Despite all the hoopla about recoveries and green shoots, the western welfare states are a mess and it shows in markets. Their stock markets are below where they were in January of 2000. And Japan is with them.
We have a classic “chicken-egg” problem. Which came first debt or the welfare state?
If you con’t consider Japan as a welfare state, then you might answer debt. The correct answers are neither, both or over-reaching government.
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