by Mike ‘Mish’ Shedlock
Mish Talk
Their favorite pastime? Making bad economic predictions.
The big worry right now in Japan is that cash is piling up in record amounts. No one wants to spend it: Not corporations, not individuals.
Given the massive amount of Japanese government debt, highest in the developed world, economists ought to think saving cash is a good thing, but they don’t.
It’s as if that huge pile of cash will cause a global outbreak of leprosy.