In Debt Like Japan
I just want to take the time to point out the irony of those who complain the USA is “not like Japan”
Debt levels in Asia have risen significantly in recent years, but Japan’s government is by far the biggest borrower in the region and second only to the U.S. government globally. Years of government deficits, weak growth and deflation have pushed Japanese government debt to more than twice the country’s annual economic output, making it the most indebted country in the world by that measure. — WSJ : “As Japan Battles Deflation, a Bitter Legacy Looms” 6/11/2015
The parallels are obvious. The concept is to have every nation endebted to every other nation.