Consortium of Defense Analysts
JAPAN
Julian Ryall reports for the South China Morning Post, Jan. 21, 2014, that the Japanese government, saddled with a public debt that is running at 214% of GDP, is planning to raid dormant private bank accounts to boost its bottom line.
The ruling Liberal Democratic Party and its main ally in government, New Komeito, are planning to submit a bill to allow the government to access bank accounts that have not been touched for 10 years or more. The funds, expected to be about 50 billion yen ($488.65 million) each year, would be transferred to the government-run Deposit Insurance Corporation of Japan and used for welfare and education projects. Continue reading “Cash-hungry governments across the world seize inactive bank accounts”

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