Hello Snowshoe, <<Jay, are the following sources cited by the WSJ wrong? Or are they being misquoted by the WSJ?>>
The accumulated numbers, in strict sense are not wrong, but are best to be interpreted as 'cumulative past taxes funneled in a re-distributive manner from the workers ('the people') to their unit of employment, the state-owned enterprises'. These numbers are meaningless, and as so as Confederate debts of the American South.
Message 18155388
When the 'people' want to withdraw all their savings in the form of cash in one tranche, the printing press goes into operation, and the Japanese, once again, fill the ditch, holds the bag, be the last man out;0)
But what about their 'savings'?! Well, they lived in a Communist system for over 50 years and had 'enjoyed' cradle-to-grave security during that time.
The 'must' is that as the State banks gets commercialized (mostly done) and before they get privatized (happening), the old ledgers are destroyed, new accounts put in place, the differences made good by printing via State bonds, and the non-performing paper sold at any price over zero.
Presto, abracadabra, courtesy of global print-a-thon.
The only important issue is that training and discipline must be put in place to make sure the privatized banks do not get into similar mess later on, or at least no more likely as JPM;0)
Chugs, Jay |
