“Japan’s government bonds were bought by its own old people (or their pension funds). They put their savings in the safest possible place – government bonds – to be used to finance their retirements.  How will the Japanese government make good on all these bonds?  The answer is the same as the answer to this question: How will this debt-financed hullabaloo turn out?  Simple: Japan will stiff its own grey-haired creditors – either by inflation or by default.  Argentina, by the way, is already ahead of the game. It nationalized private retirement funds – to ‘protect’ them, of course.  And now, the president aims to ‘protect’ US retirees in the same way.”

http://www.bonnerandpartners.com/stay-away-from-obamas-myras/

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