Japan's Banking Collapse Nearing

July 13, 2002

The senior economist for one of Switzerland's largest banks tells NewsMax that Japan's banking system is on the verge of a complete collapse.

Already in a 12-year recession, Japan's economy shows no signs of a turnaround. Near-zero-percent loans have not spurred economic growth.

Last year, some 46 credit unions and cooperatives (our version of a savings and loan) went belly up. Japanâs government has also dramatically reduced its version of FDIC, saying it would protect accounts of less than $75,000.

The Japanese already see the handwriting on the wall. The recent run-up in gold is linked to Japanese capital fleeing the Japanese economy.

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