The prime minister of Japan has announced his intention to resign on August 30, 2011. The problems with the current valuation of the yen and the third budget increase for the current fiscal year were insurmountable political issues for Mr. Naoto Kan and his cabinet. If only we could get our president and his Socialist cabinet to do the honorable thing and resign but this is not the “Chicago Way”.
However, honor and morality are foreign concepts in Washington. Our government will continue their spending spree with wild abandon and allow the Federal Reserve to print more money as temporary solutions to create jobs and buy votes. Our president would never consider taking responsibility for our nation’s economic decline: he is too busy blaming everyone else. Let’s hope that our country can make it through to January 2013.
Japanese Prime Minister Naoto Kan told his cabinet ministers on Tuesday that they are likely to resign on Aug. 30, Japanese Economics Minister Kaoru Yosano said on Tuesday .
The unpopular prime minister’s comments effectively confirmed his intention to resign in coming days, clearing the way for Japan to select its sixth prime minister since Junichiro Koizumi ended a rare five-year term in 2006.
The ruling Democratic Party of Japan is planning to pick a new leader on Aug. 29, setting the stage for parliamentary confirmation of a new premier and the selection of a new cabinet.
Yosano also told a news conference that the government needs to devise steps to cope with the negative effects of the yen rise in the coming third supplementary budget for this fiscal year.