Is the crisis in Japan an economic disaster?Since World War II, Japan has developed a very advanced and resilient economy. That means that when this crisis is over, it's unlikely that there will be serious long-term economic impacts.
Japan's central bank dumped a massive amount of money into the country's economy today in an effort to prevent a financial panic.The bank's message, according to Marcus Noland, an economist at the Peterson Institute for International Economics:We're going to backstop this thing.
It's too soon to fully understand the economic implications of today's massive earthquake and tsunami in Japan. But here's a first look.Operations have shut down at several factories run by Sony and Toyota, the FT reports. Landline and cellphone service is down in Tokyo and elsewhere.
By 2006, most of the steel mills in Youngstown, Ohio, had been gone for decades. The population was shrinking year after year. So the city launched a bold plan to redeem itself.The plan: Quit trying to redeem itself.Before 2006 and the bold plan, there were other ideas.
Reading, Pa., was once so well off that it had a Monopoly card named after it: Reading Railroad.But the city has fallen on tough times. Every year, the people who run Reading struggle to come up with millions of dollars to patch holes in the budget.A few years back, the city sold a whole lake.