@1:20 keyword there was "profitably." This is a chimera, you cannot profit monetarily without a constantly increasing money supply (or otherwise by counterfeit), and bank credit cannot do that since debt compounds exponentially, so always grows faster long-term than real production.[^] Thus the only way profit-driven companies can survive is by virtue of a monopoly currency issuer = government typically spending more than income (i.e., running deficits). The reason Japanese capitalism has not collapsed again since the 1991-92 credit collapse is because the Japan government is running permanent fiscal injection (we call this governemtn debt, but it is yen-for-yen the private sector surplus). However, Japan government running permanent deficits to fuel capitalism is not the complete answer. Fair distribution of goods has to also be equitable, so surplus profits made by private companies need to be re-spent into the base of the economy where people desperately need the currency, if that cycle happens, the new investment is at the base, not the top, then you can get sustainable capitalism. You need to run a high wage, high inflation, but low energy use economy, and Japan has not got that correct yet. Japan still idiotically is keeping low inflation by failing to inject yen at the economic base. Low interest rates set by the JCB are good, they keep unearned income from getting injected into wealthy people's bank accounts who can afford to purchase JCB bonds, this allows the Japan government to invest more at the base, say with a Job Guarantee, at a decent wage, without top-heavy inflationary bias, a Job Guarantee would produce high quality inflation (if any at all) and that is desired. The question is, why do they not do this? It is because the JCB and Japan government do not understand the monetary system. They think about it all backwards. They think (maybe honestly believe, but wrongly) the government is using private money, when in fact it is the exact opposite. No one can pay tax liabilities due in yen until the currency-issuer first issues yen. Tax payers are using the governments currency, not the other way around. This is why the Japanese cannot hit their inflation targets, they are doing it all wrong. Instead of using low interest rates they should use fiscal policy, guarantee everyone a job at a living wage. That will allow them to hit their inflaiton targets. The jobs guaranteed need to be green jobs, that way the inflation will be very high quality (rather than exploiting real resources unsustainably = bad low quality inflation). It is never a free market under modern systems of government, the monopoly currency-issuer creates the market. And all governments outside the eurozone or who are not using a pegged exchange rate, are monopoly currency issuers. [^] r