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Emergence of an Asian Union

Japan’s new Prime Minister Yukio Hatoyama wants to have something in the line of ‘European community’. He wants ‘Asian Community’ without excluding US Dollar or a new monetary arrangement.

But the risk is that the failure of American policy on all fronts will force the rest of the world to do for self. That is why the gold price continues to rise. – by David Goldman

Hatoyama’s comments may do little to ease market jitters about Japan’s new government and its stance on the dollar after remarks from newly appointed Finance Minister Hirohisa Fujii caused the yen to jump to a seven-month high against the greenback. – Reuters

Image 5 days Image 3 months

Japan has aged population which needs fixed income.

Some Statistics about Japan :

Japan Population
As of March 2009, Japan's population is 127,076,183

Age structure - (2009 est.)
0-14 years: 13.5% (male 8,804, 465/female 8,344, 800)
15-64 years: 64.3% (male 41,187,425/female 40,533,876)
65 years and over: 22.2% (male 11,964, 694/female 16,243,419)

Inflation tends to help debtors who are young at the cost of creditors who are old.

The world does not have knowledge of Obama’s foreign policy. Will he invade Iran? Will he put duties on Chinese goods and what will he do with Russia? Or with One Party Politics nations? There is news that Russia and USA have more number of spies in each others countries than in the time of cold war. Obama’s policy on Afghanistan and Pakistan is also unclear. Looks like that USA wants to make Pakistan as a front on their war on terrorism. Pakistan and steadily received military equipment from USA.

The List: Obama's Economists

Economic policy advisors:

· Jason Furman (director of economic policy) source bio

· Austan Goolsbee (senior economic policy advisor), University of Chicago tax policy expert source Wikipedia website

· Karen Kornbluh (policy director) source bio Wikipedia

· David Cutler, Harvard health policy expert source Wikipedia website

· Jeff Liebman, Harvard welfare expert source Wikipedia website

· Michael Froman, Citigroup executive source bio

· Daniel Tarullo, Georgetown law professor source bio

· David Romer, Berkeley macroeconomist source website

· Christina Romer, Berkeley economic historian source website

· Richard Thaler, University of Chicago behavioral finance expert source Wikipedia

· Robert Rubin, former Treasury Secretary source Wikipedia bio

· Larry Summers, former Treasury Secretary source Wikipedia bio

· Alan Blinder, former Vice-chairman of the Federal Reserve source Wikipedia bio website

· Jared Bernstein, Economic Policy Institute labor economist source bio

· James Galbraith, University of Texas macroeconomist source Wikipedia website

· Paul Volcker, Chairman of the Federal Reserve 1979-1987 source Wikipedia

· Laura Tyson, Berkeley international economist, Bill Clinton economic adviser source Wikipedia

· Robert Reich, Berkeley public policy professor, former Secretary of Labor source Wikipedia weblog

· Peter Henry, Stanford international economist source website

· Gene Sperling, former White House economic adviser source Wikipedia

· Heidi Hartmann, President, Institute for Women's Policy Research website

Other prominent economists who support Obama:

· Brad Delong, Berkeley macroeconomist source Wikipedia website weblog

· Joseph Stiglitz, 2001 Nobel laureate source Wikipedia

· Edmund Phelps, 2006 Nobel laureate source Wikipedia

· Ray Fair, Yale macroeconomist source Wikipedia

· Dan McFadden, 2000 Nobel laureate source website

· Robert Solow, 1987 Nobel laureate source Wikipedia

Prominent finance people who support Obama:
(not actually economists)

· William Donaldson, Securities and Exchange Commission (SEC) Chair 2003-05 source Wikipedia

· Arthur Levitt, SEC chair 1993-2001 source Wikipedia

· David Ruder, SEC chair 1987-1989 source Wikipedia

· Warren Buffet, investor, richest person in world source Wikipedia

Updated and revamped 6/9/08 to reflect new announcements and again on 6/28/08, 8/21/08, 8/22/08, and 9/7/08 - by Don Pedro.

With little attention in the United States, the twenty-first century has brought rapid integration of the Asian economy and the emergence of what can be termed an informal "Asian Union." For the first time, China's manpower and low costs are united with the money and technology of Japan, South Korea, Taiwan, Hong Kong, and Singapore. China's emergence as America's most visible source of goods thus reflects a structural change in the Asian economy more than it reflects new Chinese trade or labor policies. This development offers economic and security opportunities, carries with it potential sources of risk and financial instability, and also means a powerful new competitive challenge.

Benign challenge

An Asian Union has some powerful competitive strengths. But a competitive challenge is a benign challenge. For most of the twentieth century, China posed a very different set of questions for the United States: questions that related not to jobs and adjustment, but to Asia's political stability, the spread of radical ideologies, and in some cases war. For instance, the Korean War would have been improbable without a radicalized China, and the Vietnam War impossible.

Demographic realities mean that Asia's new competitive advantages are unlikely to last forever. But in the next decade American business, labor, and government may find themselves adjusting to a much more challenging environment. – by Edward Gresser

No one wants to see the US go, but everyone is busy making alternative arrangements. It reminds me of the end, rather than the beginning, of the Carter administration. It’s going to be a long, long three years. – by David Goldman