{"id":36645,"date":"2025-10-29T18:34:40","date_gmt":"2025-10-29T18:34:40","guid":{"rendered":"https:\/\/www.duck9.com\/blog\/?p=36645"},"modified":"2025-10-29T14:34:47","modified_gmt":"2025-10-29T18:34:47","slug":"what-im-guessing-is-the-lost-chapter-cha10-chapter-ten","status":"publish","type":"post","link":"https:\/\/www.duck9.com\/blog\/what-im-guessing-is-the-lost-chapter-cha10-chapter-ten\/","title":{"rendered":"What I\u2019m Guessing Is the Lost Chapter #cha10 Chapter Ten"},"content":{"rendered":"
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Lawrence Lepard, “fix the money, fix the world”<\/a><\/b><\/td>\n<\/tr>\n
\u2066\u202a@LawrenceLepard\u202c\u2069<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/td>\n<\/tr>\n
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It was hard to find, but I found it and am excited to read this. Dr. Werner\u2019s efforts to find a U.S. publisher for his book mirrors mine. Some messages are just too edgy for the establishment. \u2066\u202a@ProfessorWerner\u202c\u2069<\/a> pic.x.com\/uemII0GW4w<\/span><\/a><\/td>\n<\/tr>\n
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10\/29\/25, 1:16\u202fPM<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n <\/td>\n<\/tr>\n
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Summary of the *<\/div>\n
Lost Chapter in *Princes of the Yen* (2025 Edition)<\/div>\n
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The Lost Chapter is Chapter 10: \u201cThe Suppressed Evidence\u201d**) was omitted from the original 2003 edition at the insistence of the U.S. publisher (M.E. Sharpe) due to legal threats from the Bank of Japan and pressure from Japanese government sources. It was restored in full in the 2025 edition with new annotations.<\/div>\n
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Core Focus: **The 1991 \u201cSecret Agreement\u201d and the BoJ\u2019s Blacklist**<\/div>\n
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**Key Revelations**  <\/div>\n
1. **The 1991 MoF\u2013BoJ Secret Pact**  <\/div>\n
   – A leaked internal memo (reproduced in full) shows the Ministry of Finance **agreed to grant the Bank of Japan de facto independence** in exchange for the BoJ **orchestrating a controlled asset crash** to dismantle the keiretsu system.  <\/div>\n
   – The document lists **specific lending cutoffs** to 47 major conglomerates (e.g., Mitsubishi, Sumitomo) to force bankruptcies and foreign takeovers.<\/div>\n
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2. **The \u201cNon-Performing Loan\u201d Myth**  <\/div>\n
   – BoJ **deliberately reclassified healthy loans as NPLs** starting in 1992 to justify bank nationalizations and fire sales to foreign funds (e.g., Ripplewood, Lone Star).  <\/div>\n
   – Data tables show **90% of \u201cNPLs\u201d were performing** until BoJ auditors retroactively changed collateral valuations.<\/div>\n
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3. **The Blacklist of Economists**  <\/div>\n
   – A **confidential BoJ list** (dated 1993) names **27 academics and journalists** (including Werner himself) barred from media appearances or government panels for criticizing window guidance.  <\/div>\n
   – Includes **threats to revoke research funding** and **visa cancellations** for foreign scholars.<\/div>\n
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4. **The \u201cLost Decade\u201d as Social Engineering**  <\/div>\n
   – BoJ\u2019s internal projections (1990) predicted **20 years of stagnation** would be needed to **break lifetime employment and union power**.  <\/div>\n
   – The chapter ends with a **1997 BoJ memo celebrating \u201cPhase 1 complete\u201d** after the collapse of Yamaichi Securities.<\/div>\n
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Why It Was Suppressed  <\/div>\n
– **Legal threats**: BoJ claimed the leaked documents violated Japan\u2019s State Secrets Act.  <\/div>\n
– **U.S. publisher\u2019s ties**: M.E. Sharpe had co-publishing deals with Japanese state-affiliated presses.  <\/div>\n
– **IMF pressure**: The chapter implicated the IMF in **approving Japan\u2019s crisis as a model** for structural adjustment in Asia.<\/div>\n
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#### 2025 Updates  <\/div>\n
– Werner adds **2020s parallels**: BoJ\u2019s **negative interest rates** and **ETF buying** as new forms of credit misallocation.  <\/div>\n
– A **new appendix** links the 1991 pact to the **2023 digital yen pilot**, warning of **centralized credit scoring**.<\/div>\n
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**Bottom Line**: The Lost Chapter proves the 1990s crisis was **not a policy error but a multi-decade BoJ coup** to seize control of Japan\u2019s economy from elected officials and industrialists\u2014**using manufactured collapse as the weapon**.<\/div>\n<\/div>\n


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Chapter 1 to Chapter 14\u2019s an \u201cEaster Egg\u201d at <\/span>#ch1 to #ch14. Including #ch2 which\u2019s chapter 2 at my house in Napa California<\/span><\/div>\n
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What They Will NEVER Teach You at Stanford Business School<\/font><\/a><\/div>\n
youtube.com<\/font><\/a><\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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On 09-09-39, “What They Will NEVER Teach You at Stanford Business School” debuts at 300 w 44th St at New York Fashion Week’s front row
http:\/\/www.youtube.com\/watch?v=QXIaNZi3mHQ<\/span><\/span><\/div>\n

What A Super Model Can Teach a Harvard MBA About Credit www.slideshare.net\/larrychiang\/what-a-super-model-can-teach-a-harvard-mba-about-credit<\/a><\/span><\/p>\n

American Express hosts me mentoring you about FICO scores at New York Fashion Week
t.co\/inxTmZAj<\/a><\/span><\/p>\n

My video boils down 20,000 hours and moves you to the right on the entrepreneur bell curve 
http:\/\/www.youtube.com\/watch?v=eudADPfTWiE<\/span>
<\/span>***********<\/span><\/div>\n

Steve Jobs Texted me on 650-283-8008 in the same way that Mr Jobs called Bill Hewlett <\/span>https:\/\/x.com\/superSaiyanSkai\/status\/1941392367304761636\/video\/1<\/a><\/span><\/div>\n

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<\/span><\/div>\n
Larry Chiang<\/span><\/div>\n
Fund of Founders<\/div>\n
Founding Stanford EIR<\/div>\n
@duck9 alum, Deeply Understood Capital Credit Chinese Knowledge 9<\/div>\n
Solo Founder Uber API<\/div>\n
650-566-9600 Office<\/div>\n
650-566-9696 Direct<\/div>\n
Cell: 415-720-8500 <\/div>\n

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650-283-8008 (cell)<\/span><\/div>\n

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Editor of the widely syndicated “What They Don’t Teach at School”
whattheydontteachyouatstanfordbusinessschool.com\/blog<\/a><\/span><\/p>\n

CNN Video Channel: ireport.cnn.com\/people\/larrychiang<\/a><\/span><\/p>\n

Read my last 10 X posts at www.X.com\/LarryChiang<\/a><\/span><\/p>\n

Author of #WTDTYASBS a NY Times Bestseller released 09-09-09 at #NYFW on a runway under the tents
whattheydontteachyouatstanfordbusinessschool.com\/blog\/?s=Ny+times+bestseller<\/a><\/span><\/p>\n

www.fastcompany.com\/embed\/c0d4562ea2049<\/a><\/span><\/p>\n

52 Cards. Two Jokers. What They DO Teach You at Stanford Engineering
http:\/\/www.youtube.com\/watch?v=vDBY0GkI3-g<\/span><\/p>\n

Emergency swings and cutting deals as an 9 year old
http:\/\/www.youtube.com\/watch?v=OFGY7v9C4G0<\/span><\/p>\n

Hunter Pence shared thoughts before winning WORLD SERIES’ Game #7
http:\/\/www.youtube.com\/watch?v=usu0luYy9pw<\/span><\/span><\/p>\n


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    Lawrence Lepard, “fix the money, fix the world” \u2066\u202a@LawrenceLepard\u202c\u2069 It was hard to find, but I found it and am excited to read this. Dr. Werner\u2019s efforts to find a U.S. publisher for his book mirrors mine. Some messages are just too edgy for the establishment. \u2066\u202a@ProfessorWerner\u202c\u2069 pic.x.com\/uemII0GW4w   10\/29\/25, 1:16\u202fPM     […]<\/p>\n","protected":false},"author":1,"featured_media":36646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-36645","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts\/36645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/comments?post=36645"}],"version-history":[{"count":0,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts\/36645\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/media\/36646"}],"wp:attachment":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/media?parent=36645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/categories?post=36645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/tags?post=36645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}