Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge.
Japan just fired its stunningly unpopular prime minister, Fumio Kishida, replacing him with a new guy who, in just a few short months, will be just as stunningly unpopular.
Why? Because Japan has gone so far down the government spending path that its political system is no longer serving the people, it’s serving the debt.
In other words, the Japanese are backed in a corner of debt.
You may recall last June’s G7 meeting of the U.S., Canada, Japan, and a bunch of Europeans—the one where President Joe Biden wandered off and everybody followed to cover his butt.
Well, something else fun out of the G7 was the memes listing all the leaders’ approval ratings.
It was pretty bad—Biden was sporting a negative 19—as in, many more voters disapprove…
