A reworking of the late Patsy Cline's classic "Crazy" was a Top 10 Country hit for Ronstadt in early 1977. The album included a cover of a cover: "The Tattler" by Washington Phillips, which Ry Cooder had re-arranged for his 1974 album Paradise and Lunch. The album showcased songs from artists such as Warren Zevon ("Hasten Down the Wind") and Karla Bonoff ("Someone to Lay Down Beside Me"), both of whom would soon be making a name for themselves in the singer-songwriter world. A more serious and poignant album than its predecessors, it won critical acclaim. It represented a slight departure from 1974's Heart Like a Wheel and 1975's Prisoner in Disguise in that she chose to showcase new songwriters over the traditional country rock sound she had been producing up to that point. The album earned her a Grammy Award for Best Pop Vocal Performance, Female in 1977, her second of 13 Grammys. Ronstadt was the first female artist to accomplish this feat. Released in 1976, it became her third straight million-selling album. Now that the Federal Reserve is tightening, inflation is rising and corporate profits are drying up, Japan’s government is resorting to some truly weird tactics to pay its bills.Hasten Down the Wind is the Grammy Award-winning seventh studio album by singer/songwriter/producer Linda Ronstadt. When I say welcome back, don’t think of John Sebastian’s awful song, or the equally awful television show it introduces. Thanks to ultralow interest rates, and the BOJ’s aggressive buying, Tokyo’s debt-financing burden has appeared less severe. The irony, of course, is that Japanese tax revenues reached a record last fiscal year amid buoyant corporate earnings.
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And how to cover the $75,000 worth of debt each of us here represent-nearly double the per capita amount in 2003. This, at least, seems to be the mindset of authorities desperate to keep Moody’s Investors Service, S&P Global and Fitch Ratings from noticing all that red ink. If that means encouraging young folks to order extra rounds at the pub, then so be it. So, here we are with Tokyo looking to drum up tax revenues any way it can. Surely, Covid-19 didn’t help, but Tokyo had been on an indefinite debt bender for many years. A steadily worsening debt-to-GDP ratio left Japan with quite a preexisting condition once the pandemic hit. It was easier just to issue more public debt and prod the Bank of Japan to increase asset purchases. From 2012 to 2019, the Liberal Democratic Party’s leader, the late Shinzo Abe, pledged to hasten GDP as a means of paying down the developed world’s worst debt load. Yet Japan’s debt was surging in the seven to eight years before most folks in Asia had heard of Wuhan. It’s a reminder, too, that Prime Minister Fumio Kishida’s party is finally getting the 2% inflation it’s wanted for a decade now, it’s not happy about it. Now, the kind way to characterize this borrowing binge is that Covid-19 has been hard on Japan’s economy. In just three months, Tokyo added the rough equivalent of Ecuador’s annual gross domestic product or two Uzbekistans. That means a roughly 14 trillion yen drop from the previous quarter alone.
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In the 12 months until July 1, total outstanding bonds and borrowing hit a record 1,255.19 trillion yen, or around $9.3 trillion. It’s a sobering reminder of how little, if any, progress Japan made over the last decade narrowing the divergence between debt and workers. In 2021, this nation of 125.5 million residents bled some 644,000 people-the biggest declines since such statistics began to be tabulated in 1950.
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Adding to the financial drama, Japan just posted a record drop in population at the same time its debt has historians revising details about Asia’s No. Data released this week showed that Japan’s government debt per capita has for the first time surpassed 10 million yen, or about $75,000. The reference here is to a grim fiscal milestone. But it sure does help defray my $75,000 tab a bit. Granted, this amount is hardly make or break for a $5 trillion economy. In 2021, duties on liquor added more than $8 billion. Stanislav Kogiku/SOPA Images/LightRocket via Getty Imagesĭitto for Big Booze, which explains why this bizarre story is the National Tax Agency’s baby. Crowds of smokers gather in narrow alleys during lunch break in Nihombashi.