Aristophanes

The Japan Problem

Japan's key problems are social and demographic. They built superfluous airports, bridges and roads but really needed to build affordable family size housing and daycare centres to boost their birth rate. Japan more than any Western nation has the worst case of capital misallocation. The current governing party is utterly beholden to those who pour concrete so, once again, the stimulus they are trying is to pour more concrete. You could swing a dead cat on some of their rural 4-lane roads and not hit a car for hours.

ETF Update: Where's the Bull Market?

Maybe we're just all in a bathtub and someone pulled the plug.