Japan (Mainichi) News Flash: "US Debt Agreement Reached" (Erroneous Report/House Hasn't Approved)

Mainichi Shinbun News (Japanese daily) ^ | 1 August 2011 | AmericanInTokyo

[AmericanInTokyo]

Japanese news is all awash this morning in every news agency with the bulletins that "President Obama announced that the debt ceiling agreement has been reached." They appear to be following CNN's international news lead and are leaving out critical facts.

For example, this erroneous "flash alert" is typical and is seen also in Asahi, Sankei, Yomiuri, Nikkei, NHK and others:

"米債務問題：上限引き上げで与野党合意 　【北米総局】オバマ米大統領は７月３１日、ホワイトハウスで会見し、米債務上限引き上げで与野党が合意に達したと発表した。"

[AmericanInTokyo]

Under the US constitutional system of democratic representation, this "deal" has not been reached, it has only been concluded between leaders of branches of government. President Obama can announce no such thing. Neither can Speaker Boehner or anybody else at this time. The Full Congress of the United States must vote to support or oppose it, under our representative democracy--it is quite different than in Japan where generally speaking once the Japanese Political Party decides on an "up" or "down" vote for a key vogte, generally the elected representative follows that line without exception (or is generally expelled from that party). This is also not the Presidium of the Supreme Peoples' Soviet (at least not yet).

This "Agreement" between the White House and the Congress has yet to happen, therefore both the bulletin flash leads and the lead in paragraphs here in Japan are all incorrect.

Somebody needs a crash course in Basic US Civics, 101.

[AmericanInTokyo]

P!

[freejohn]

"米債務å•�題：上é™�引ã��上ã�’ã�§ä¸Žé‡Žå…šå�ˆæ„� 　ã€�北米ç·�局】オãƒ�ãƒžç±³å¤§çµ±é ˜ã�¯ï¼—月３１日ã€�ホワイトãƒ�ウスã�§ä¼šè¦‹ã�—ã€�米債務上é™�引ã��上ã�’ã�§ä¸Žé‡Žå…šã�Œå�ˆæ„�ã�«é�”ã�—ã�Ÿã�¨ç™ºè¡¨ã�—ã�Ÿã€‚"

Man oh Man .. What IS that? Can I Google translate it? 8)

[muawiyah]

Everybody tends to evaluate what goes on in Congress in this country with what happens in their own ruling or representative bodies.

Right after misconstruing the power of the leaders, the funny little foreign guys imagine that the House is the "lower house" and that it's the Senate, an "upper house", where all the real deals are made.

Actually, that's not how it happens here. The House of Representatives is actually "The Upper House" as well as the "King's Privy Council" ~ the Senate is where we toss the just beyond prime time professional politicians.

Be interesting to see the foreign reaction to the House voting differently than the Democrat leaders in the Senate think they will.

I can't even begin to guess what will happen in the House. Frankly, those Democrats are POd that there are no new taxes.

[AmericanInTokyo]

i dont know but either your browser (or mine) is giving me one big Unicode headache!!

[freejohn]

Well this one made sense to the Google translator but that other .. They thought that it was French! LOL

"米債務問題:上限引き上げで与野党合意 　【北米総局】オバマ米大統領は7月31日、ホワイトハウスで会見し、米債務上限引き上げで与野党が合意に達したと発表した。"

"U.S. debt problem: the Directorate General - U.S. President Barack Obama in North America: political parties agreed to raise the upper limit is 31 July and met at the White House announced that the parties reached agreement on raising the U.S. debt limit."

[AmericanInTokyo]

I am lazy, but "Bing" translator gives it as this: (and of course, I could render a quick human translation like that):

"U.S. debt problem: announced by raising the upper limit is the ruling and opposition parties agreed [North America News Bureau]: Obama U.S. President July 31, at the White House Conference, and raising the US debt limit opposition parties reached agreement" (sic)

[politicket]

The deal is done.

The Tea Party members of the House will have absolutely no effect on the final outcome now that the Democrats will support it.

Arriving at a "deal" on a Sunday has been standard operating procedure for both parties for quite some time.

By the way, the bigger issue that nobody is talking about is the strengthening of the Japanese yen. Japan is in a world of economic hurt as it spins mercilessly away in a deflationary spiral.

[AmericanInTokyo]

Yen weakened upon this news. Not significantly this morning, but nonetheless a) yen weakened, and b) Nikkei moved in strong positive territory.

Of course, these are kind of akin to briefly stabilizing the blood pressure of a gunshot wound victim with a gaping hole, which the ICU team has no intention of cleaning and closing.

This just puts off the day of reckoning to an even bigger fiscal disaster, it makes one almost want to puke.

[DTogo]

Even if a deal is reached, a credit rating downgrade of the US is likely and the ensuing financial effects may lead to Greek-style civil unrest - provoked or otherwise (never let a good crisis go to waste).

日本　ピング　 (kono risuto ni hairitai ka detai wo shirasete kudasai : let me know if you want on or off this list)

[TigerLikesRooster]

I suspect Japanese media look to large MSM outlets such as CNN, CBS, NYT and WP for 'guidance.' They parrot MSM's errors. After all, MSM's are the 'esteemed' institution who know it all.

That is probably why Japanese media went overboard with Obama during the last Pres. election cycle, too.

[politicket]

The weakening yen is due to BOJ intervention, not the debt deal. Europe does not show any significant move.

Japan is in big economic trouble, along with Western Europe. The US is heading there, but has temporarily held off due to massive deficit spending.

[AmericanInTokyo]

Then I would say, some marginal RINO (district) “caves” need to defintely be “primaried” in 2012, and there is not much time for this, but some good patriots who are ready to run, even just average fed up people, who are articulate, have creds, have few skeletons, have a lot of guts and family support, and can get funded quickly, should get exploratory committee websites up and take out filing papers in their respective states ASAP. On this issue alone in 2012 there should be a Tea Party Resurge in both the House and Senate races.

[Cheerio]

They are listening to our King BaaRock.

[AmericanInTokyo]

Correct DT. And, I should say that in some Japanese news accounts I am reading here in Tokyo this a.m., the AAA "downgrading" is already a done deal, regardless of any phantom "deal" (between the White House and Legislative Branch (sic) )

[TenthAmendmentChampion]

This just puts off the day of reckoning to an even bigger fiscal disaster, it makes one almost want to puke.

Almost?

[politicket]

Then I would say, some marginal RINO (district) “caves” need to defintely be “primaried” in 2012.

It won't help. The Tea Party believes the answer is a balanced budget amendment.

A balanced budget will solve nothing when we have an economy where the money supply is based entirely on debt.

If we're going to have a national currency then it needs to be issued by the US Treasury in order to remove the debt component from it. It is only then that a balanced budget would have significant meaning.

Trying to 'fix' things in a debt-based economy will never, ever work.

[GeronL]

Obama and Obama and Obama have agreed.

[AmericanInTokyo]

That is often the question isnt it. Enyasu (low yen), or Doru daka (high dollar) ... or vice versa. One did in fact hear on Friday and Saturday that BOJ would step in. And I should say, the weakening of the Yen was only minor, now I believe it is back to 77 yen. People in the know should know what a fraud and kabuki show this thing is.....

Now (a few minutes ago) Japan Chief Cabinet Secretary Edano of the ruling DPJ is talking this thing up, saying that he "highly welcomes the Agreement the Americans have reached" (unquote), and hopes that it will positively affect markets soon. Someone should tell him there is this little inconvenience known as the Legislative Branch of the US Government (particularly the Lower, People's House), and that El Jefe, El Maximismo" making a TV statement with dark sunglasses on from State-Run TV doesnt make it so in a representative parliamentary democracy.

[GeronL]

Nope, I see the kanji characters in the OP but not your repost. lol