Posted on 06/11/2010 7:03:59 AM PDT by blam
New Japan Prime Minister Warns Country May Default
Gus Lubin
Jun. 11, 2010, 9:08 AM
When he was Japan's finance minister, Naoto Kan advocated loose monetary policy to end two decades of deflation.
But since his sudden promotion to prime minister, Kan has been crying out about public debt levels. Today, he even used the signal word for austerity: Greece.
"Our country's outstanding public debt is huge. Our public finances have become the worst of any developed country. We cannot sustain public finance that overly relies on issuing bonds. As we can see from the eurozone confusion that started in Greece, there is a risk of default if growing public debt is neglected and trust lost in the bond market."
No one knows if he can pull off the mythical trick of reducing government spending while stimulating private sector spending. Kan may be overplaying the similarity Greece to get people behind fiscal reform, a Credit Suisse Japan analyst tells The Guardian.
We are the next Greece has been the signal phrase for fiscal reform in California, Hungary, and America.
[snip]
(Excerpt) Read more at businessinsider.com ...
Here it comes.....
So with Japan, the US, Germany, Greece, Britain, Canada, Mexico, Spain and France falling... What are the next 9 countries to rise up to take their place ?
The answer ? China. China x 9 . All China, All the Time.
Mr. Kan and the "D"-word have just made it 101. No doubt we'll soon be hearing that Soverign Default isn't really THAT bad.
Oh yeah, been in cash (and MORE ammo) for over a year now.
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