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Japan's Shocking Keynesian Slip: "We Are Worse Than Greece"
ZeroHedge ^ | 3/13/12 | Tyler Durden

Posted on 03/13/2012 7:08:53 PM PDT by Kartographer

In a stunning turn of events, a Japanese Ministry of Finance official admits to Richard Koo's worst nightmare "Japan is fiscally worse than Greece". Bloomberg is reporting that, at a conference in Tokyo, Yasushi Kinoshita says Japan's 2011 fiscal deficit was up to 10% of GDP and its debt-to-GDP has soared to over 230%.

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy; Government
KEYWORDS:
Helicopter Ben has it covered! Roll the press boys full speed ahead!
1 posted on 03/13/2012 7:08:59 PM PDT by Kartographer
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To: Kartographer

Interesting. Not sure in this Bizarro World what to expect out of this.


2 posted on 03/13/2012 7:14:10 PM PDT by John W (Viva Cristo Rey!)
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To: Kartographer

That’s where the low-birthrate Keynesian welfare state inevitably ends up. The main thing that might save the United States is that hopefully seeing other nations implode will wake us up before it’s too late.


3 posted on 03/13/2012 7:16:44 PM PDT by Question_Assumptions
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To: John W

Its Obamaland at work. If you take out the hub of western man the others have issues. Strip out the spokes of any wheel and it will fail. Its all part of the big crash America playbook.

American economic policy goes well beyond the US borders.


4 posted on 03/13/2012 7:17:51 PM PDT by himno hero (Obamas theme...Death to America...The crusaders will pay!)
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To: John W

Well it won’t be a financial collapse for sure I had two wise old FReepers assure me just today that a financial collapse of the US was impossible.


5 posted on 03/13/2012 7:22:02 PM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: Question_Assumptions

Too late? We have 57 Trillion in un-funded liabilities. Its way past too late; were just marking time now.


6 posted on 03/13/2012 7:28:27 PM PDT by Michael Barnes (Obamaa+ Downgrade)
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To: zot; Interesting Times; SeraphimApprentice

And nearly everyone ignores that the Japanese economic miracle has been dead for the last 10+ years. Killed by the same Keynesian theories obmimbi and his Keynseian spouting economic academics have been spewing to the MSM


7 posted on 03/13/2012 7:32:13 PM PDT by GreyFriar (Spearhead - 3rd Armored Division 75-78 & 83-87)
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To: Question_Assumptions

All we have to do is wait for more illegal aliens to “self-import” themselves.


8 posted on 03/13/2012 7:33:40 PM PDT by who_would_fardels_bear
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To: Michael Barnes

I saw a couple of those posters yesterday claiming that America can never have a fiscal crash because we can print all the money we will ever need.

Apparently they’ve never heard of Weimar Germany. Were I JimRob I’d boot them on grounds of Pure Stupid.


9 posted on 03/13/2012 7:37:42 PM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: Kartographer
and they produce more electronics/durable goods in a week than Greece does in a year...
10 posted on 03/13/2012 7:52:39 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: Michael Barnes
Too late? We have 57 Trillion in un-funded liabilities. Its way past too late

Though it really doesn't matter, the real number is closer to double that. However, it doesn't matter if you drown in 15 feet of water or 150 feet, you're just as dead either way.

11 posted on 03/13/2012 8:08:46 PM PDT by ChildOfThe60s (If you can remember the 60s....you weren't really there)
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To: Kartographer

Whew! Thanks, I needed that!


12 posted on 03/13/2012 8:12:11 PM PDT by John W (Viva Cristo Rey!)
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To: GreyFriar

Thanks for the ping. I had not realized that Japan is in such bad shape. Deficit spending is eventually suicidal.


13 posted on 03/13/2012 8:19:01 PM PDT by zot
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To: Lurker; Michael Barnes

It would be interesting being paid twice a day and having to spend it before the sun came up on the next day.


14 posted on 03/13/2012 9:10:04 PM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: Kartographer

The first comment on the article is “ROR!”, which I have to presume means “Raughing out Roud.”


15 posted on 03/14/2012 5:45:34 AM PDT by Pearls Before Swine
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