Some cliffs are: Argentina- 25-30% inflation has has bond yield spikes, but hasnt crashed yet... Japan- extremely high debt, and artifically very low bond yields the risk is when bond yields go up Japan could have to do a ton of printing... all while trying to keep bond yields under control to prevent a full on bond yield collapse. ----- It's hard for me to tell who is more likely to collapse sooner as they have different situations (albeit both are borderline crash-worthy. Let's hear your feedback