Why Financial Crises Keep Coming Back
In September 2008, a Federal Reserve chairman with a doctorate in the Great Depression watched a crisis unfold that resembled, in eerie detail, the one he had spent…
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How Does a Bubble Economy Collapse?
In December 1989, Japan’s Nikkei stock index closed at an all-time high near 38,900. Land under the Imperial Palace in Tokyo was, by some estimates, worth more than…
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Why Real Estate Bubbles Keep Coming Back
In 1989, a square meter of land in Tokyo’s Ginza district was worth more, on paper, than an equivalent patch of Manhattan. Japanese banks lent freely against property…
