for the Social Credit
Japan: negative interest rates
Borrowing money took a new turn in Japan when interest rates (of the Bank of Japan) fell under zero per cent for the first time in history, in order to boost Japan's economy. On June 25, 2003, this rate was minus 0.001%, which means creditors will pay interest to their debtors. Since Japan's banking system is on the brink of total collapse, the bankers are willing to go against one of their most sacred principles, as a last resort.
About the Author
Alain Pilote has been the editor of the English edition of MICHAEL for several years. Twice a year we organize a week of study of the social doctrine of the Church and its application and Mr. Pilote is the instructor during these sessions.