Kyle Bass on the Euro Collapse, Japan's Fiscal Nightmare and the Eventual Bankruptcy of the United States
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Japan’s fiscal crisis- An Anatomy of a Keynesian Failure
The Euro Crisis and the Coming Euro Collapse Act II- Time to Check How Austerity Is Going
Sometimes readers misinterpret our negative views towards the outlook for Europe, Japan, and China as implying that we have a positive future outlook for the United States. That is not true, since we totally agree with Bass’s prediction that the United States will eventually restructure/inflate its debt. However, due to the unique characteristics of the dollar standard, the United States bond market will be the last bubble to burst.
From 11 Big Surprises for the Next Decade
10. Japan’s Government Bond Market Implodes- The Japanese government and economy got used to record low interest rates. But the combination of government debt reaching 230% of GDP and the ageing population cashing in via the pension funds on the government bonds caused a total implosion. In only 2 months the yield on the 30 year government bond went up to 4%, causing a panic selling and forcing the government to finally cut the deficit. The deficit cuts where not enough, and Bank of Japan did what it knew best- printed money. Only this time, to there big surprise it resulted in inflation, and just ordinary inflation-hyperinflation. The markets discovered that they were worried about the wrong country. Japan became the first modern country in 21st century to suffer from hyperinflation
Read the original story at Israel’s Financial Expert
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