One counterargument for Japan is they owe it to themselves. Japanese have always been enthusiastic buyers of their Gov’t debt. Now they will just buy more without being annoyed. Japan has good national unity unlike America and 99% of the people who live there are Japanese. Culturally they can handle this huge QE and very high debt levels
I agree. Their social glue is still stronger.
Ours is ready to turn from honey to nitro glycerin in about two weeks.