While Japan faces mounting risks and a dangerous cleanup at the failed Fukushima nuclear plant, the situation may be similarly bleak for the Japanese economy in the short term. Ladies and Gentlemen, Japan is basically screwed. There are no two ways about it – with its rapidly-aging population, the unmanageable environmental disaster in Fukushima, and government debt to GDP levels at a staggering +240 percent, Japan will soon be teetering on the brink of a very turbulent situation.
Mainstream financial pundits and prominent Western economists have had a lot of nice things to say about Japanese Prime Minister Shinzo Abe’s highly-touted ‘Abenomics’ economic reform program, and Abe’s strong mandate in recent parliamentary elections was treated as a green light to continue pressing ahead. But there is reason to believe that Japan may not be able to finance its gargantuan pile of debt for much longer.
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Nile Bowie is a Malaysia-based political analyst and a columnist with Russia Today. He also contributes to PressTV, Global Research, and CounterPunch. He can be reached at nilebowie@gmail.com.
