politics

BOJ chief doesn't expect U.S. default

6 Comments

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Second, even if it happens, that does not affect our collateral policy

More like "We do not have the teeth to turn down our American masters."

3 ( +3 / -0 )

Maybe not this time but it is just putting off the inevitable. US, Japan and EU will all have to default eventually, now is as good a time as any. The longer it is put off the worse the pain will be. Sorry if this sounds unduly negative but the national debts may have gone past the point they can ever be repaid. The current economic model has out served it's purpose, time to find something new, that is more kind to the earth and concentrates on sustainability rather than endless growth. We can create an economic system that has the interests of the whole earth as it's main principle. Modern day capitalism has worked better than anything we have had but it has grown past the point where it is serving the best interests of human beings. It has being a rapacious monster that needs to be fed at any cost, when a tool we have created is now controlling us it is better to put that tool down and invent another one.

1 ( +2 / -1 )

As Wulfe N. Straat said: The Chinese have 1.1 billion people living on less than 3 dollars a day. There is no internal market for expensive computers or cell phones or TV sets in China because the people can't afford them. If the US stopped buying Chinese goods and made it impossible for Europe to buy Chinese goods, the Chinese economy would collapse. Add Japan to that mix, and the die is cast.

For that reason, the default in the US is simply a loaded gun at China's head. As long as the default keeps Americans scared of buying at Walmart, money doesn't flow out of the US into China. Soon enough, the workers in China have to be laid off or fired. In China, no work means starvation. Massive unemployment means famine on a grand scale...which leads to revolution and the dissolution of the PRC.

This is what the Republican House in Congress has decided to do to China in order to break it up into its seven constituent elements. The default is simply another financial weapon employed by the US to ensure that China will never win the Battle of the Senkakus in 2017, because a Japan that goes to war against China and beats that monstrosity will then become a greater threat to world peace.

The default is simply an end-run so that Japan will not militarize any further and become the dominant military force in all of Asia.

-1 ( +1 / -2 )

I agree that national debts in large western economies has gone past the point it can be repaid, but I think what caused that itself is the problem with today's economic system.

I don't think governments' spending extreme amounts of money is an essential element of modern day capitalism.

The biggest problem is that under democracy, politicians have an incentive to blow away as much of other people's money as they can trying to get themselves re-elected. This results in unproductive spending and here we are in the hole that we are in today.

Democracy is good in principal but we need to advance our systems further and get some rules in place that can prevent politicians from destroying their countries like this.

0 ( +0 / -0 )

He is having cold sweat hoping that the U.S. will not default. If it does, he and Abe's policies are as good as in the sewerage processing plant.

0 ( +0 / -0 )

There shall be no problems, things are too well controlled to be allowed to falter and fall.....

Only a fool makes a bet against the odds.....

0 ( +0 / -0 )

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