Remundo wrote:
The Japanese crisis dates back to 1990, with global repercussions (see "Balladur years" in France).
The Fed mainly offered discount rates after September 11, 2001, flooding the world with its monkey money to restore investor confidence. After the crash of "new technologies" and the collapse of the Twin Towers, they were seriously hungover ...
The difference between the US and Japan is that in 1990 the Japanese did not want to take on more debt by buying "free" yen. In the absence of "solvent" buyers, the local trade had to adapt by pulling its prices down. This has had repercussions globally on the cost of high-tech products, one of the few areas where Japan has been able to remain competitive.
Conversely, the American - and world - economy has lived at least 6 years of full euphoria, each economic actor gorging itself in passing, inflating its prices at all costs.
Now that the crash has been proven, the Japanese scenario is reproducing worldwide. The borrowers who have not finished repaying the loans in progress, having no prospect of increasing their purchasing power (unemployment), do not want - can - no longer take out other loans, even at zero rate. .. They must be content to live day by day, not with the money that they were promised for tomorrow!
But the current economic system being pyramidal by nature, borrowing must continue at all costs to maintain the illusion. It is impossible to repay outstanding loans, except by taking out new credits.
Consumers no longer want to follow: we must force them! The state now becomes the only borrower, and it is each of us who will have to repay his debt through our taxes ...
But for this scenario to remain valid, it will be necessary to postpone the retirement age ... to at least 500 years!
The months and years to come will be exciting to follow ... for the survivors.