DOOLEY Observed: Japan's government could run out of cash by October

Thomas Jefferson said in 1802: "I believe that banking institutions are more dangerous to our liberties than standing armies."

"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not."-- Thomas Jefferson

"When in danger or in doubt, run in circles, scream and shout." .... jbd

"When once a job you have begun, do no stop till it is done. Whether the task be great or small, do it well, or not at all." .... Anon

Insanity: doing the same thing over and over again and expecting different results. - Albert Einstein

Television is one daylong commercial interrupted periodically by inept attempts to fill the airspace in between them.

If you can't start a fire, perhaps your wood is wet ....

When you elect clowns, expect a circus ..............

Friday, July 6, 2012

Japan's government could run out of cash by October

By Stanley White |

TOKYO (Reuters) - Japan's government could run out of money by the end of October, halting all state spending including salaries, pensions and unemployment benefits, because of a standoff in parliament that has blocked a bill to finance the deficit.

The deficit financing bill, which would allow the government to sell bonds needed to fund almost half of the budget, has languished in parliament as the ruling Democratic Party tussles with opposition parties that can use their control of the upper house to reject legislation.

"Without this bill, the budget will collapse," Finance Minister Jun Azumi said on Friday, pleading for cooperation from the two largest opposition parties.

"It doesn't matter which party is in power. I really hope that we can get a multi-partisan agreement on the deficit bill."

If the bill is not passed, government spending would grind to a halt, the world's third-largest economy would be put in jeopardy and its standing among credit ratings agencies could suffer.