The Cosmic Tap
Miscellaneous Affronts To Your Assumptions
Nice piece over at R/W/Web.
There’s a reason Japanese itrsneet rates didn’t skyrocket – Japanese savers hold most of their national debt through the Japanese Postal System Savings program.This is not true of U.S. Federal debt. Not only is a lot of Federal U.S. debt held by foreigners, but much of it is held by various institutions that have no emotional commitment or allegiance to it like a Japanese retail saver might have to his savings through the postal system.
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