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2024-10-08 17:35:57
in reply to nevent1q…34gl

Sensei on Nostr: sj_zero npub1yykpe…qz9px npub1c660e…gtduv Japan went from the wreckage of WW2 to ...

sj_zero (npub1m34…njzz) npub1yykpeg99uw8gq0tdr0t8d7e7g5hnj982sdfhlfqkvygd2zcyzsxsqqz9px (npub1yyk…z9px) npub1c660ezre0ht785j7cstck6fl03jg3n6slzpuc8tzxjyzyudfkp2svgtduv (npub1c66…tduv) Japan went from the wreckage of WW2 to an ultra-modern economic super-power. A massive real estate bubble burst there in the mid-90's. Japan's largest banks held huge debt collateralized by Japanese real estate. Suddenly, they were insolvent (zombie banks). The Japanese government propped them up (and continued to prop them up) with massive government debt. This resulted in decades of economic stagnation. Japan's government debt is now 263% of GDP. (US is at 100%)
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