We have reached the end of the financial road. Will the Japan debt bomb explode first? Possible? Likely? Does it even matter at this stage? When a house of card crumbles, do you really focus on which card fell first?
Interest rates rising unwind the carry trade and the artificial profits which kept zombie banks afloat. Now the tide is going down. We will soon see who was swimming naked. It is quite possible that it was in fact everybody!
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