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overtheedge
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Japan "Wins" 2020 Olympics: Final Nail in Yen Coffin? - Mish - Global Economic Analysis

A lottery is a tax on the math illiterate.
Mega-sporting events are a wealth transfer from the math illiterate to the business community with a slightly longer entertainment period than a lottery ticket.
The tax payer funds temporary increases in business profits. Unfortunately for businesses outside the core area, they lose.
We tend to forget that demand for consumables during these mega-events puts another economic hardship on the local population. The locals get out-bid. Supply and demand stuff. Then if locally sourced products raise too high in prices, imports flood in further distorting the local economy.

The irony is the taxpayers fund the event and then still have to pay the exorbitant gate fees to watch. There are no limits to stupid.

Getting the bid for the Olympics: $25 million in USD
Paying for the Olympics: $25 Billion in USD
Bragging rights: Priceless.

Commented 4080 days ago

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Beginning of the headline :Japan is all aglow that it "won" the 2020 summer Olympics. “When I heard the name Tokyo, I was so touched, overwhelmed,” said Shinzo Abe, Japan’s prime minister. “The joy was even greater than when I won my own election.” “Japan has seemed to be overshadowed by the rise of China and other developing nations,” said Harumi Arima, an independent political analyst. “These Olympics will give Japanese a chance to feel reborn, to feel for themselves that Japan can still be vibrant.” Touching Inde... Read More

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