Must-read of the day is the Times piece on Japanese frugality, accessorized here with sapient comments from Yves Smith. I must say--I was in Japan last fall and had not the least sense of a country in distress. I wasn't in any private homes, but my experience (too) was that people looked busy and well appointed--to all appearances, prosperous, except maybe they aren't.
Update: Dean Baker is not impressed.
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