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IPFS News Link • Japan

Global Debt Crisis: Deeply Indebted Japanese WANT To Go Even Further In Debt

•, Mac Slavo

While the International Monetary Fund (IMF) estimates Japan's debt at roughly 240% of Gross Domestic Product (GDP), an anti-austerity movement there is attempting to make the argument that now is the time to borrow even more money.

For a nation already $10 trillion in debt, borrowing more seems like insanity. According to the Wall Street Journal, Japan's debt is already twice the size of their economy, however, far too many believe the solution is to just borrow more money.  Their public debt load is actually the largest in the world. But the United States is still borrowing about $1 trillion a year while already $22 trillion in debt setting a terrible example.

Instead of reforming their monetary policy, the Japanese government and its citizens are content to borrow more money with no regards to the future collapse of their entire economy: which was built on a debt-based system.  And they could drag the global economy with them, as debts worldwide have reached historic and epidemic levels.