Debt and Inequality

Lucky Tan shows this graph at Diary of a Singaporean Mind:

Graph #1, Source: Video on the Income Gap...

Gets bigger if you click on it.

Most unequal, down at the bottom of the stack, is Singapore. Next above that, USA.

Least unequal, at the top of the chart: Japan.

Japan, which has had a "lost decade" for more than twenty years, and GDP still refuses to grow:

Graph #2: Real GDP in Japan (Log Scale)

Japan, where quantitative easing has made it that there is a whole dollar of circulating money for every dollar's worth of output produced, and debt still refuses to fall:

Graph #3, Source: Japan versus USA (2)

Mostly private debt, by the way.

Least unequal. Maybe inequality is not the driving force. Maybe debt accumulation is the driving force, and inequality is a result.