Japan: "We are worse than Greece".

[Soul Crusher]

Japan's Shocking Keynesian Slip: "We Are Worse Than Greece"
ZeroHedge ^ | 3/13/12 | Tyler Durden




In a stunning turn of events, a Japanese Ministry of Finance official admits to Richard Koo's worst nightmare "Japan is fiscally worse than Greece". Bloomberg is reporting that, at a conference in Tokyo, Yasushi Kinoshita says Japan's 2011 fiscal deficit was up to 10% of GDP and its debt-to-GDP has soared to over 230%.

(Excerpt) Read more at zerohedge.com ...

[Hugo Chavez]

Japan's Shocking Keynesian Slip: "We Are Worse Than Greece"
ZeroHedge ^ | 3/13/12 | Tyler Durden




In a stunning turn of events, a Japanese Ministry of Finance official admits to Richard Koo's worst nightmare "Japan is fiscally worse than Greece". Bloomberg is reporting that, at a conference in Tokyo, Yasushi Kinoshita says Japan's 2011 fiscal deficit was up to 10% of GDP and its debt-to-GDP has soared to over 230%.

(Excerpt) Read more at zerohedge.com ...

Fucking hell, did everyone forget what Japan just had to go through in the last year?  Did anyone think it would be business as usual over the last year for them?  No fucking shit huh...  

[Hugo Chavez]

3333, you've been fooled.... Look at the author... "Tyler Durden" lol...

[Soul Crusher]

 

3333, you've been fooled.... Look at the author... "Tyler Durden" lol...

Fooled?   Zero hedge is one of the best sites going.

[Hugo Chavez]

Fooled?   Zero hedge is one of the best sites going.

Ok, a little odd that everyone that writes for them goes by Tyler Durden.  But whatever, my first post still stands, respond to that which was more important anyway. 

[pedro01]

Fooled?   Zero hedge is one of the best sites going.

LMAO!

Have you not figured it out yet?

Zero Hedge is the Financial equivalent of the tin foil hat brigade.

Honestly - their site is not to be taken seriously.

[James]

LMAO!

Have you not figured it out yet?

Zero Hedge is the Financial equivalent of the tin foil hat brigade.

Honestly - their site is not to be taken seriously.

Forbes

Coming to Grips with Japan's Government Debt

http://www.forbes.com/sites/stephenharner/2011/11/18/coming-to-grips-with-japans-government-debt/

According to Ministry of Finance statistics, in the current 2011 fiscal year accumulated central and local government debt has already reached 229.1 percent of Japanese GDP on a gross basis, and 127.8 percent on a net basis.  By comparison, the numbers for the U.S. are 99.5 percent (gross) and 72.4 percent (net);  for Italy 120.5 percent (gross) and 100.6 percent (net); for the UK 83 percent (gross) and 75.1 percent (net); for France 87.6 percent (gross) and 77.9 percent (net); and for Germany 80.1 percent (gross) and 54.7 percent (net).

Already the world’s most indebted OECD country by far, Japan has in recent years been adding to the deficit at clip exceeded only by the U.S.   Japan’s fiscal deficit in FY2011 was 10 percent of the GDP, compared to a deficit of 10.8 percent of GDP in the U.S., 8.6 percent in the UK, 6.0 percent in France, 4.3 percent in Italy, and 2.3 percent in Germany.

[Soul Crusher]

Japans' debt issues are a surprise to people? 

[Hugo Chavez]

it's like everyone is oblivious to what Japan had to go through this last year.

[James]

"Japan's debt problem Sleepwalking towards disaster"

Apr 8th 2010

http://www.economist.com/node/15868024

[Soul Crusher]

it's like everyone is oblivious to what Japan had to go through this last year.

FAIL.   They had these issues long before the tsunami.  

And according to the leftist progressive nobel laureates like Krugman - shouldnt the tsunami be a boon to the economy?  

[Hugo Chavez]

FAIL.   They had these issues long before the tsunami.  

And according to the leftist progressive nobel laureates like Krugman - shouldnt the tsunami be a boon to the economy?  

yea, no fucking shit, but didn't we all expect it would get worse in the last year? I think we all figured a year ago that the numbers were going to just get worse for Japan, well, obviously not all of us   It wasn't just a tsunami  

PS. Shove the Fail up your ass.

[Soul Crusher]

yea, no fucking shit, but didn't we all expect it would get worse in the last year? I think we all figured a year ago that the numbers were going to just get worse for Japan, well, obviously not all of us   It wasn't just a tsunami  

PS. Shove the Fail up your ass.

LOL.   Like I said - leftist keynsians would be proven correct if japan were booming right now no? 

[Hugo Chavez]

LOL.   Like I said - leftist keynsians would be proven correct if japan were booming right now no? 

  The only person entertaining that fantasy is you. 

[Soul Crusher]

  The only person entertaining that fantasy is you. 

And apparently Krugman, the leftists, the idiot posters at the NYT, HP, DU, MSNBC, etc.   

[Fury]

Japan was been in a worse situation for years. But people continue to ignore them and buy their debt. Japan's only saving grace is that its populace buys most of the government debt but even that has been changing.

Keynesianism rocks! 

[GigantorX]

it's like everyone is oblivious to what Japan had to go through this last year.

They have been drowning in debt since the 1990's and their failure to "recover" from their credit/RE bubble. Blaming them being in big trouble debt-wise on last years disaster is pretty short  sighted.

[Fury]

They have been drowning in debt since the 1990's and their failure to "recover" from their credit/RE bubble. Blaming them being in big trouble debt-wise on last years disaster is pretty short  sighted.

Sounds like something Obama would do.



Oh wait, he has. 

[GigantorX]

LMAO!

Have you not figured it out yet?

Zero Hedge is the Financial equivalent of the tin foil hat brigade.

Honestly - their site is not to be taken seriously.

Incorrect.

They can be pretty dramatic over there but they also are home to excellent analysis and statistical information.

Some of the best, in fact, when breaking down govt. data like U.E. claims and such.

[Fury]

Incorrect.

They can be pretty dramatic over there but they also are home to excellent analysis and statistical information.

Some of the best, in fact, when breaking down govt. data like U.E. claims and such.

I think they're over-the-top in some of their predictions but their statistical analysis is spot-on. And the major networks and news organizations who reference them now seem to agree. The commentators are about as moronic as they are on Getbig but the Tylers do good work.

[kcballer]

Shifting demographics and China's emergence have destroyed Japan.   

[GigantorX]

Shifting demographics and China's emergence have destroyed Japan.   

Also correct. Aging population + insular population = bad demographic trend.

Poor governance and massive debt have played a large role in decline, too.

China will face the same as well and on a grander scale.

[Fury]

Shifting demographics and China's emergence have destroyed Japan.    

China's emergence has much less to do with it than 2 decades of failed economic policies. Funny enough, the same types of policies that your God-King seems intent on emulating.

How surprising that you try to deflect blame off the Keynesian failure that is Japan.

[Shockwave]

What ive seen is that Keynesian economics work on paper, but never actually translate into success in real life.
Seems like over and over we see Keynesian econ bankrupt nations, fail time and time, and yet no one will admit that its a broken theory.

[GigantorX]

What ive seen is that Keynesian economics work on paper, but never actually translate into success in real life.
Seems like over and over we see Keynesian econ bankrupt nations, fail time and time, and yet no one will admit that its a broken theory.

1.) You're a solid  runner. You run with some poor form. Eventually that injures you, at first it's mild....but instead of nursing the injury and improving your form to prevent other further damage you simply pop a bunch of pills, ice it a bit, put a knee wrap on and continue along the same path.

2.)With your pain and injury masked you plow along...but you favor your knee now and that leads to your body being imbalanced during running/daily activities.....this leads to you straining your hip. Instead of learning from the pain, taking some time off to heal and fixing your form to prevent further damage you simply pop more pills, ice it a bit more, possibly stretch and you then get back out there and continue on the same path.

Now you have a damaged knee and a strained hip. But there is time to learn and heal. You must take time off, lose some conditioning but you can come back leaner and more efficient and more healthy.

3.)You don't though. With your bad knee, bum hip and pain masked by short term pill popping and ice/wraps, stimulants etc you continue on the same path. Now those two injuries lead you to favor a certain side of the body and you now have injured your back to go along with the damaged knee and hip....

Do we see where this is going? It isn't a perfect analogy but I believe it captures the spirit of what is going on. Eventually you either damage yourself so much that you can no longer run or job and are hobbled for the foreseeable future until you learn your lessons and fix what is wrong with you.

Fixing what is wrong with you is the recession, if you ignore it for too long or overdue the pain killers, stimulants and steroids you will mask the pain but the damage is still there and it gets worse and worse. The pills/dope/crank also loses it's effectiveness as you need to use more and more  and more and to get the same effect.