At last, the Philospher’s Stone made real!

‘Jesper Koll, from Merrill Lynch (Japan), told a Minerals Council of Australia conference that reports of the imminent collapse of the Japanese banking system were nonsense.

‘Mr Koll said because interest rates were zero, banks were infinitely wealthy to the point they could buy a country.

“If Japan wanted to buy Australia, it could buy Australia tomorrow,” he said. “With zero interest rates, Japanese banks can fund any asset, whether its a good asset or a bad asset.With zero interest rates and zero funding costs there cannot be a financial crisis because the banks are infinitely wealthy.”

Further comment is presumably superfluous!