“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/
Related posts:
Bill Bonner: The Fed Chief America Deserves
Jack Lew -- From K Street to Wall Street to Treasury
Bernanke Hates This Fed Candidate
No More Solyndras? Not Quite
When The Media Lauded Clinton's Gestapo Immigration Tactics
Glenn Greenwald: The crux of the NSA story in one phrase: 'collect it all'
What Egypt Tells Us About U.S. Foreign Aid
Real Reason they Arrested Brandon Raub: Strip Him of His Right to Bear Arms
Sheldon Richman: Why Assad Isn’t “Our Son of a Bitch”
You Don’t Need a Weatherman to Know Which Way the Wind Blows
Here’s Why Bernanke is Clueless…
The Syria AUMF: Be Careful What You Vote For
Covering Up the Katyn Massacre: Another Day at the Office for U.S. Presidents
Venezuela Runs Out of Toilet Paper, Achieves True Socialism
Edward Snowden vs. the Sovietization of America