That was mainly because devaluation took place in a deeply depressed economy with high unemployment.
In a depressed economy, most would say that any boost is welcome, however unlikely the source.
Meanwhile, the opposition, which should be exploiting government blunders, corruption scandals and the depressed economy, has imploded.
That's because households are more likely to spend that money than the banks, especially in a depressed economy.
But software profits in the just-ended quarter were up 51% from a year ago, Hogan notes, despite the depressed economy.
Speeding up money growth along with the accompanying downward pressure on interest rates would tend to stimulate a depressed economy.
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But it is being pulled down by the difference in fundamentals between Japan's depressed economy and America's more exuberant one.
So spending cuts in a depressed economy just make the depression deeper.
We have already experienced a tremendous erosion of our manufacturing industry, a major cause of our depressed economy and high unemployment rate.
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During the New Deal, FDR spoke to Americans through fireside chats on the radio to convince citizens that they could regain confidence in their depressed economy and government leaders.
And the dilemma Google faces is emblematic of our depressed knowledge economy.
And fewer Buckeye fans traveling south to New Orleans would also mean fewer room nights and tourist spending on Bourbon Street and the French Quarter in the still-depressed New Orleans economy.
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Since Japan's widening trade surplus reflects the depressed state of its economy, it is hardly good news.
Ford skeptics worry that problems in Europe, where the economy has depressed sales and unions have made cost cutting difficult, will keep a lid on profits.
Quantitative Easing has as one of its goals, the creation of a small amount of inflationary pressure to overcome to natural deflationary pressure when the economy is depressed.
While third quarter GDP growth looked pretty solid in the face of it, with output expanding at an annualized rate of 2.5%, the economy remains depressed, and disinflationary forces are still well in place.
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Some economists think that the resulting bias towards higher inflation - at least while the economy remains depressed - would help to make debts more manageable by eroding their value, and would encourage people to spend more for fear that their savings would also be eroded by rising prices.
The logic is hard to ignore: the narcotics trade is a multi-billion-baht business flourishing at a time when the economy is still depressed.
Many have benefitted by repatriating foreign funds with limited earning potential into a depressed U.S. economy with a suffering real estate market and numerous business opportunities.
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When I first visited in the 1990s, some of the worst fighting had been around Gospic, an area in Lika where the economy was badly depressed following the war.
Participating taxpayers may well benefit by repatriating foreign funds with limited earning potential into a depressed U.S. economy, a long-suffering real estate market and business opportunities lurking behind every corner.
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We know central banks can debauch their own currencies on the exchange markets, even if the depressed state of the domestic economy makes them unable to reliably produce inflation or decent economic growth at home.
But consumer spending, which makes up 60% of the economy, was still depressed.
With the U.S. economy moving at stall speed, economists are looking to depressed housing and labor markets, two of the pillars of any consumer economy, to bounce back and help put the economy on its feet again.
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Depressed for five years, Egypt's economy has sunk further in the past month.
He places only marginal emphasis on the hit U.S. companies and the domestic economy will take directly from the depressed levels of business activity in struggling Asia.
My research for It Was a Very Good Year found two themes that linked most of those years: (a) either the economy or the market started off at a depressed level and (b) an easing of credit boosted stock prices.
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The last economic data before the election show the U.S. economy is in lousy shape, but performing above depressed expectations.
While America's economy remains so dominant and its stockmarket recently so depressed, few investors can contemplate chasing up equity prices elsewhere.
It would hasten the reorientation of China's economy from exports to consumer spending, give its central bank more freedom to fight inflation, and divert demand to depressed Europe and America, catalysing an essential rebalancing of the global economy.
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