Recently Japan’s public debt has hit one trillion quadrillion yen. That is roughly $10 trillion. It will reach 247 % of GDP this year (IMF data). No problem. Where there is a will, there is a solution to almost everything. Let the Bank of Japan buy a nice fat chunk of this debt, heap the certificates in a pile on Nichigin Dori St in Tokyo, and set fire to it. That part of the debt will simply disappear. These days you could do it as an electronic accounting adjustment in ten seconds. Or if you want preserve appearances, you could switch the debt into zero-coupon bonds with a maturity of eternity, and leave them in a drawer for Martians to discover when Mankind is long gone.
Posted on: Sat, 10 Aug 2013 04:32:43 +0000
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