ny Nippon Credit Bank. |
7 | She refers to a Wall Street Journal article which discusses this precedent, noting that “career flexibility was not woven into [Japan's] social system yet” when the economic bubble burst 10 years ago in Japan: | Naka ny lahatsoratra iray tao amin'ny Wall Street Journal izy hanadihadiany io toe-javatra efa nitranga taloha io, nanamarihany fa “tsy mbola tafiditra tao amin'ny fiainam-piaraha-monina Japoney akory ny miovaova asa (toerana iasana)” raha nipoaka ny balaonin'ny toe-karena Japoney 10 taona lasa izay: |
8 | In the end, many employees from those failed brokers and banks found jobs in other financial institutions. | Tamin'ny farany moa dia nahita asa tany amin'ny orinasam-pitantanam-bola hafa ihany ny mpiasa tany amin'ireny banky sy fanerana ara-bola bankirompitra ireny. |
9 | Some still had to go out and seek the opportunity in the new world. | Nisy ihany koa no niova taranja ka nitady izay azo atao any amin'ny tontolo vaovao. |
10 | It is not an official story, but I have my own theory that this “spill over” employment issue caused a chain reaction in the form of “mobile phone boom” and pushed Japan up to one of the most sophisticated mobile countries in the world. Tokyo Stock Exchange. | Tsy tantara ofisialy ity, fa misy ny nametraka hevitra fa iny “fihoarana ny molony” iny no niteraka ny “firoborobon'ny finday” ary nanosika an'i japana ho firenena manana ny raitra indrindra amin'ny resaka finday. |
11 | Photo by Flickr user Goodimages Economist and blogger Nobuo Ikeda [池田信夫] at Truth about Japan makes a similar observation in a post titled “Lessons of Yamaichi“: | Mitovy fijery momba izany ao amin'ny “Leson'i Yamaichi“ ihany koa ny mpahay toe-karena sy mpamaham-bolongana Nobuo Ikeda [池田信夫] ao amin'ny Truth about Japan [marina momba an'i Japana]: |
12 | The tragedy of Lehman Brothers and the following jump of interbank rates remind me of a similar event in Japan eleven years ago. | Mampahatsiahy ahy ny toe-javatra nitranga teto Japana 11 taona lasa izany ny fidabohan'i Lehman Brothers sy ny fiakarana midangan'ny zanabola tany amin'ny banky. |
13 | Yamaichi Shoken, one of the Big Four security brokers, filed to close business in November, 1997. | Nametraka ny taratasy fikatonany ny Yamaichi Shoken iray amin'ny mpanera ara-bola goavana efatra, tamin'ny novambra 1997. |
14 | Ikeda explains that the close of Yamaichi Shoken [ja] [山一證券] resulted from the bankruptcy of another broker, Sanyo Shoken, which then triggered default on an interbank loan, resulting in panic and the failure of Hokkaido Takushoku Bank and Yamaichi: | Nohazavain'i Ikeda ary fa avy amin'ny nahabankirompitra ny orinasa mpanera iray, Sanyo Shoken, no nampikatona ny Yamaichi Shoken [ja] [山一證券], niteraka tsy fahaloavam-bola nifampindramina teo amin'ny samy banky izany ka nampikoropaka sy nampianjera ny Hokkaido Takushoku Bank sy ny Yamaichi: |
15 | The Ministry of Finance let Yamaichi fail because it was only a broker. | Navelan'ny minisiteran'ny vola hidaboka ny Yamaichi satria mpanera fotsiny io. |
16 | However, Fuji Bank, the “main bank” of Yamaichi became the target of short selling, because Yamaichi's bankruptcy signaled the liquidity crisis of Fuji. | Na izany aza dia kinendrin'ny fividianana tao anatin'ny fotoana fohy ny Fuji Bank, “Banky renin'i” Yamaichi satria manamarika ny tsy fahampiam-bola kirakiraina ao amin'ny Fuji ny nianjeran'Yamaichi. |
17 | Then overall credit crunch emerged, which forced the MoF to bailout 21 major banks in 1998. | Nipatitaka amin'izay ny findramam-bola amin'ny ankapobeny ka nahatery ny Minisiteran'ny vola hanentsina ny fatiantoky ny banky lehibe 21 tamin'ny taona 1998. |
18 | It was similar to that of AIG. | Mitovy amin'izany ihany koa no mitranga ao amin'ny AIG. |
19 | In a post entitled “This thing called confidence” (信用というもの), blogger kitanotakeshi55 responds to a comment [ja] by Economics Minister Kaoru Yosano that influence from the financial crisis would be on the order of a bee sting (ハチが刺した程度): | Ao amin'ny takelaka antsoina hoe “Ny raha antsoina hoe fitokisana” (信用というもの), no amalian'ny mpamaham-bolongana kitanotakeshi55 ny fanehoan-kevitra [ja] nataon'ny Minisitry ny toe-karena Kaoru Yosano izay milaza fa toy ny tsindrona renintantely ihany ny fiantraikan'ny olana ara-pitantanam-bola (ハチが刺した程度): |
20 | In the end, elite bureaucrats from the former Ministry of Finance believe that their job is to decide on the budget. | Tamin'ny farany nino ny mpitana birao ambony avy ao amin'ny Minisiteran'ny fitantanam-bola fa misahana ny momba ny fandaniam-bola ny asany. |
21 | Decide on the budget, and decide what amount of government bonds should be issued. | Manapa-kevitra momba ny fandaniam-bola, manapaka ny amin'izay isan'ny taratasim-bola indraman'ny fanjakana amin'olo-tsotra. |
22 | This is as far as the job of the career bureaucrat extends. | Izany no asa sahanin'ny mpitana birao matihanina. |
23 | Their thinking is that figuring out what is happening in money circulation, and what is failing where in actual transactions, is outside the scope of the career bureaucrat. | Tsy takatry ny sain'ny mpitana birao kosa ny mieritreritra amin'izay mety hitranga mandritra ny fivezivezen'ny vola. karazan'olona tahaka izany ankehitriny no manao fivoriam-pirenena mikendry ny ho Praiminisitra. |
24 | It is this kind of person (people) who right now are in the National Diet aiming to become prime minister. | |
25 | (kitanotakeshi55 makes a note here that Yosano was in fact not born a career bureaucrat, and that while the way Yosano was described in this blog entry would seem to make him out to be that type, this was not the blogger's intent.) | (Nomarihin'i kitanotakeshi55 moa eto fa tsy teraka hisahana raharaham-birao izany i Yosano na dia mampanombatombana ho amin'izany aza ny fomba fanoratry Yosano ao amin'ny takelaka, ary tsy izay ihany koa no kendren'ny mpamaham-bolongana avoaka.) |
26 | kitanotakeshi55 continues with a parallel to the ongoing tainted rice scandal: | Nanohy nanao fampitahana tamina raharaham-bary lò moa i kitanotakeshi55: |
27 | Citizens, and in particular all of you in Minato Ward, please keep this in mind. | Manao aza fady ry olom-pirenena, indrindra ianareo any amin'ny vazantanin'i Minato, ataovy ao an-tsaina indrindra izao. |
28 | If you think about it, this case exhibits exactly the same pattern as the tainted rice scandal, where people believed that as long as inspections were being performed, there was no need to concern oneself with what was actually happening with the circulation [of goods]. | Fa raha mieritreritra momba ity ianareo dia mitovy tanteraka tamin'ny raharaham-bary lò izy ity, izay nieritreretan'ny maro fa nisy hatrany ny fanaraha-maso ka tsy misy intsony ny tokony hiahiahiana ny entana efa mivezivezy hamidy. |
29 | This is what it's really about. | Toy izany indrindra ity. |
30 | Blogger nutrocker writes about how complicated the system of global financial transactions has become: | Nanoratra ny nampahasarotra kokoa ny resaka fifampiraharahana ara-bola amin'ny ankapobeny ny mpamaham-bolongana nutrocker: |
31 | This is not contaminated rice, but it is the alchemy that gave rise to the study of what is called financial engineering, a practice that changed sub-prime housing loan credit into financial products, making possible financial transactions. | Tsy resaka vary lò izy ity, fa alshimia (raikipohim-pahagagana) nitsangana avy amin'ny fianarana ny antsoina hoe injenioràn'ny fitantanam-bola, fomba famadihana ny findramambolan'ny fanorenan-trano (sub-prime) ho lasa vokatra mitera-bola, manao izay hahazoana vola amin'ny fomba azo atao rehetra. |
32 | In the case of conventional financial transactions, the relationship between the lender and borrower of money (investment) is clear, and it is thus possible to manage risk on a case-by-case basis. | Eo amin'ny sehatry ny fifanarahana ara-bola, mazava tsara ny vola kirakiraina ifandraisan'ny mpampindrana sy ny mpindram-bola, ary azo atao tsara ny mitsinjo ny vola mety tsy ho tafaverina rehefa mijery ny dosie tsirairay. |
33 | Financial engineering has made it completely impossible to perceive this kind of simple mechanism. | Nataon'ny fahaizana avolentan'ny fitantanam-bola ho tsy azo tanterahina intsony anefa izay fahazarana tsotra dia tsotra izay. |
34 | It has given rise to new financial markets that harness mathematical and statistical techniques. | Ary dia teraka ny tsenam-bola vaovao nampitafy ny hairahan'ny matematika sy ny antontanisa. |
35 | Countless financial products are now being created that are not produced out of any real economic activity. | Tsy voaisa intsony ny zanabola isankarazany niforona ivelan'ny asa ara-toe-karena tena izy (manara-enitra). |
36 | The money mongers swarm in, and those responsible for financial affairs of the nation all at once yield to them as though this were the new monetary economy. | Nivangongo tao amin'izay ny mpivaro-bola sy ireo tompon'andraikitra ara-pitantanam-bola efa niantsoantso fa io no fomba fitantanam-bola vaovao. |
37 | Blogger Jei at The Diary After Retirement is worried about the phenomenon of “borderless investment”: | Ny mpamaham-bolongana Jei ao amin'ny The Diary After Retirement no manahy amin'ny fironan'ny “borderless investment” (fiharian-karena tsy misy sisintany): |
38 | Finance that targets an area with such a low level of confidence I find difficult to comprehend. | Sarotra dia sarotra ho ahy ny mahazo resaka amin'ny hoe fitantanam-bola mikendry faritra iray tiany ho azo nefa ambany ny sanda itokisany azy. |
39 | Trade that is based on securing such finance (using numerical figures written on paper, though without any money) is however a frightening aspect of American market economics. | Na izany aza dia endrika mampatahotra amin'ny toe-karena mampiavaka ny tsena amerikana ny raharaham-barotra miankina amin'ny fitantanam-bola tahaka izao (fampiasana ny sorabola ambony taratasy, tsy misy vola kirakiraina anefa). |
40 | It seems in the end that Lehman Brothers covered up the causal relationship between “subprime loans being bad debt” and the result of “huge losses from having made more investments than other securities companies”. | Azo tarafina ihany fa nafenin'ny Lehman Brothers ny anton'ny ifandraisan'ny “fampindramam-bola hananganan-trano lasa trosa tsy misy antoka - ho tsy voaefa - (subprime loans being bad debt)” sy ny vokatry ny “ fahaverezana goavana noho ny fitadiavana handany vola bebe kokoa hihariana harena mihoatra noho ny orinasa azo antoka”. |
41 | The fact that this does not end with the bankruptcy of Lehman Brothers is what is frightening. | Ny marina dia hampihovitrovitra mihitsy raha tsy ho tapitra miaraka amin'ny nahabankirompitra an'i Lehman Brothers ity raharaha ity. |
42 | The world's economies are now connected by this kind of borderless investment, that's what makes the world's markets jump, and that's what is so scary. | |
43 | At gatto libero, another blogger writes about how dark and gloomy the world has become recently: | Efa mifandray mihoatra sisintany ankehitriny ny toe-karenan'izao tontolo izao, izay no mampitsambikimbikina ny tsena, ary izay no tena mampangovitra. |
44 | With the variety of anxieties we have nowadays, from global warming, to guerrilla rain, to issues of food safety, it would not be surprising in this situation if after the subprime crisis we slipped into a major depression. | |
45 | Add to that the incidents of children who were killed in Fukuoka and Chiba and it feels to me like the world is becoming a place full of insecurity and without any hope. | |
46 | It's not that I want to think only about gloomy things though… | Ao amin'ny gatto libero, ny mpamaham-bolongana iray no manoratra fa mihamanjombona sy mampahonena izao tontolo izao tao ho ao: |
47 | Blogger kawaii123, finally, suggests that maybe it is capitalism itself that is coming apart: | Ny mpamaham-bolongana kawaii123, kosa indray eto ampamaranana, no manolo-kevitra fa ny kapitalisma mihitsy no efa misaratsaraka: |
48 | Does this perhaps mean that capitalism itself is now faltering? | Moa ve midika izao fa efa miahotrahotra ankehitriny ny kapitalisma? |
49 | Japanese mass media is reporting whatever suits them, but in the end if you want to find useful information, seems like there's really no other way to do it but to go out and find it for yourself. | Mitatitra ny vaovao rehetra tiany taterina ny haino aman-jery Japoney, fa rehefa te-hahalala ny vaovao tena ilainao ianao dia tsy misy tsara noho ny ianao ihany no mandeha mizaha izay tadiavinao. |
50 | In the countries of Central and South America, anti-America and anti-Americanism are growing more and more intense. | Mihamahazo vahana ny fankahalana an'i Etazonia sy ny fomba fiainany any Amerika afovoany sy atsimo. |
51 | I guess this is proof that the power of America as a nation is in decline. | Manombana aho fa izany no porofon'ny fihenankerin'i Etazonia (solanga mihajoko hery) amin'ny mahafirenena azy. |
52 | As a result of the sub-prime loan crisis, the value of the American dollar has dropped dramatically, and attention is now on which currency will pick up steam. | Vokatry ny olana mitranga tamin'ny fampindramam-bola hananganan-trano [tsy voahevitra] (subprime) no nampilatsaka ny dôlara amerikana, ary iadian-kevitra ankehitriny ny vola matanjaka hafa hampivadika ny rasa. |
53 | Europe switched to the euro as a common currency because they were thinking ahead. | Efa mikambana ao amin'ny vola Euro ho vola iraisany i Eoropa satria efa nitsinjo mialoha izy. |
54 | In Japan and other Asian countries, efforts have been invested in the yen, but this process has been trampled by American intervention. | Efa nisy ihany koa ny fiezahan'i Japan sy ny firenena aziatika hafa hifikitra amin'ny yen, saingy nosembanin'ny fidiran'ny Amerikana an-tsehatra izany. |
55 | For another interesting perspective, check out this post [ja] at My Image Ltd. by blogger Waki, who finds a connection between the ease-of-use of the iPhone and the collapse of Wall Street investment banks. | Raha hijery fomba fijery hafa mahaliana ianao dia andramo jerena ity lahatsoratra ao amin'ny My Image Ltd. nosoratan'ny mpamaham-bolongana Waki[teny japoney], izay nahita ny fifandraisan'ny fahamoran'ny fampiasana ny iPhone sy ny fidabohan'ny banky fiharian-karena ao amin'ny Wall Street. |