Burn the Japanese debt? Think again, Ambrose!

Re: Just set fire to Japan's quadrillion debt, by Ambrose Evans-Pritchard

Well, Ambrose, I am one of those who has "Austro-outrage" over your inane proposal to just burn or bury in a locked drawer Japan's mounting debt.  Your unconcern over the consequences of confiscating the accumulated wealth of an entire generation is breathtaking.  That debt represents the sacrifice of real people to sustain them in their old age.  Furthermore, it is the only source of future Japanese prosperity, the capital accumulation that results from such savings sacrifice.  Now you want Japanese politicians, some of the most ignorant people on the face of the earth, to force the Japanese people to eat their seed corn, because you want these politicians to confiscate the entire crop.  Get real!  Get real economics, Austrian economics, that is not blinded by the smoke and mirrors of fiat money manipulation by gangsters in high office!

 

Think of it this way...rather than authorize the government of Japan to issue debt that is purchased by the Bank of Japan, let ME sign debt obligations that are purchased by the Bank of Japan.  Put MY debt instruments in a locked drawer or, better yet, burn them!  I'm sure that I can spend the money just as fast as the Japanese government, and isn't it the spending part that you believe is all important?  So, why does it matter who spends the money?  Now then, where do I sign?