We now know why Japan said it wants to be the first full adopter of the Great Reset: It's about to enter an inflation "death spiral." But because of how connected Japan's economy is to America, the crash of the yen could easily lead to a crash of U.S. treasury bonds, i.e. our debt. That alone is terrifying, but it's not the full story: What happened to the Japanese market sounds eerily similar to what's happening now in America, and China is all too aware.
On the radio program, Glenn Beck detailed why our biggest ally in Asia may be on the brink of financial collapse and what it means for America’s economy.
"The Japanese yen has fallen to its lowest level against the dollar in more than 20 years," Glenn began. "The why behind the crash is what you need to care about, because it could very easily lead to the crash of our treasury bonds ... our debt. The the Japanese are the largest holder of U.S. treasury bonds in the world. They hold more than China, more than any European country, more than any other entity except the U.S. Federal Reserve. ... Japan holds $2 trillion dollars of our debt."
Glenn went on to explain how U.S. Treasury Secretary Janet Yellen and the Biden administration refused Japan’s Finance Minister Shunichi Suzuki's request for financial intervention as the yen falters, thus forcing Japan to sell its U.S. treasury bonds to shore up its currency. As a result, the Fed would print more money in order to put trillions of dollars into buying the bonds that would now be on the market, causing another spike in inflation.
"That's the story you'll hear if you pay attention to Bloomberg. But that's just a small part of what's going on," Glenn warned.
"Right now, [Japan] is at the beginning of the inflation death spiral," he continued. "If they collapse, I mean really collapse, who can bail them out? We can't. We're close to a death spiral. So who bails them out? And what happens when next September, President Xi goes in front of his people's Congress and says, 'Okay, everybody vote. I am dictator for life'? When that happens, if Japan is out, we are so weak, with everything else that is going on, do you think we're going to save Taiwan? How would we even do that? How would the West protect Australia?"
"Prepare for impact," Glenn concluded. "Prepare for impact, because it is happening."
Watch the video clip below to hear Glenn break down the details:
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