> It’s convenient for deficit hawks that they can simultaneously blame deficits for deflation in Japan and fear monger about hyperinflation in the US. You need

> It’s convenient for deficit hawks that they can simultaneously blame deficits for deflation in Japan and fear monger about hyperinflation in the US. You need to understand the sequence of events in Japan. They had a massive debt problem (national, local and corporate). That triggered a recession causing asset prices to drop. The caused deflation. The only way to not have asset prices drop and some inflation was printing money. So they printed. Their population and economic investment dropped further while they kept printing money (two opposite pulls). This kept them going until today. It's a wonder they didn't hyperinflate. They pulled it off. But the expense of this is no GDP growth. Infact, whatever GDP growth they have is because of BOJ selling assets to BOJ who sells assets to BOJ. It's a mirage. So, yeah, their real economic activity (thus, investments, wages, innovation) has dropped from zero to negative because for the average individual, holding money = gold!