February 12, 1999.

That was the date something never before seen, happened. The Central Bank of Japan, battling persistent recession, cut official interest rates to zero.

At the time other central bankers around the world criticised the move. Savers must be rewarded for savings. Borrowers must have to pay something to borrow. Without these basic financial assumptions, does the money world still make sense?

Many predicted inflation would result. You will recall back in episode 111 I explored the enormous damage out of control inflation can cause.

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