Thursday, February 25, 2016

Abenomics Fail – Safe Sales Soar in Japan as People Move to Store Cash Amid Negative Interest Rate Turmoil

by Michael Krieger,
Screen Shot 2016-02-18 at 3.57.54 PM
Their imminent departure from evening news programmes is not just a loss to their profession; critics say they were forced out as part of a crackdown on media dissent by an increasingly intolerant prime minister, Shinzo Abe, and his supporters.
Only last week, the internal affairs minister, Sanae Takaichi, sent a clear message to media organizations. Broadcasters that repeatedly failed to show “fairness” in their political coverage, despite official warnings, could be taken off the air, she told MPs.
Momii caused consternation after his appointment when he suggested that NHK would toe the government line on key diplomatic issues, including Japan’s territorial dispute with China. “International broadcasting is different from domestic,” he said. “It would not do for us to say ‘left’ when the government is saying ‘right’.”
– From the post: Japanese Government Cracks Down Hard on the Media Amid Pitiful Economic Performance
Just in case you still remain confused as to why global economists, technocrats and elitist thieves the world over are suddenly rushing to ban cash, today’s article from the Wall Street Journal should make their intentions perfectly clear. *Hint, it has nothing to do with stopping crime.
Here are a few excerpts from the piece, Japanese Seeking a Place to Stash Cash Start Snapping Up Safes:
TOKYO—Look no further than Japan’s hardware stores for a worrying new sign that consumers are hoarding cash—the opposite of what the Bank of Japan had hoped when it recently introduced negative interest rates.
Signs are emerging of higher demand for safes—a place where the interest rate on cash is always zero, no matter what the central bank does. Cash languishing in safes could thwart the Bank of Japan’s move to get money circulating more vigorously in the economy. 
Shimachu Co., which operates a chain of stores selling hardware and home products, said Monday that sales of safes in the week that ended Sunday were 2½ times higher than in the same period a year earlier.
One safe that costs about $700 is now out of stock and won’t be available for a month, the chain said.
“I am a bit worried about what will happen next,” said Kazuo Matsumoto, a customer at one of the Shimachu stores in Tokyo. While he didn’t buy a safe, the 64-year-old said he might turn some of his cash into gold and keep it inside a safe-deposit box he rents.
“According to the BOJ theory, they should have moved their funds into riskier but higher-earning assets. Instead, they moved into pure cash that earned nothing,” wrote the newsletter’s author, Richard Katz.
It doesn’t take a brain surgeon to see what’s going on here. Our so-called global “leaders” understand that while the public may be stupid, it isn’t stupid enough to keep money in the bank once it starts charging them a percentage of their money just for holding deposits. Of course, there hasn’t been a surge in “criminals” using cash over the past year; rather, the powers that be want to ensure the slaves are forced to keep money in the bailed out, thieving banking system no matter what it does to them.
That’s the only reason for the current push to ban cash. It’s beyond transparent and must be stopped if you want to protect some semblance of financial and economic liberty.

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