Odd Is Fashion As US Economy Falters

(New York Post) - The old maxim says you can tell a lot about the state of the US economy by looking at women's hemlines, as they go up when the economy is humming along and fall when stocks do. But the current fashionistas appear to be writing a new book.

Welcome to the Nicki Minaj economy.

The rap star made headlines when she wandered into the MTV Video Music Awards in August wearing a colorful getup that included a surgical mask, mismatched shoes and stockings sprinkled with cartoons.

But anyone who has been to Japan knows that her costume would fit right into the country's Harajuku section, where such colorful outfits have gained steam since Japan's "lost decade."

America's sudden fascination with bizarre costume dressing -- in the style of Minaj, Lady Gaga and even Katy Perry -- is eerily reminiscent of a trend that began unfolding in Japan after its real-estate bubble popped in 1991.

Strong economic growth in the 1980s led to massive borrowing, high land values and a booming stock market. Once the bubble burst, the island nation struggled with rising unemployment, banking bailouts and crashing stock markets. Its policymakers could not decide whether to fix things by raising taxes or cutting the deficit.

So if women's fashions truly are an indicator of US financial health, then welcome to the Twilight Zone.

Read more: New York Post