You have bad credit Japan
Japan is known to be the world's second largest economy
after the United States. One would hope that in the light of US financial
fragility, that Japan would offer some sense of stability. Not so according to
Moody's Investors Service, who have said that Japan's debt levels are
approaching "uncharted territory".
Worse still, MIS has slashed Japans credit rating by two
notches -– which not only hurts Japanese pride, but also impacts greatly
potential investment into the Japanese economy.
"...The country's yen-dominated bonds, in theory, now are
less credit-worthy than those of Botswana, Chile and the Czech Republic, and on
par with Poland and Cyprus.
It was the latest economic embarrassment for Japan, which
little more than a decade ago seemed invincible, its corporate titans snapping
up Hollywood Studios and prime US real estate at premium prices.
These days, the dominant headlines are about rising
unemployment, bankruptcies, bad loans and politicians too weak willed to do
anything to correct the course..." LA Times, 01 June 2002.
How far down will the Japanese economy slide, how will it
affect us in the West? Barry Smith used to talk about 'the domino affect'.
I don't know if it's of any comfort to the Japanese to
know that there are economies that are worse off! Economies like that of Argentina.
"In much of the world, being a banker ensures a reasonably
stable life. But in Argentina, where the economy is disintegrating at breakneck
speed, banks are on the front line of a financial disaster and their staff are
facing death threats, assaults, bomb scares and nervous breakdowns...
On the walls of 'la city' - Buenos Aires' financial
centre - banks are barricaded behind metal sheeting and graffiti warns: 'Danger
-– banking zone'.
After six months of cash rationing, public desperation has
reached new heights; a 58 year old woman recently set herself on fire in her
bank when she was denied her money.
Bankers are heading to hospital with heart attacks and
nervous disorders as normally peaceful, often elderly, middle-class clients vent
their fury over the partial freezing of £14 billion in private deposits in a
ravaged financial system..."
Over the years we have met many sceptics of the whole concept
of a global cashless society. Understandably, the very thought that an
individuals hard earned cash and life's savings could be taken over by a
political system, and its value manipulated or even 'cancelled' -– to be
replaced by a cashless society?
Obviously if one has never experienced such an invasion of
civil liberty, how could one ever begin to comprehend its reality. Of course it's
hard to believe! But it happened in Germany in 1948, and it's happening in
The actuality of the Argentina experience is harsh -– four
million people plunged into poverty since October 2001, with no political
saviour in sight. Argentines have rejected their corrupt and incompetent leaders
en masse but have nowhere to invest their trust and support. The frustration and
pain is causing very desperate people to take very desperate measures. The
ruling classes (rich folk) are shaving off beards and dressing in 'ordinary
clothes' to avoid being recognised by angry crowds. Many are also carrying
pistols. Angry crowds have beaten up economists, judges and politicians,
including former President Fernando de la Rua who lost control of the country
following riots in December. He received a black eye after being surrounded by a
mob outside his golf club. Anti-government graffiti all over the city of Buenos
Aires doesn't assist, 'Serve your country, murder a politician'. James
Neilson, a political analyst added, 'If this was England, there would be MPs
dangling from lamp posts'. Perhaps when it does happen in England, and Japan
and all other countries we'll begin to believe it is possible!
Case Study: Germany 1948.
Quote from page 7 'Second Warning'
by Barry Smith
"Question: What is the best time to crash the world
Answer: Either, on a Sunday, when the banks are shut, or
before banks are open for trading during a week day.
In 1948 in Germany the reichmark was heavily inflated and in
Bonn, as they studied the economy, they decided a stroke of the pen and a
cancellation of the old system was the best approach to starting all over again.
There was no warning to the populace. The Sunday morning paper made the
announcement "Reichmark cancelled". Millions of folk lost their savings
overnight...Rich and poor lost their money overnight. Each was given 40 D.M. to
start again with...the stars and stripes, the official organ of the US Army
published statistics of suicide, and showed pictures of the Rhine river filled
with the bodies of the dead, many of them with their hair turned white over
We are exhorted in the Scriptures to set our affections on
things above and not on things on the earth. We are encouraged to learn to look
at the things which are not seen (spiritual) -– knowing that the things
which are seen are temporal, but the things which are not seen are eternal.