The normally retiring newspapers of Japan, the country that holds the second largest amount of U.S. debt, are letting out some of there inner tigers in reaction to the prolonged debt ceiling debate. This editorial from Japan’s Mainichi Shimbun implores American lawmakers to act responsibly so as not to plunge the world into another major financial crisis.
The Mainichi Shimbun editorial says in part:
It is of course natural for politicians in democratic countries to look toward the next election. That is particularly true of members of the U.S. House of Representatives, who have to face the voters every two years. These lawmakers tend to constantly play to their constituents to improve their chances of retaining their seats. For Republicans who swept to a majority in the House in the last midterm elections, this means taking tremendous pressure from the conservative grassroots movement the Tea Party, which helped propel the Republican Party to victory and is dead set against raising the debt limit.
However, protecting the national interest and the full faith and credit of the dollar should be a far greater priority. An agreement on raising the debt limit is urgent, as is the necessity of drastic cuts in the deficit. A half-hearted deal would invite a downgrade of U.S. debt, perhaps triggering a short-term crash in the value of the dollar, long-term hikes in interest rates and plummeting stock prices around the world.
Less than three years since the Lehman Brothers collapse sparked a financial crisis that nearly tipped the globe into another Great Depression?, it is unacceptable that the world may soon be plunged into another ‘Made in USA’ financial catastrophe.
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