Definancialization is the process in which excessive speculation, debt, leverage reverse, crushing the economy with malinvestment and legacy debt while the crony-capitalist Central State attempts to stem the resulting deflation with massive, sustained Keynesian stimulus (fiscal deficits).
What we’re seeing in Japan is the confluence of three dynamics: definancialization, the demise of growth-positive demographics and the devolution of the consumerist model of endless “demand” and “growth.”
Japan is the leading-edge of the crumbling model of advanced neoliberal capitalism: that consumerist excess creates wealth, prosperity and happiness.
via Guest Post: Narcissism, Consumerism And The End Of Growth | ZeroHedge.