[whitedog57]

But this is evidence from the Keynesians like Krugman, DeLong, etc. that debt doesn’t matter, so keep borrowing can the Fed (or Central Bank of Japan) can print. Until one of the bigs defaults, the Keynesians win.

[douginthearmy]

But they borrowed the money from this guy:

Apparently he's demanding they repay him "1 Million Dollars!"

[BfloGuy]

Japan's debt is atrocious, but their overall situation is stronger than it looks because they've had no inflation for the last 10 years. Japanese unemployment hovers around 4% and production continues to grow.

The Japanese remain inveterate savers, too, they own all that debt. And so, to default would be to impoverish their own countrymen. A Japanese prime minister would have to commit hara kiri on live TV were he to do something so foolish.

It is interesting, though, that the central bank has been remarkably disciplined while the government continues to spend like drunken samurai. I think those wily Japs actually have a plan; one that remains inscrutable to Western Keynesians.