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Japan's National Debt Hits Record High
Associated Press via Yahoo ^
| 09/23/2005
| AP via Yahoo
Posted on 09/23/2005 7:28:18 AM PDT by RockinRight
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Apparently the US observation that tax CUTS increase revenue due to economic growth falls on deaf ears over in Japan.
Raising taxes would be the perfect way to halt Japan's economic recovery...
To: RockinRight
This has to be false! Only the US runs deficits because we spend so much on the military, give tax cuts to the rich and pollute the world.
To: RockinRight
Japan's public debt burden is almost 160 percent of its GDP and already the highest in the industrialized world. How can this be? They have a trade surplus and a high personal savings rate. Just another example of why our economy remains the envy of the world.
Nothing will get better in Japan until they stimulate more personal consumption. The power of their trading companies needs to be broken and their archaic distribution system has to become more efficient.
3
posted on
09/23/2005 7:38:05 AM PDT
by
Mase
To: 11th Commandment
Yeah, and I remember all those books by Mr. Sony talking about why his business model was so great --- they are all but bankrupt, with inferior products living off the name.
I need to pull out old Newsweeks with "Japan Overtaking the US" panic on the covers.
4
posted on
09/23/2005 7:49:10 AM PDT
by
MeanWestTexan
(A good friend helps you move. A great friend helps you move a body.)
To: MeanWestTexan
I remember when they were going to own our entire country.
5
posted on
09/23/2005 7:50:15 AM PDT
by
Tijeras_Slim
(Now that taglines are cool, I refuse to have one.)
To: RockinRight
Fact:Japan's national dept if printed and stacked would circle three times around Andromeda.
6
posted on
09/23/2005 7:59:31 AM PDT
by
bkepley
To: bkepley
How many times would our debt (U.S) go around?
7
posted on
09/23/2005 8:01:10 AM PDT
by
Paulus
To: Paulus
Our debt is slightly lower in numbers than theirs, but even lower as a percentage of GDP.
8
posted on
09/23/2005 8:04:10 AM PDT
by
RockinRight
(What part of ILLEGAL immigration do they not understand?)
To: Paulus
I just get tickled at their currency. Can't they just create a new one or do they just favor large numbers?
9
posted on
09/23/2005 8:08:51 AM PDT
by
bkepley
To: RockinRight
Should be interesting, last I was there, they had started on a massive "WPA" style public works projects to lower unemployment. Which,, in turn, raised public debt.
Be interesting to see how they sort this all out. Might be instructive for us as well.
10
posted on
09/23/2005 8:10:55 AM PDT
by
ASOC
(Insert clever tagline here: _______)
To: 11th Commandment
I wonder how much they own of our debt, and how much we own of their debt. Mutual cancellation might make the numbers look better to both of us.
To: RockinRight
Japan's public debt burden is almost 160 percent of its GDP and already the highest in the industrialized world. 160% of GDP? Wow. And I thought (and still do think) that our 64% of GDP was bad.
12
posted on
09/23/2005 8:15:33 AM PDT
by
NeoCaveman
(I support Mike Pence and Operation Offset)
To: dubyaismypresident
It is still bad, but in a sick, twisted way, it kinda makes ya feel a little better doesn't it?
13
posted on
09/23/2005 8:16:51 AM PDT
by
RockinRight
(What part of ILLEGAL immigration do they not understand?)
To: MeanWestTexan
I need to pull out old Newsweeks with "Japan Overtaking the US" panic on the covers.
I think these "panics" are used as motivational tools to get our butts moving. That is why there is always a #2 country supposedly right on our heels.
China is the new #2 and has some BIG problems that it needs to take care of before they become the next USSR or Japan.
USSR tried to beat us militarily. Japan tried to beat us economically. China is trying on both fronts.
We also have some room for improvement that, if done correctly, could move us out of reach for a number of years.
14
posted on
09/23/2005 8:46:28 AM PDT
by
Eagle of Liberty
(11, 175, 77, 93 - In Memory Always)
To: RockinRight
It is still bad, but in a sick, twisted way, it kinda makes ya feel a little better doesn't it?Agreed on all counts.
15
posted on
09/23/2005 8:46:35 AM PDT
by
NeoCaveman
(I support Mike Pence and Operation Offset)
To: Brilliant
I wonder how much they own of our debt Japan: $702 billion
China: $250 billion
Caribbean Banking Centers: $103 billion
Korea: $67.1 billion
OPEC nations:$65.3 billion
Germany: $59.5 billion
Taiwan:$59.1 billion
Mexico: $40.6 billion
16
posted on
09/23/2005 9:01:04 AM PDT
by
Mase
To: RockinRight
Keep in mind that the Japanese postal system also works like a bank and many Japanese save their money at the post office, rather than at a bank.
To: dubyaismypresident
Heh. Hearing makes me realize (despite our current deficit) that we could be a LOT worse off.
18
posted on
09/23/2005 9:28:12 AM PDT
by
Ultra Sonic 007
(We DARE Defend Our Rights [Alabama State Motto])
To: Mase
Is that the government that owns, it though? And do we own any of their debt?
To: Brilliant
Is that the government that owns, it though? And do we own any of their debt? Historically, most of our debt has been financed domestically. Recently though, this has changed dramatically.
At the end of 2004, foreign central banks owned $1.2 trillion of the $1.9 trillion of Treasury bonds, bills and notes owned by foreigners, 60 percent of the total.
Most of this is being by purchased by central banks, especially by China and Japan, to control the value of their currencies vs. the dollar and protect their export driven economies.
Here's and excellent article from Bruce Bartlett on this very subject.
Bruce Bartlett
As for American's buying foreign debt...I don't really know the answer to that. Here's more from the article:
Because the dollar is the dominant world currency, the one in which the bulk of world trade takes place, including all transactions in the oil market, the U.S. has the luxury of ignoring the international value of the dollar. It goes up or down on the free market, largely free of intervention by the Treasury Department.
In 2003, foreigners bought $829 billion worth of US bonds, while Americans increased their ownership of foreign financial assets by $283 billion. I don't know how much of that $283 billion invested was in bonds and how much was in stocks. The difference ($546 billion) was about equal to the current account deficit for that year.
20
posted on
09/23/2005 11:28:48 AM PDT
by
Mase
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