Japan Beats Greece! Debt to GDP @ 197% -- Won't the US and World Have Lots Of Practice Before the U

MsMorrisine

Looks like Greece has started questions on debt levels.

Japan's is higher, but they, I guess, have more potential.


Then there is Portugal, Ireland, Italy, Spain... etc.


Won't the world have this whole "monetary panic thing" worked out before it is our turn and the roadmap away from ruin mapped out ???

jmski52

No, it won't be worked out before the dollar is involved. All of the big banks are tied into the same crisis, and while sovereign debt is a major, significant issue for each individual country - it isn't even the biggest problem.

The problem is the banks, banking system, financial industry and bad financial instruments that will have to be reconciled. They can't be reconciled because the winners have taken the money and ran - leaving the debt, so it's going to keep blowing up over and over.

There is no fix other than default - across the board. This has huge implications for any contracts, both longterm and short term - that are written and settled in fiat currencies, which basically means - all of them.

I'm beginning to see a football analogy. Possession, and ball control is most of the game.

Baley

I agree with the two of you. It is important for the world that the 3 of us figure this mess out and fix it.

AUandAG

9.0 earthquakes and tsunamis don't help Japans Debt. And going forward it will be even
more costly. But, Japan has had great work ethics and has pulled itself up from the bootstraps.

If Reactor #4 doesn't melt down and destroy the world as we know it, they can get the
debt under control. Takes discipline which they have proven.

bob

cohodk

The Nikkei is looking very interesting.

Baley

great post AUandAG, this too:

911 attacks and Katrina hurricanes don't help the USA's Debt. And going forward it will be even
more costly preventing 911 part 2 and Katrina aftermath part 2. But, the USA has had great work ethics and has pulled itself up from the bootstraps many times before and will again.

If the Fed doesn't melt down and destroy the world as we know it, they can get the
debt under control. Takes discipline which they have proven.

MsMorrisine

I have more faith in Japanese people than the US people.

They band together and help, we loot.

Baley

... and yet, I can't help but notice that you don't move there.

certainly, you and I and most of the rest of "we" Americans do NOT loot. (despite what highly media- sensationalized isolated incidents might lead one to believe)

johnny9434

<< <i>I have more faith in Japanese people than the US people.

They band together and help, we loot. >>

we loot, the american way

MsMorrisine

<< <i>... and yet, I can't help but notice that you don't move there.

certainly, you and I and most of the rest of "we" Americans do NOT loot. (despite what highly media- sensationalized isolated incidents might lead one to believe) >>




the other half is looking for a job.

I said consider all options and to look internationally.

Japan was on the list, but was removed by the other half because of the long-term radiation threat to our kid.

There was looting in Japan back then, but it was foreigners looting. The fact that it happens at all, the fact that when someone wins or loses a critical game the city they live in gets trashed is bad enough.


I wouldn't mind living abroad.

Coyn

I loved watching the videos of the Japanese people lined up around the block to purchase the few staple goods left after the Tsunami.

Then I pictured how this would play out in LA after a similar catastophie and disarray of law enforcement resources.




Do I really need to say much more except, lock and load.

NumbersUsacom

<< <i>I have more faith in Japanese people than the US people.

They band together and help, we loot. >>



We Don't ALL Loot. Crime statistics indicate a segment of our populance has much more propensity to be associated with this type of crime.

renman95

<< <i>I agree with the two of you. It is important for the world that the 3 of us figure this mess out and fix it. >>



Can I help. I can get the coffee.

Staircoins

I will continue to live here, Thankyouverymuch.

But as far as pulling oneself up by one's bootstraps and work ethic ... I'll place Japan 1st, USA 2nd, and Greece very distant 3rd.

EagleEye

Greece is being imposed by Ryan-budget-style austerity and the people don't like it one bit. Cut services, wages, pensions and the people revolt. Of course, there are few other options for Greece, since I don't think they can grow their way out of the debt. If they leave the eurozone and declare bankruptcy and restructure their debt, like Argentina did, they may eventually work it out. It will be that the expense of everyone else though.

Japan's debt is very high, but they have a very strong economy (GDP), so they can carry it better.

We are on the verge of deciding whether we want to follow Europe and go the austerity route (Ryan budget) or try and grow our way out of our debt problem. At least we are not adding to the debt at the same rate as during the Iraq war. I think (hope) as Europe sinks, we will rise and show them the way out of the mess.

pf70collector

Unfunded 10 year wars, the 10 year Bush Tax Cuts, the $1.5 Trillion yearly defecits have a more devasting effect than the Katrina Hurricane or any future hurricanes for that matter.