Japan Enters Its Death Spiral
Protect the yen, crush the stock market. Or vice versa
Japan has been a big topic in this newsletter because it illustrates the no-win situation in which wildly overindebted countries eventually find themselves. Here are two articles that illustrate the point:
How a Country Goes Bankrupt, In 10 Steps
Now For The Death Spiral
Confronted with both a plunging yen and rising interest rates, Jap…