Yasukuni Shrine

Yasukuni Shrine is the controversial one that makes all the worldwide headlines every year when the Japanese Prime Minister visits on August 15 (the anniversary of Japan's defeat in WW2). The shrine is dedicated to the souls of Japan's war dead, particularly those who died after the Meiji restoration, which was a series of events that lead to the modernization of Japan and its emergence as a world power.

Thus, the shrine commemorates the deaths of soldiers who died as Japan began dealing with the West (Russian, US, UK) and other powers in East Asia (China, Korea). Most importantly, this includes the Greater East Asian War, aka World War 2 to the rest of us. The conservative right wing in Japan stand by its duty to honor war dead, and the Yakusuni shrine is the physical representation of Japanese jingoism from the perspective of neighboring Asian countries who suffered under Japanese imperialism. It was suggested by one of my fellow Chinese compatriots that I spit all over the memorial when I get there. So you could say that feelings are still running high.

At any rate, the shrine itself is beautiful, with two elegant, soaring gates (torii) as you approach. In warmer months, the courtyard is filled with displays of ikebana and a flock of doves (ironically in the midst of war hawks?). But that's not what I was really here to see. I headed for the Yasukuni Memorial Museum where I paid ¥500 (for a student ticket) to learn something about Japanese war history.

The museum is laid out in a very clear fashion, with lots of English signage for your edification, though perhaps a quarter of the displays were only in Japanese. But the translations that were present were sufficient for me to get the gist. Samurai swords and artillery equipment decorated the floors. Phrases like "the encroachment of Western powers" and "expel the barbarians" were bandied about.

Things that I learned at the Yasukuni Museum:

1. "The purpose of the Nanking Campaign was to surround and occupy the capital, thus discouraging the Chinese from continuing their resistance against the Japanese."
2. The preemptive strike on Pearl Harbor and declaration of war on the US was to "insure [sic] the stability of East Asia and to contribute to world peace."
3. Japan inspired other oppressed peoples to achieve independence. "Once the desire for independence was kindled under Japanese occupation, it did not fade away, even though Japan was ultimately defeated." This display was accompanied by the flags of newly independent Asian countries (Vietnam, Myanmar, etc).

There was also a display on Japan's paltry natural resources, with a bar graph showing the months supply of raw materials that Japan had stocked before World War 2. Military events aside, I would say that economic pressures were a strong impetus in Japan's decision to declare war on the US. The country had only 24 months of oil and 3 months of raw rubber in the lead-up period. To get rubber and other resources, Japan began invading SE Asia. In response, the US declared an oil embargo on Japan, which was treated as an act of military hostility.

Truly, history is written by the victors.

A cool barrel display on the way to the temple that probably has some deeper significance unknown to me

Bank Structure Conference

The Chicago Fed hosted the 45th annual Bank Structure Conference this week, and I showed up for part of it, since today included such heavy-hitters like Ben Bernanke (Chairman of the Fed) and Sheila Bair (Chairman of the FDIC). I apologize that I didn't get a chance to ask Bernanke "What is the air-speed velocity of an unladen swallow?" during the Q & A, but my lame excuse is that I didn't have a pen at the time to submit a question. Some other highlights of his speech included:

• Q: So, the stress test results are due to be released later today...I don't suppose you could give us the answers ahead of time?
  Bernanke: No.
• Q: The Cubs are playing the Nationals tonight, and given their records, what do you think the chances are for subsidies for these teams?
  Bernanke: I think we need to get Soriano back.
• Hecklers: Midway through the speech, two college-age guys strode into the middle of the aisle and shouted: "Fractional reserve banking is fraudulent! Austrian economics is the answer!" They then bolted for the doors. I was a tad disappointed that they didn't wait to be forcibly removed by burly security guards; I was hoping for tasers in fact.

Of the panelists on financial regulation reform, the best speaker was definitely the finance professor from Chicago, while the worst speaker was the American Bankers Association COO. Let me qualify that statement by saying this is with regards to content, not presentation skills, because the ABA lobbyist had by far the best presentation jokes, and was the most entertaining/funniest speaker. Unfortunately, the content of her speech was at best mistaken, and at worst intentionally inaccurate. My blood was boiling as she kept trying to put the blame on other institutions (investment banks, insurance companies); the first half of her speech was pretty much "TISNF, I can't believe ya'll are trying to cut our compensation." She kept arguing that banks were already regulated enough, that they did not underwrite and purchase the vast majority of subprime securities, and it was the shadow banking industry that needed more oversight. This may be true for 98% of banks, but the part she neglected to mention is that the largest banks (Chase, Citi, B of A) were just as "negligent" in buying and underwriting subprime mortgages as the I-banks.

It's striking how a person's job title is a very good proxy for what their speech is going to say, and how good their presentation skills are. It really explains how idiot politicians get elected in this country.

More Chicago Badassery

In case you hadn't noticed, Chicago and Illinois have a long history of colorful politics, underhanded machinations and brash solutions. There was that time we reversed the flow of the Chicago River. (Rather than build a sewage treatment plant, the city opted to reverse the river and send sewage downstream to the Mississippi.) There was that time our mayor illegally closed down an airport under the cover of darkness. There was that time our governor was arrested for corruption. No, that other time. Ok fine, 5 out of our last 9 governors has been indicted. But, come on now, how could someone with such great hair possibly be guilty of racketeering?

Anyway, I stumbled across this gem in my internet wanderings:

1861

--- John Wentworth fired the entire Chicago Police Department when his term as mayor came to a close. This included 60 patrolmen, 3 sergeants, 3 lieutenants, and one captain. The city was entirely without police protection for twelve hours until the Board of Commissioners swore in some new officers to take their place.

Apparently, when the Illinois State Legislature took away Mayor Wentworth's police authority, he decided to fire the whole force. Wentworth, by the way, is the street I currently live on.