Wednesday, Oct 07, 2009
Easy money - sounds familiar
Bloomberg: Kamei Says Moratorium Won’t Increase Japan Bad Loans
Japanese banks’ bad loans won’t be driven higher by a proposed moratorium on debt payments by struggling small companies, said Financial Services Minister Shizuka Kamei.
“We’re going to make it extremely easy for very small companies to get money,” Kamei said.
Posted by devo @ 07:02 AM (280 views) Add Comment
1 Comment
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1. japanese uncle said...
I have little doubt his intention is genuine, ie. he just wished to save otherwise well run SMEs which would go bust simply because of their banks denying supply of working capital, rather than saving the neck of banks. But the real issue is, the severe lack of effective demand in the economy, which cannot be solved by helping the supply side, but by helping the consumers. The only way out is the general tax reduction including the temporary abolition of VAT, at the cost of the very wealthy under a severely progressive taxation, by which trillions of surplus money that is going around in speculative 'investment' markets, causing further damage to the economy, should be channelled back into the 'real economy' ie. into the hands of the majority of population who actually spend for their daily necessity, thereby resuscitating manufacturing, retail, and other prime movers of the economy. Exactly the same argument applies to the UK, full stop.