United States Trails Basket Case Japan: But Deficit Is Down by Dean Baker
At this point, the deficit hawks are jumping up and down screaming that the boost to Japan’s economy is just a sugar high and that it will soon face a horrible collapse as payback. Of course, anything can happen in the future, but we just don’t see any real evidence of the deficit hawks’ bad story as of yet.
The sugar high was the housing bubble which Greenspan ignored and the shadow banking system which was allowed to arise unregulated and susceptible to a bank-run.
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