Japanese society is caught in a demographic trap. The state is completely over-indebted and in recent years it has been Japan's central bank that has taken on a large part of the newly imitated debt on its balance sheet to keep things running. With its show event to raise the key interest rates minimally from negative territory to 0%, the Bank of Japan is distracting from the fact that it is almost impossible to bring this bloated balance sheet back to a normal level. The question is, who is going to take on this debt and at the same time keep the state apparatus, which is accumulating more and more debt, liquid? Of course this is impossible. We are living the death throes of fiat money here, which we can probably expect to see in a similar form in the eurozone sooner or later. Here it is heavyweights such as Germany, but also all other countries, whose reproduction rates have collapsed and whose debt is gaining momentum. Nobody else, apart from the European Central Bank, will want to take toxic debt securities from these countries onto their balance sheets. The euro is in latent danger!