Euro/Pound dive against the Yen

[routsounmanman]

Grimes said:

routsounmanman said:

NJ5 said:

routsounmanman said:
200% ?!?!?!

And considering Japan's volume of income (or lack thereof), they're in deeper debt than us, right?

Yes their GDP is more than $4 trillion, so they have around $8 trillion in debt.

Interestingly, almost all their debt is owed to Japanese people. They have big savings so the government doesn't have to go borrow from foreigners.

 

So basically, the Japanese government went bankrupt, borrowed money from Japanese people themselves and drove them bankrupt too... What happens next year, when they still post deficits?

Eventually, they have to cut back services or default. If they default, retirement accounts go poof.

Pretty much what's happening here now. All wages are frozen, retirement accounts go to +5 years, public sector gets butchered, etc >_>