At least we're not the UK... And at least Greece isn't the USA.
Zerohedge reports in "We Are Number One!", Or Why At Least Broke Greece Is Not America
The article talks about public debt then continues...
When one adds private financial and household debt, things get truly hilarious, as seen on the following chart also from Morgan Stanley (which unfortunately excludes such critical components of public debt as contingent and NPV of pension and healthcare) which shows why the UK, with its 950% global consolidated debt/GDP, is quite fond of infinite rehypothecation, or the iterational “fractional reserve” creation of credit money from one asset (most likely robo-signed away to someone, unclear quite who: just ask Jon Corzine how fiat money can evaporate when one tries to match it with the “asset” that spawned it), as many times as necessary to pay those record banker bonuses.
It's as I mentioned so many times in the past, folks... In Japan's case, like the rest of the world, our problems of public debt stem from uncontrolled government spending... They can raise taxes to the moon and it won't matter if they do not cut spending.
If you have a can with ten marbles in it, you cannot take out eleven marbles. We need to cut government spending immediately...
