With the United States ranking number 1 and China ranking number 2, Japan being the 3rd largest economy in the world has a gross domestic product of a mind blowing four trillion dollars per year. Japan is definitely a force to be reckoned with. This export based economy is home to some of the world’s most popular companies. Companies like Sony, Canon, Honda, Toyota and Sharp are world renowned and call the economic giant, Japan, home.
The Yen, which is the name of the currency used in Japan, has a reputation of being stable and safe. But even though Japan is the third largest economy on the planet, it is one of the few countries in the world that suffer from a major economic problem. That problem is called, deflation. Unfortunately, Japan isn’t a stranger to deflation for it has been experiencing deflation since the 1990’s.
Just in case you don’t know what deflation is, it is when overall prices of goods and services decrease over a period of time. It’s usually a side effect of a muscular (strong) currency. Especially in Japan’s case, having a strong currency is a very bad thing. Why? Because Japan is an export based economy, which means a lot of Japan’s capital comes from exporting their goods and services.
When a currency becomes too strong, that country’s goods and services will be more expensive to foreign countries. That’s why Japan must avoid a strong currency like a plague. Japan’s strong currency is also responsible for throwing the country into a deflationary spiral. Don’t forget, deflation is when the overall prices of goods and services decrease overtime and that is a bad thing as well. I know that it seems counter intuitive, but it’s true.
When overall prices for goods and services decrease over time, it also does harm to an economy for it gives an incentive for consumers to not spend money and an incentive for banks to not loan money. When citizens postpone buying and spending money, that can do some damage to an economy.
The Bank of Japan, Japan’s central bank, has been doing all it can to get Japan out of deflation. But all their efforts seem to be ineffective. Experts at the Organization for Economic Co-operation believe Japan may be in deflation until 2014. Only time will tell.
One thing the Bank of Japan can do is to do what the Federal Reserve has done and print more money to weaken their currency.
Tags: bank, Bank of Japan, banking, business, Central Bank, Deflation, economics, economy, finance, Japan, News, world news
News | Sean Henzington | 
December 1, 2010 1:22 am | 
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The Federal Trade commission plans to award 1.6 million dollars to thousands of consumers who were tricked into paying money that they did not owe by scam artists who used threats, harassment and lies to get them to pay up.
In 2003, the FTC sued three companies that were operating under the name, National Check Control. They charged them with harassing and abusing customers. The list of grievances included falsely threatening criminal prosecution, collecting amounts that were not due, illegally communicating with third parties and other violations of federal laws.
Two years later the court put a permanent halt on their business and demanded that they to pay back the consumers they had scammed. The defendants, Check Investors Inc, Check Enforcement Inc, Jaredco, Inc and the companies owner Barry Sussman attempted to appeal the case to the Third Circuit Court of Appeals and the Supreme Court but to no avail.
One day after the appeals court didn’t agree to look into his appeal, Sussman suspiciously retrieved an amount of coins valued at $335,000 from a bank safe deposit box. The federal court demanded that he turn over them to the FTC to pay back the consumers. Later, a federal jury convicted him of two felony counts, one for theft of government property and one for obstruction of justice. He was sentenced to forty one months in federal prison and is serving his sentence now.
The FTC was able to recover 1.6 million dollars to give back to the conned consumers. They plan to distribute the funds to 24,916 consumers who lost a hundred dollars or more as a result of the scam. They will begin to receive checks this month.
The Federal Trade Commission is responsible for putting an end to fraudulent, unfair, and deceptive practices that may be harmful to consumers. Also, they provide information to help the consumer in seeing, stopping, and avoiding scams.
Mallory works for a new york collection agency. Using a collection debt agency? Hire the services of a collection attorney.
To aid small businesses and other entities, the Federal Trade Commission agents will enhance its efforts to educate them about compliance with the “Red Flags” Rule and ease compliance by supplying additional resources and guidance to clarify whether businesses are covered by the Rule and what they must do to comply. To give creditors and financial institutions added time to review this guidance and develop and implement written Identity Theft Prevention Programs, the FTC will further delay enforcement of the Rule until November 1, 2009.
The Red Flags Rule is an anti-fraud regulation, pressing creditors and financial institutions with covered accounts to implement programs to identify, detect, and respond to the warning signs, or red flags, that could reveal identity theft. FACTAs definition of creditor includes any person that regularly extends or renews credit ” or arranges for others to do so ” and includes all entities that repeatedly permit deferred payments for goods or services.
The FTCs Red Flags Web site, www.ftc.gov/redflagsrule, offers resources to help entities determine if they are covered and, if they are, how to conform with the Rule. It includes an online compliance template that enables companies to design their own Identity Theft Prevention Program through an easy-to-do form, as well as articles directed to specific businesses and industries, guidance manuals, and Frequently Asked Questions to help companies navigate the Rule.
Although many covered entities have already grown and implemented appropriate, risk-based programs, some ” particularly small businesses and entities with a low risk of identity theft ” remain uncertain about their obligations. Among other things, Commission staff will create a special link for small and low-risk entities on the Red Flags Rule Web site with materials that provide guidance and direction regarding the Rule.
The Commission has already posted FAQs that address how the FTC intends to enforce the Rule and other topics ” www.ftc.gov/bcp/edu/microsites/redflagsrule/faqs.shtm. The enforcement FAQ states that Commission staff would be unlikely to recommend bringing a law enforcement action if entities know their customers or clients individually, or if they perform services in or around their customers homes, or if they operate in sectors where identity theft is rare and they have not themselves been the target of identity theft.
Todays announcement that the Commission will delay enforcement of the Rule until November 1, 2009, does not affect other federal agencies enforcement of the original November 1, 2008, compliance deadline for institutions subject to their oversight.
I work for a third party collection agency. Find out about collection services and collection laws at our website.
Tags: bank, credit, government, legal, legislation, loan, management, News, personal finance, retail
News | Jonathan Summers | August 23, 2010 1:21 pm | Comments (0)
In the town of Cody, Wyoming, 219 utility accounts were sent for collection. Only four of the bills belonged to property owners. Some are suggesting that the town council should think about holding property owners responsible for utility costs that their renters left unpaid. A policy like that could have added $180,000 to the city budget during the past five years, and furthermore, other utility users are subsidizing those that don’t pay their bills.
Landlords are offering fast and obvious objection, asking the city council why it should be their responsibility to pay for a bill that someone else racked up. Another plan has been proposed though, one that would require a deposit from every person opening up a utility account.
This change in policy would involve a number of changes such as a mandate that a property owner co-sign for a renter’s account. Tenants would be billed on their own account but have an open landlord account for each property. Unpaid bills would be transferred to the landlord’s account if the tenant doesn’t pay.
Deposit requirements would go from $150 to $200, and would be necessary for all accounts, regardless of their past credit history. Property owners would be notified of delinquencies, and they would be encouraged to get in touch with the city to determine if the bill got paid before returning rental deposits. All property owners would have to keep utilities in their names.
Proponents of the plan say that it is not out of line with what other cities are doing, and it is a simpler and more cost efficient way to collect money. Collection agencies receive about one third of what they collect in the city, and 60 percent of bills that go to collection remain unpaid.
No matter what decision they arrive to, it should be quick: city officials are noting a trend towards fewer people making deposits and more accounts being sent out for collection.
Mallory Megan works for Rapid Recovery solution, a credit collection agency. Our aim is to collect as much of your cash as possible.
Tags: bank, city trying to collect, collect debt, collection agency, debt collection, law, legislation, News, personal finance, political science, politics
News | Mallory Megan | August 21, 2010 4:41 am | Comments (0)
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