Keynesian death throes.

Thus, the Keynesian disaster [in Japan] is complete. Massive BOJ [Bank of Japan] money printing to fund the deficit is eroding real wages, thereby mitigating against tax increases capable of closing the fiscal gap and reducing the financing burden. The mad men at the BOJ are also, and simultaneously, obliterating the domestic saver with ZIRP [zero interest rate policy] and warding off international investors with a plunging exchange rate. Consequently, there is no honest way to finance the public deficit, meaning that the printing presses will continue to run red hot.

That this policy amounts to a financial suicide mission is obvious enough. But what is truly scary is that Japan’s policy model has been greenlighted and adopted in one form or another by governments and their central banking branches all around the world.

"The Keynesian End Game Crystalizes In Japan’s Monetary Madness." by David Stockman, Stockman's Corner, 12/26/14.