Recent data from the Bank for International Settlements (BIS) now shows that Japan's domestic government bond market is the largest in the world and the U.S. is second.
Where is the outcry of the "debt terrorists" like Peter Schiff, Jim Rogers and Ron Paul? They should be calling for an imminent collapse in the yen, but they are not. That's because a) they don't understand the monetary system and; b) they support a convenient double standard that says these things only apply to the United States in a negative way.
Total domestic gov't debt issuance:
(Source: BIS, all figures in billions $)
The complete report is available here as a .pdf document.
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