Japan is drifting helplessly towards a dramatic fiscal crisis.
Posted on November 3rd, 2009 by MoverMike
So says Ambrose Evans-Pritchard in the UK Telegraph.
“The debt situation is irrecoverable,” said Carl Weinberg from High Frequency Economics. “I don’t see any orderly way out of this. They will not be able to fund their deficit. There will be a fiscal shutdown, a pension haircut, and bank failures that will rock the world. It is criminally negligent that rating agencies are not blowing the whistle on this.”
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