Show Notes
The US government quietly bailed out Japan. The Treasury intervened in the foreign exchange market to try to stabilize the yen, the Japanese currency. Ben Norton explains how this reflects a larger, structural problem with the dollar system. Japan is the largest holder of US Treasury securities (US government debt), and Washington doesn't want other countries to sell its bonds, fearing that yields could rise and cause a debt crisis.
VIDEO: https://www.youtube.com/watch?v=ngGQrWxNdV4
Topics 0:00 USA bails out Japan 1:04 Japanese yen falls against USD 1:29 USA will "do whatever it takes" 2:21 Japan's holdings of US Treasuries 3:03 China de-dollarizes 3:31 US empire and Japan 4:26 Japan's role in dollar system 5:32 Carry trade 7:24 Wall Street benefits 8:24 Real reason for US intervention 9:39 US fears sales of its bonds 10:37 US bond yields rise 11:38 US government debt 12:14 Inflation in US 12:56 Foreign demand for US bonds 14:35 Seizure of Russian assets 16:06 Central banks buy gold 16:55 US bond market problems 17:58 US Treasury sells euro 19:37 Crisis in dollar system 22:07 Dollar dominance in decline 24:30 Why the yen is falling so much 24:51 Energy crisis and Iran War 26:57 Inflation in Japan 27:47 Interest rates in Japan 29:25 US govt backs carry trade 30:36 Economic stagnation in Japan 31:03 Enormous debt to GDP in Japan 33:10 US debt problems 33:44 Slow-motion financial crisis 34:46 Outro
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