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Luis Miguel Goitizolo

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RE: IS THE NEW AGE REALLY HERE?
4/6/2013 5:37:06 PM

Super-Rich Exposé Draws Worldwide Reaction

secrecyforsaleStephen: A couple of days ago, we posted the first really BIG story to come from a consortium of journalists called the International Consortium of Investigating Journalists (ICIJ). That first article –http://goldenageofgaia.com/2013/04/exposed-super-rich-hiding-trillions-in-offshore-havens/[see here in this forum also] was the result of a 15-month long probe involving 86 investigative journalists in 46 countries. It made headlines by exposing the questionable and often illegal off-shore activities of many of the world’s super-rich.

Here’s how the story began and how the consortium became a reality after 2.5 million digital files were leaked to Australian journalist Gerard Ryle, the Washington DC-based Director of ICIJ. So who is the ICIJ? Well, the organisation describes itself as: “an active global network of 160 reporters in more than 60 countries who collaborate on in-depth investigative stories. Founded in 1997, ICIJ was launched as a project of the Center for Public Integrity to extend the Center’s style of watchdog journalism, focusing on issues that do not stop at national frontiers: cross-border crime, corruption, and the accountability of power.”

This week’s expose is exactly the sort of ‘truth revelations’ we have been waiting for (judging by how many of you read Thursday’s post!) and I expect the world will be hearing a lot more truths from the ICIJ and its investigations in coming weeks. Here’s a quick weekend catch-up.

Release of Offshore Records Draws Worldwide Response

By Emily Menkes, ICIJ – April 5, 2013

http://www.icij.org/blog/2013/04/release-offshore-records-draws-worldwide-response

ICIJ’s investigative series on offshore secrecy – which draws from a cache of 2.5 million secret records – has ignited reactions around the globe.

In the 48 hours since the initial release of stories by the ICIJ and its media partners across the world, public officials have issued statements, governments have launched investigations, and politicians and journalists have been debating the implications of the records and the reporting.

Among the reactions and responses:

• Philippine government officials said they will investigate evidence that Maria Imelda Marcos Manotoc, a provincial governor and daughter of the late dictator Ferdinand Marcos, was the beneficiary of a secret BVI offshore trust.

• George Mavraganis, the Deputy Finance Minister of Greece announced that the Greek government is moving to address offshore-driven tax dodging. Greek members of parliament asked Mavraganis what he planned to do about the 103 offshore companies that ICIJ found hadn’t been registered with Greece’s tax authorities. George Sourlas from Greece’s Ministry of Justice said the revenue loss caused by offshore was huge. “By the actions of offshore companies in Greece, the revenue loss to the Greek government is in the order of 40% or more of the debt of our country,” Sourlas said. “The offshore companies cast a shadow at this time of great crisis, when some get rich and many get poor.”

• In France, President Francois Hollande denied knowledge of the offshore accounts held by his 2012 campaign manager, Jean-Jacques Augier, asserting that it’s up to the tax administration to monitor Augier’s private activities. Reports about Augier’s offshore dealings by Le Monde, the BBC and other ICIJ partners came in the wake of news about tax fraud charges against Hollande’s ex-budget Minister, Jerome Cahuzac.

• The office of Azerbaijani President Ilham Aliyev asserted there was nothing unusual about the information in the leak – which showed that his two daughters were shareholders of three offshore companies. The statement said the President’s daughters “are grown up and have the right to do business.” A spokesperson for Azersun – a holding company controlled by Hasan Gozal, a corporate mogul who was listed as the director of the daughters’ companies – said the report was biased and based on inaccurate information. “I regret that authority of Press Council doesn’t go beyond Azerbaijan and there is no such institution worldwide to fight racketeer journalists,” the spokesman said.

• Ex-Columbian President Álvaro Uribe Vélez publicly defended his sons’ involvement in offshore business. Uribe stated that his sons Tomás and Jerónimo are entrepreneurs and “have participated in business dealings since they were children” and “they are not tax evaders.”

• In the UK, David Cameron is facing renewed pressure to take action over Britain’s entanglements within the offshore world. Lord Oakeshott, a senior Liberal Democrat said that the secrecy haven of the British Virgin Islands “stains the face of Britain.” Oakeshott and others are questioning whether Cameron will raise the issue in June of at the G8 summit of wealth nations. “How can David Cameron keep a straight face calling for the G8 to make big business pay tax when we let the BVI use British law and British protection to suck in billions in dirty money?” Oakeshott asked.

• German Finance Minister Wolfgang Schäuble stated on public radio that he was “pleased” with the ICIJ reports. He went on to say, “I think that such things as have been made known will increase the pressure internationally, and we will be able to increase the cooperation with those who have been more reticent”, a sentiment reflected in Germany’s previous lobbying to stamp out tax avoidance.

• Canadian Federal Revenue Minister Gail Shea called the released of offshore banking information as “good news” for Canadians and bad news for tax evaders. Ms. Shea urged ICIJ or anyone else with information on tax cheats to come forward.

•Pascal Saint-Amans, director of the Organization of Economic Cooperation and Development, said: “Secrecy is no longer acceptable. We need to get rid of it. If the rules make it possible, then we’ll change the rules.”

icij_0Highlights of Off-Shore Leaks So Far

By Emily Menkes ICIJ – April 5, 2013

http://www.icij.org/blog/2013/04/highlights-offshore-leaks-so-far

This week marks the beginning of one of the biggest financial leaks in history.

The International Consortium of Investigative Journalists has just released the first stories from a global collaborative project into the world of offshore money. The Tax Justice Network, an advocacy group claims that a third of the world’s wealth is tied up in the secret area of offshore.

For the past 15 months, journalists from over 40 countries have worked together to shed light on this issue.

And here’s some of what they found.

•François Hollande’s treasurer during the 2012 presidential campaign, businessman Jean-Jacques Augier, is revealed to have investments in the Cayman Islands.

• Philippine government officials said Friday that they will look into the disclosure that Maria Imelda Marcos Manotoc, the eldest daughter of the late dictator Ferdinand Marcos was a beneficiary of a secret offshore trust in the British Virgin Islands. “We are duty bound to investigate and, depending upon informed preliminary findings, decide whether to pursue the matter,” said Andres Bautista, the chairman of the Presidential Commission on Good Government, tasked with recovering the Marcos family’s alleged ill-gotten wealth.

• Germany’s largest financial institution, Deutsche Bank, helped its customers maintain more than 300 secretive offshore companies and trusts through its Singapore branch.

•New light is shed on a half-billion-dollar Ponzi scheme in Venezuela that shuffled investor money among a maze of offshore companies, hedge funds and bank accounts stretching from the Cayman Islands to Switzerland and Panama, smoothing the way by funneling bribes to officials in Venezuela.

•Commonwealth Trust Limited, a BVI-based firm, is revealed to have set up companies involved in the Magnitsky affair, a case that’s strained U.S.-Russian relations and blocked American adoptions of Russian orphans

•One of Mongolia’s most senior politicians says he is considering resigning from office after being confronted with evidence that he has an offshore company and a secret Swiss bank account.

•Newly uncovered documents link Maria Imelda Marcos Manotoc, the eldest child of the late Philippine dictator Ferdinand Marcos and now a senior political figure in her own right, to two secretive offshore trusts and an offshore company.

•A prominent Canadian lawyer, husband to a Liberal senator, moved CA$1.7 million (US$1.1 million) to secretive financial havens while he was locked in battle with the Canada Revenue Agency over his taxes, according to documents in a massive leak of offshore financial data.

•A corporate mogul whose business empire has won building contracts worth billions of dollars amid Azerbaijani President Ilham Aliyev’s massive construction spree is tied to the president’s family through secretive offshore companies.

•The prominent Thais listed in secret documents as owners of offshore holdings includes the former wife of ousted Prime Minister Thaksin Shinawatra, a sitting senator, a former high-ranking defense ministry official, Forbes-listed tycoons, and a former government minister whose assets in the United States are frozen because of her alleged links to Zimbabwean dictator Robert Mugabe.

•Greek citizens who own or direct offshore companies in the British Virgin Islands and other tax havens rarely declare them to Greek tax officials, a review of more than 100 companies shows. Just four out of 107 offshore companies investigated by ICIJ are registered with tax authorities as the law usually requires, particularly when the firms hold assets or conduct business in Greece. Officials apparently have no record of the other 103 firms — or whether the owners declared any assets held by these entities or paid taxes on them.

•A list containing examples of some of the most high-profile names uncovered in this investigation, along with records of their offshore companies. Those named come in the form of politicians, businessmen, army generals, tycoons, relatives of dictators, and are scattered across 29 different countries.

•Finally, for those interested in how ICIJ managed to tackle records cache, the data manager of the project, Duncan Campbell, writes an in-depth explanation of how our journalists were able make sense of the 260 gigabytes of information obtained. Four large databases, half a million text, PDF, spreadsheet, image and web files were dissected to reveal over 130,000 records on the people and agents who run, own, benefit from or hide behind offshore companies.

We hope you enjoy these stories; there will be more to follow daily for the next couple of weeks.

Why We Are Not Turning Over the Offshore Files to Government Agencies by ICIJ Director, Gerard Ryle.

If you want to read more stories, head to the ICIJ website: http://www.icij.org/


"Choose a job you love and you will not have to work a day in your life" (Confucius)

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Luis Miguel Goitizolo

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RE: IS THE NEW AGE REALLY HERE?
4/6/2013 5:44:53 PM

Master Jesus through Natalie Glasson: Unravelling the Truth

jesus-4-258x3001-150x150Channelled through Natalie Glasson – April 3, 2013

http://www.omna.org/Latest_Free_Weekly_Message.html

It is in and with the true and pure embodiment of love that I consciously step forward to be present within your energy and consciousness. I demonstrate to you through my presence your own sacred and divine self. If you can allow yourself to see, sense or acknowledge my energies as a pure embodiment of love then you are ready to accept, see, sense and acknowledge yourself in the same way, form and manifestation.

This realisation of yourself as an embodiment of love can be achieved through simple and yet powerful steps and intentions that you place firmly into each and every day you allow yourself to be consciously alert and present on the Earth.

Do not look to me as a leader of truth and love but look through me to yourself as an example of truth and love. I no longer walk the Earth as a physical embodiment and presence of my soul on the Earth and yet each and every day I walk the Earth through your being, through your actions, thoughts, loving gestures and divine connections.

Can you imagine me as being divinely present within everything, my peace, love and truth being present within your soul, within those that you meet? Could you imagine how beautiful your world could then seem as you see my sacred qualities wherever you are? Could you then replace my energy with your own, and imagine that you are divinely present within everything, within your being and within those that you meet, whether strangers or loved ones?

Would the world be a most beautiful place with your sacred qualities integrating and merging or appearing within all? Maybe through my questions you can see how much of your own power and self-realisation that you direct towards me, honouring my vibrations rather than your own. Of course when you look to me you will always look through me to acknowledge yourself but when you see those sacred and holy qualities do you truly recognise them as being present within you, as being a reflection of you?

I am here only to inspire that which is sacred within you to emerge, this has always been my purpose, to show you all that you are, to act as a mirror so that you may see yourself more fully, clearly and with perfect clarity. I show to you the most simplest of qualities and yet these are the greatest qualities and gifts that a human being or Light soul may hold. Through simplicity and communicating with simplicity we can all see beyond the many levels of illusion to grasp truth.

Simply sitting in meditation within my energy or allowing me to be present before you as our energy fields join and Light passes between us will allow you to use my energy and presence as a mirror to your own sacred divine truth and the essence or core of your being. The essence and core of your being is always evolving and expanding and so requires constant observation and focus in order to continue to realise the magnificence within your physical being. With realisation the presence and inspiration of truth unfolds allowing you to submerge yourself deeper into a state of truth awareness.

In meditation and connection with my energy allow yourself to focus upon my heart chakra, let yourself enter into my heart chakra, seeing, sensing acknowledging any energies, sensations or insights. Then remind yourself that what you are experiencing is you; this is your energies, your truth, your magnificence, you are acknowledging yourself, it is important to really ground and acknowledge this understanding deep within you. It is a way of confirming yourself as a sacred being of Light while also allowing your own truth to unravel with ease and free from expectations or pressure from within your being.

I am always present with you to help you unravel your truth, by doing so you are unravelling the truth of each and every soul, the Universe and the Creator. To unravel your truth is to loosen your hold on your own reality, your beliefs and perspectives of yourself, to undo that which ties you to your physical perspective of illusion and limitations gradually loosening and expanding the essence of your being. To unravel yourself could be perceived as allowing yourself to crumble and fall to pieces but sometimes this is needed in order to realise what is your true essence and what is a perspective that ties you to the reverse of truth which is untruth.

There are many areas of your reality and even self that you have created false fictional fabrications holding onto them as truths or natural aspects of your being. To see these false fictional fabrications without taking them personally, as an insult or causing yourself pain allows you to unravel the truth of your being which is the truth of the Creator. The truth of your being is like small but beautiful gems of the Creator, each exquisite and valuable.

When you allow yourself to acknowledge your divinity a natural reaction is that you become aware more fully of your limitations, barriers and fears. Often when you do not recognise yourself as sacred you also do not recognise the fears and limitations that you hold onto tightly and weave into your manifestations on the Earth. With realisation, your eyes are opened wide to all that you hold onto.

This is nothing to be ashamed of, to judge or punish yourself with; it is simply a process of unravelling your truth. When you are realising your fear, experiencing an unwanted manifestation or emotion in your life, it is important to realise that this is a natural process that you have created, a space in your reality in order for you to unravel your truth more, through loosening your hold upon certain ideas or perspectives and attuning to new insights that will serve you and carry you further along your spiritual path of illumination.

Do not be afraid to observe your fears and emotions as they arise within you, see, sense and observe them not as negative aspects but as a pathway to unravel your truth. By seeing beyond the fear or unneeded emotion and reminding yourself of light, of love and of gratitude you are able to literally see the light, bringing forth a spotlight of illumination from within your being to dissolve the barriers that restrain you and you hold onto, to replace each with a greater experience of peace and expansion.

The greatest tool of unravelling your truth and therefore loosening your hold upon aspects and perspective of your being and reality is through the vibration of love being constantly present within your being. This way you learn to give love to all, to react and act in love and to serve love to all situations and experiences.

With the presence of unconditional love and unconditional gratitude you are able to allow expansion to flow with tremendous ease. No longer will you experience the restrictions of illusion, fears, boundaries and limitations, your greatest experience will be of easy and prefect expansion, freedom and the unravelling of your truth. You will notice that negative or unwanted emotions, fears, attitudes and perspectives no longer cause you to suffer but are simply resolved or fall away in order to provide you with more space.

Your light and truth requires much space, often your perspectives and self-created limitations restrict your creative space and expression causing your truth to be hidden and tied up within your being. With the presence of love within your being as a constant vibration pulsating eternally, allow yourself as you know yourself to be now, to unravel, there is no way of you controlling your reality or experiences there is simply a need to focus rather than hold onto the love of your being while you fearlessly allow yourself to observe all aspects of your being.

Recognise your divinity and the sacred qualities that flow through your being, next to these qualities you will notice qualities of limitations and fears. With the realisation of your greater light self you may see that which limits your greater light self, realising and healing these qualities will allow for you to manifest and project from deep within your being a greater source of light.

I wish to make you aware that each situation in your reality may not always be what it seems, if you can allow yourself to recognise the pulsing vibration of love within your being you will be alerted to a higher insight or understanding of each situation. This will allow for you to loosen fears or unneeded qualities with ease and move into a space of constant and easy expansion effortlessly. In truth you will move into a constant state of freedom that is ever flowing and ever evolving.

If you wish you can allow me to be a mirror to assist in the unravelling of your truth in order for you to embody your truth with tremendous ease and precision.

With constant loving support,

Master Jesus

"Choose a job you love and you will not have to work a day in your life" (Confucius)

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Luis Miguel Goitizolo

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RE: IS THE NEW AGE REALLY HERE?
4/6/2013 5:46:17 PM

Archangel Indriel via Bella Capozzi: Connect With Friends. Be A Friend To Yourself

imageArchangel Indriel via Bella Capozzi: Connect With Friends. Be A Friend To Yourself

As channeled by Bella Capozzi – April 5, 2013

http://cupcakesandangels.wordpress.com/2013/04/05/

Bella Capozzi:

Here’s a brand new message from Indriel, which came in while I was on my way to yoga this morning. Of course, I stopped what I was doing to write down what I heard, and ended up with what I feel is the perfect advice to kick off our weekend. She encourages us to slow down a bit, and to set aside time to connect with friends – both new and old. Also, as she has done many times before, she advises us to pamper ourselves from time to time, and to not forget about taking that all-important Me Time

Archangel Indriel:

Beloveds. Remember that joy is a requirement and not a luxury. The same can be said for those blessed, yet all too infrequent moments of complete and utter contentment. Try to create those moments for yourself more often, as is the way of any great Creator Being who constructs her own reality. Take time each day away from the intensity of your typical routine to honor yourself. Do something kind and lovely for yourself. Refresh and rejuvenate.

Your energy supply is like a battery, and it becomes drained when there is too much plugged into it. You must recharge your energy regularly, in order to be effective, and so that you may continue functioning at your most efficient capacity. At this time you shoulder a multitude of responsibilities. Family. Clientele. Home. Finance. You continue to anchor the higher frequencies onto Gaia’s Crystalline Grid and you shoulder the monumental task of raising up the collective vibration of an entire planet. Is it any wonder you are spent?

Make it a point to do just one sweet thing for yourself each day. Step away from the serious subject matter and engage in a lighthearted banter with friends. When I say lighthearted I mean interactions which are entirely devoid of an expected end-result or based in need. Speak of little things, of simple things. Do this face to face or remotely.

I am asking you to reach out and connect. You are social beings and you thrive on the companionship of likeminded souls, so seek them out. There are others just like you who are weathering the same experiences and who are embarking on Divine missions not unlike your own. And yet for the vast majority, you feel you alone. Yet you are not. Many of you share common interests and lifestyles. You are experiencing similar energetic upgrades and symptoms thereof.

If you do not already have these types of friendships in your life, then you must set the intention that you will attract functional and resonant relationships and situations to you. Envision, imagine and create. Step outside the door and take tangible steps to make them manifest in your own physical reality. Connect with friends, both new and old, and in so doing be a friend to yourself.

Copyright © Bella Capozzi. All rights reserved. You may copy and distribute this material as long as you do not alter it in any way, the content remains complete and you include this copyright notice.


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Luis Miguel Goitizolo

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RE: IS THE NEW AGE REALLY HERE?
4/6/2013 5:47:34 PM

Pope Francis Urges Decisive Action Against Sex Abuse

pope-francisBy Philip Pullella, Vatican City, Reuters - April 5, 2013

http://www.reuters.com/article/2013/04/05/us-pope-abuse-idUSBRE9340DZ20130405

Pope Francis has called on the Catholic Church to “act decisively” against paedophile priests, warning that the Church’s credibility is on the line.

(Reuters) – Pope Francis wants the Catholic Church to “act decisively” to root out sexual abuse of children by priests and ensure the perpetrators are punished, the Vatican said on Friday.

Francis, in a meeting with the Holy See’s doctrinal chief, Archbishop Gerhard Mueller, had declared that combating sexual abuse was important “for the Church and its credibility”, a statement said.

Francis inherited a Church mired in problems and a major scandal over priestly abuse of children. It was believed to be the first time he had taken up the issue of sex abuse with a senior member of his staff since his election on March 13.

Mueller is head of the Congregation for the Doctrine of the Faith, the Vatican department which includes the office of the “promoter of justice”, or sex crimes prosecutor, which investigates cases of sexual abuse and decides if priests are to be defrocked.

Francis said the department should continue to “act decisively as far as cases of sexual abuse are concerned, promoting, above all, measures to protect minors, help for those who have suffered such violence in the past (and) the necessary procedures against those who are guilty,” a statement said.

It said the pope wanted Catholic bishops around the world to promote and put into place “directives in this matter which is so important for the witness of the Church and its credibility”.

A victims’ group, the Survivors Network of those Abused by Priests (SNAP) said the statement did not go far enough and criticized it for saying that the Church’s stance against sexual abuse was “a continuation” of the line wanted by Francis’ predecessor, Pope Benedict.

“Action, not discussion, is needed,” SNAP said in a statement.

“We can’t confuse words with actions. When we do, we hurt kids. We must insist on new tangible action that helps vulnerable children protect their bodies, not old vague pledges that help a widely-discredited institution protect its reputation,” it said.

SNAP and other victims groups say there is much still to be discovered about how the Church behaved in the past and want more bishops who were aware of abuse to be held responsible.

The Catholic Church’s crisis began in Boston in 2002 when media began reporting how cases of abuse were systematically covered up and abusive priests shuttled from parish to parish instead of being defrocked and handed over to civil authorities.

Since then, the Catholic Church in many countries has set up new guidelines to deal with cases of past abuse, prevent new cases, report abuse to police, and stop potential abusers from entering the priesthood in the first place.


"Choose a job you love and you will not have to work a day in your life" (Confucius)

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Luis Miguel Goitizolo

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RE: IS THE NEW AGE REALLY HERE?
4/6/2013 5:48:46 PM

Japan Launches “Most Daring Monetary Experiment of Modern Times”

Photo:Alamy

Photo:Alamy

Stephen: In Europe, they have austerity and Bail-ins (where you take from your citizens to give back to the banks). In the US, you’ve had the Fed capable of brazenly printing notes – only to have them go into yet another pool for the banks and not the people.

Now , in what could be another tipping point in the shift from West to East, the new Bank of Japan Governor, Haruhiko Kuroda, is doing something completely different. In a massive initiative to cut the economy’s interest rate and dramatically expand the nation’s money supply, he’s creating a ‘money blast’ – a stimulus to flood the markets, which could well benefit the entire world.

Haruhida Kuroda

Haruhida Kuroda

Japanese Bank Governor Makes History with Monetary Blitz

By Ambrose Evans-Pritchard, The Telegraph, UK, – April 4, 2013

http://www.telegraph.co.uk/finance/economics/9972754/Japanese-bank-governor-Haruhiko-Kuroda-makes-history-with-monetary-blitz.html

The Bank of Japan has launched the most daring monetary experiment of modern times, aiming to double the money base within two years to overpower deflation and catapult the economy out of slump.

The blast of money is expected to reignite the yen “carry trade” and flood global markets with up to $2 trillion (£1.3 trillion) of pent-up savings, giving the entire world a shot in the arm.

The BoJ’s new team under governor Haruhiko Kuroda voted 8:1 for a double dose of “quantitative and qualitative monetary easing”, vowing to inject stimulus for “as long as it takes” to break the deflation psychology.

“This will be recorded in economic history books as a watershed in central bank action. Investors should be shocked and awed,” said Stephen Jen from SLJ Macro Partners.

The monetary base will rocket from 29pc to 56pc of GDP by 2014. The pace of bond purchases will rise to 7.5 trillion yen (£53bn) a month, almost three times the US Federal Reserve’s stimulus as a share of the economy. The maturities will stretch to 40 years, ending the three-year cap that has hobbled policy for a decade.

“This is a huge sum. It could set off a rip-roaring economic boom if they buy the bonds from insurance companies and boost broad money by 10pc over the next year,” said Tim Congdon from International Monetary Research.

Mr Kuroda said the bank had taken “all available steps” to meet its new target of 2pc inflation within two years. “This is an unprecedented degree of monetary easing,” he said.

The scale of action caught markets off guard, sending 10-year bond yields tumbling to an all-time low of 0.44pc. The yen weakened three “big numbers” to 96 yen against the dollar, in the biggest one-day move for more than a year. The Nikkei index of stocks jumped 2.2pc, crowning a 50pc rise since October.

Hans Redeker, from Morgan Stanley, said the package was dramatic enough to break “Endaka” – strong yen – once and for all. “The carry trade is going into full swing. Japan’s institutional funds are going to wind down their currency hedges from 70pc to a normal hedge ratio nearer 35pc, and that will free up $1 trillion of overseas lending,” he said.

“This is a gigantic fixed-income machine. They don’t buy equities and real estate. They buy bonds, and we think they’ll look at peripheral eurozone markets like Italy and Spain.”

Japan’s legendary housewives and grannies – so-called “Mrs Watanabe” – lead a phalanx of retail investors with another trillion dollars waiting to venture abroad once again in search of yield. In the 2003-08 cycle, the money leaked into everything from Australian “Uridashi” bonds and Icelandic debt, to London property.

Simon Derrick, from BNY Mellon, said Japan’s battle-weary investors may be more cautious this time, chilled by North Korean jitters and tensions with China. “We don’t think the climate is yet right for the carry trade,” he said.

Hiroaki Muto, from Sumitomo Mitsui, said the Kuroda experiment could go badly wrong if markets started to think the BoJ was printing money to cover Japan’s fiscal deficits. “At some point, yields could spike”, he said.

Japan is the only major country yet to start retrenchment. Premier Shinzo Abe is boosting spending by an extra 2pc of GDP to kickstart recovery, though the budget deficit is already 9pc.

Japan has had no trouble raising funds from its captive debt markets so far, but ageing costs are rising and public debt will reach 245pc of GDP this year.

The International Monetary Fund says Japan may hit the buffers unless it changes course soon, warning that confidence can evaporate fast. A 200 basis point rise in borrowing costs would play havoc with public finances.

Mr Kuroda played down the concerns, insisting there was no risk of a “sudden” jump in long-term rates or a fresh asset price bubble.

Japanese officials say monetary stimulus should protect against a debt compound trap by cutting “real” rates. While Japan’s borrowing costs look low, they are higher than in the US, Britain or Germany if adjusted for deflation.

The Kuroda policy is radically different from past episodes of BoJ stimulus, mostly half-hearted tinkering to fend off political pressure. It brings the BoJ into line with the US, UK and Swiss central banks.

The European Central Bank looks increasingly isolated after it sat on its hands on Thursday, offering little to soften the credit crunch in Italy and Spain. The hawkish stance is leading to an over-valued euro. “We’re afraid that the euro could rise further. That is the last thing that Europe needs,” said Mr Redeker.

The euro has risen 32pc against the yen since July, giving Japanese exporters an edge over European rivals. A Ford executive warned last month that Japanese car makers are poised to sweep the EU market.

"Choose a job you love and you will not have to work a day in your life" (Confucius)

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