Japanese scramble for safe banks
Some time ago we pointed out that our information told us
that the collapse of Japan would be instrumental in bringing about the New World
Since that time we have seen the American economy going down
and the interest rates cut eleven and one half times, the Argentina economy
collapsing and now we see the headline in the New Zealand Herald on 3 April
2002: "Japanese scramble for safe banks - The Government ends its guarantee on
some bank deposits, sending customers into a frenzy of account switching:
Former Japanese tennis star Kimiko Date used to worry about
beating rival Steffi Graf.
These days, she frets about where to put her cash.
After the scrapping on Monday of a Government guarantee on
time deposits of more than 10 Million Yen ($175,000), the former world No. 4
player -– and millions of other Japanese depositors -– are moving their money
in record numbers.
"I'm thinking about dividing my deposits into smaller
lots and putting them at different banks," said the 31-year-old who retired in
"I don't bother making time deposits," tennis star Date
said. "I only have ordinary deposits now. I may also rent a safe deposit box,
but I hear most are already taken at major banks.""
In the Business Herald, New Zealand, on the 13 March, 2002,
we read: "Banks crisis in twilight zone - Does the long-predicted "spring
meltdown" in Japan's banking system spell catharsis or catastrophe?
Tokyo's economic plight has become so deep and convoluted
that debate has entered a weird black hole of warped perceptions. Bad news on
the banks is welcomed for its potential to spur remedial action.
Meanwhile, long-advocated and intrinsically healthy
accounting reforms are seen as ushering in doomsday, as their implementation
will reveal the shocking dimensions of the problem -– estimated at $600 billion
to $1 trillion in non-performing loans...
Combine these dilemmas with paralysing conflict in the
policy-making apparatus and the result is a growing perception of Japan as "the
land of the setting sun".
Prime Minister Junichiro Koizumi's own economic team gives
contradictory signals on how to fix the banking mess...
Panic over the banks distracts from a more insidious danger,
that of ongoing deflation, which is slowly rotting away the world's
New Zealand readers of our magazines, please take notice that
Mr. Koizumi has been in our country recently, during the month of May, and is
now speaking about linking New Zealand and Australia with Japan and we simply
wait now and find out what sort of currency we will be using in the days ahead.
We can be fairly sure that it will not be the New Zealand Dollar and so we wait
with baited breath to see what these world government powers have for us.
However, all is well to the believer in our Lord Jesus Christ
as we understand that all these things tell us He is standing with his hand on
the door handle and is about to burst through to proclaim Himself, King of Kings
and Lord of Lords. Isaiah 9:6: "For unto us a child is born, unto us a son is
given: and the government shall be upon His shoulder: and His name shall be
called Wonderful, Counsellor, The mighty God, The Everlasting Father, The Prince
Make sure you know this wonderful saviour as your personal