We live in a world run by simpletons. In this morning’s paper is a front-page article describing how Japan “wasted trillions” on its various stimulus programs. The International Herald Tribune: “Japan’s rural areas have been paved over and filled in with roads, dams, and other big infrastructure projects, the legacy of trillions of dollars spent to lift the economy from a severe downturn caused by the bursting of a real estate bubble in the late 1980s.” Public spending was so aggressive, it boosted Japan’s government debt to 180% of GDP — more than two times the current U.S. level. But … Continue reading Spend, Spend, Spend