Japan Is Proof

Some new figures out from Japan show that nation's debt is approaching 1 quadrillion yen. I remember Alan Simpson of Simpson/Bowles fame making all these goofy analogies about what a trillion was -- a stack of dollars stretching all the way to Mars and back or something like that. Imagine the field day Simpson would have with a quadrillion.

I bring this up because there's always such an outcry whenever people start talking about government money-printing. The inflationistas go crazy, their predictions of hyperinflation and currency debasement and depression flying everywhere. Yet, even with the mindboggling quantity of debt in Japan, the highest as a percent of gross domestic product anywhere in the world, there are still no bond vigilantes in sight. Moreover, the interest rate on a Japanese 10-year government bond is a paltry 0.75%. Who would have thought?...469 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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