Japan May Or May Not Mint Quadrillion Yen Coins, But It Will Monetize European Debt
January 7, 2013 - 10:03pm
Just when we thought America would be alone in crossing into the montary twilight zone where so many Keynesian lunatics have gone before, and where trillion dollar platinum coins fall from the sky right onto the heads of all those who have not even the faintest understanding of money creation, here comes Japan: ASO: JAPAN TO BUY ESM BONDS ASO SAYS JAPAN TO BUY ESM BONDS USING FOREIGN EXCHANGE RESERVES ASO: ESM PURCHASES WILL HELP TO STABILIZE YEN JAPANESE FINANCE MINISTER ASO SPEAKS TO REPORTERS IN TOKYO ASO SAYS AMOUNT OF JAPAN’S ESM BOND BUYS UNDECIDED For those who have forgotten, the E in ESM stands for European (the S for Stability), not Japanese (Stability). Otherwise it would be, er... well, JSM. Keynesian at that. But yes - Japan will now proceed to "stabilize" itself by monetizing European debt. Because its own JPY 1 quadrillion in debt was not enough. As for a rehash of th...
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