More disturbing news out of Japan…
Fortune reports shoplifting among Japanese elders has skyrocketed 72% since 2005. Old-timers now commit over one-third of all shoplifting in Japan. And 40% of repeat offenders have committed the same crime six times or more.
Here’s the key part: Their goal is prison. It’s cheaper than long-term care. Prison provides free food, shelter, and medical care.
We’ve tracked the Bank of Japan’s destructive negative interest rate policies in the Daily (see here and here). The central bank has made it impossible for savers and retirees to earn reasonable yield on their assets.
So now, elders are forced to spend their savings… then fall back on the state for support until they die. Even if that means dying in prison.
Bottom line: U.S. Federal Reserve Chair Janet Yellen is considering bringing negative rates to America. If you want to see the hellish unintended consequences that come from such misguided policies, look no further than Japan…
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