JAPAN: THE NEXT GREECE, ONLY WORSE

IT'S THE AGE OF AUSTERITY:

BBC:

Japan is at "risk of collapse" under its huge debt mountain, the country's new prime minister has said.

Naoto Kan, in his first major speech since taking over, said Japan needed a financial restructuring to avert a Greece-style crisis.

"Our country's outstanding public debt is huge... our public finances have become the worst of any developed country," he said.

After years of borrowing, Japan's debt is twice its gross domestic product.

MOST OF THE HUGE DEBT IS THE RESULT OF GOVERNMENT STIMULUS SPENDING THAT STIMULATED NADA.

THE GOOD NEWS IS THIS: AS THE GOVERNMENT SHRINKS PRIVATE ENTERPRISE WILL GROW.

THE BAD NEWS FOR JAPAN IS THIS: THE NEW PM WANTS TO RAISE TAXES.

HE NEEDS TO CUT TAXES AND SPENDING AND PERMIT JAPANESE TO INCREASE CONSUMPTION.

THE ONLY WAY TO DECREASE GOVERNMENT DEBT IS TO GROW GDP.

TO GROW GDP YOU GOTTA GET GOVERNMENT OUT OF THE DANG WAY.