Is Europe at risk of a Japanese scenario?
With respect to monetary debauchery, Japan has certainly been the forerunner in recent years.
Japan was the first major industrialized nation to experience the bursting of a massive real estate and credit bubble in 1990. It was the first country to introduce a zero interest rate policy in reaction to the deflationary consequences, and where modern-day “quantitative easing” celebrated its sad premiere. The unintended consequences of the zero interest rate policy are especially glaring in Japan.
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