Treasury’s Last Pillar Crumbles
With the return of Shinzo Abe and his Liberal Democratic Party to power in Japan, the market for US Treasuries may be losing its last external pillar of support. Re-elected on September 26th, Abe has quickly set a course for limitless inflation, saying Japan must “free itself from deflation and the strong yen.” This is significant to the global economy as Japan is the largest foreign power left with a strong appetite for US Treasuries. If this demand falters, the Fed may be the only remaining buyer of new Treasury issuance.
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Mitt Romney and I are competing in a new Olympic event that involves proffering unvarnished criticism of the Olympics themselves.
(These poll numbers are from a survey of 500 likely voters that I conducted on Thursday, Aug. 23.) Voters have