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To adapt Bob Dylan, for both countries “the future is already a thing of the past.”
Singapore
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The threat of bankruptcy swept away politically-driven vanity projects.Nothing was too big to fail, not even the ruling family of Indonesia.
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Sovereign downgrade? Been there, done that, got the T-shirt. Such is likely to be the response of any investor in Japan to the news that Standard and Poors has removed its triple A rating on US
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Disaster reveals national character in the starkest possible way. Japan’s response to the unprecedented triple blow of earthquake, tsunami and nuclear meltdown has demonstrated both its strengths and weaknesses – to the world and perhaps to the Japanese themselves.
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The Abe Administration’s key achievement was to show that Japan hasn’t changed, and neither have its problems.