The Telegraph has an article out today entitled, "At Last, Japan May Be About to Abandon its Disastrous Keynesian Consensus."
Here is a snippet:
....“The government running out of money is not a story made up. It's a real threat," said Japan’s finance minister Jun Azumi on Friday. Opposition parties in Japan are blocking a deficit financing bill which would allow the government to continue to drive its debt levels above 200pc of GDP. If the opposition holds firm, the government has threatened the unthinkable – it will spend less. Tax rises are also on the table, although the doubling of sales tax to 10pc will not come fully into force until 2015.
This is a turnaround for Japan. The nation’s government has already contorted itself in all the ways now common in the West while attempting to postpone this day..... "
I've been screaming since I can remember that the laws of basic math say that if you have 5, you cannot keep spending 7 and that Japan's debt problems must first be fixed by a cut in spending. Coud it be that people are finally waking up?
....Well, we are talking about the government so don't hold your breath....