&gt; you can&#x27;t spend money you don&#x27;t have forever<p>Nothing lasts forever, so let&#x27;s talk about your model of how the economy works within your decision horizon.<p>The BoJ has been printing yen for decades, and the counter-intuitive result is that yen is strong and 30-year interest rates are less than one half of one percent.<p>Your model predicts imminent catastrophe, yet there is zero evidence that this cannot continue for the foreseeable future.<p>&gt; you are taking the money from the future<p>No, we are borrowing from each other in the present. And those lending to Japan apparently think there is an extraordinarily low risk of default over the next 30 years.<p>&gt; There are well-known hedge funds (check out Kyle Bass) betting against Japan.<p>And yet the yen is strong and interest rates are low.<p>When the facts on the ground contradict your mental model of how the world works, maybe it&#x27;s time to change your model.