[PEN-L:383] Re: Naive question on Japanese Debt

[Mathew Forstater <forstate@xxxxxxxx>]

Michael- I forwarded your post to Randy Wray, since he talked about those
stones in a recent paper.  His reply:

>japanese debt has 2 sides, an asset and a liability. the stones are only an
asset.
>actually, of course, the stones aren't money at all. it is only when the
>germans tax them (removing symbolic wealth) that they have any "moneyness".

I think I have a copy of his paper if you're interested.

michael perelman wrote:

> I want to ask a question about Japanese debt by beginning with some
> notes that I have taken:

<snip>

> Now, my naive question:  How is the revelation of the $1 billion in
> Japanese debt different from the sinking of the Uap's fei?
> --
> Michael Perelman
> Economics Department
> California State University
> Chico, CA 95929
>
> Tel. 530-898-5321
> E-Mail michael@xxxxxxxxxxxxxxxxx