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Japan Press Service Co., Ltd. is the only news agency providing information of progressive, democratic movements in Japan

Money essential for the right to life
Akahata 'CURRENT' COLUMN

The U.S. magazine "Forbes" released its annual ranking of the world's richest people.

Microsoft Chairman Bill Gates has been No.1 for 12 consecutive years. He has assets totaling 50 billion dollars (nearly six trillion yen). The number of billionaires reached 793 in the world.

Their total assets amount to 2.6 trillion dollars or over 300 trillion yen. Given the fact that more than 100 million Japanese have about 1400 trillion yen of financial assets in total, it is clear how large the gap between the richest and the rest really is. Among 793 billionaires, Forbes named 27 Japanese.

Former Takefuji Corporation Chairman and his family topped the Japanese richest list, ranking No.107 in the world, with 5.4 billion dollars in assets. Seven out of 27 rich Japanese, including him, are moneylenders. Six are people of nonbank consumer credit firms and one is running a loan business for small- and- medium-sized businesses.

ACOM Co., Ltd., which made the biggest profits in the loan business last year, procures funds from major banks at interest rates as low as 1.6 percent and turns around and makes loans at interest rates as high as 24.3 percent. Major banks have increased their profits by pouring money into such nonbank consumer credit firms. Under the "quantitative easing" or "zero-interest-rate" policies, both banks and high-interest creditors have enjoyed increased profits.

On the same day when the world's billionaires' list was released, 305 people in Japan filed a lawsuit against a leading nonbank moneylender, AIFUL Corporation, claiming refunds for overpayments due to illegally high rates of interest. The amount of money claimed for refunds is far smaller than billionaires' properties, but it is money essential for the right to life.
- Akahata, March 11, 2006