Thus the influence of the Japanese banks in international lending, even among the banks of industrialized nations has been further enhanced. If anything the trend is accelerating. Fittingly enough, at a press conference in Brazil, formerly the worlds largest debtor nation until the US assumed the questionable honor, Former US Secretary of State Henry Kissinger predicted Friday that the United States would face a critical economic situations if it fails to find a way to service its foreign debt, the largest in the world. Barely five years ago the US was the worlds largest creditor nation, but from 1982 its foreign borrowings snowballed.
Brazil is now a distant second.
As Kissinger has noted, the future ramifications of this uncontrolled profligate spending will be immense in the not too distant future.