from John Galt FLA:
Investors should buy assets in U.S. dollars and other currencies of strong developed nations because Japan may default within five years, said Takeshi Fujimaki, former adviser to billionaire investor George Soros.
“Japan is likely to default before Europe does, which could be in the next five years,” the president of Fujimaki Japan, an investment advising company in Tokyo, said in an interview yesterday. Japanese should hold foreign-currency products, such as those denominated in the greenback, Swiss franc, sterling, Australian and Canadian dollars, Fujimaki said.
From an American economic standpoint, a default by Japan would make the collapse of all of the PIIGS nations pale by comparison and create conditions we have never witnessed for the world financial system and have grave geopolitical implications for the United States and the free world.