Insanity In Japan

``If the real problem... is too much debt, which at 255% of Japan's GDP seems a reasonable assumption to us, then the misdiagnoses and resulting ill?designed policy response leads to even slower growth, more persistent deflationary pressures and exacerbates the original problem. The graphs below shows that economic activity is currently at levels last seen in 1993, yet the level of debt has risen 360% since 1996. The charts provide evidence that Japan's crippling level of debt is not helping the economy recover and in fact is creating massive headwinds.''