The Importance of Private Debt in the Economy

Private debt varies radically around the planet. Japan had a historically much higher level of private debt, but most of that private debt was taken on by corporations and it was used to finance investment and working capital. It worked very well up until the bubble economy began in 1980 when the deregulation and all those usual nonsense from the West was swallowed by Japanese economists and central bankers. So it's when you let the finance sector funds asset price speculation,. It then takes over the economy and cripples it.