From the FT tonight:
Sound familiar?
The fact is that when some in society have excess cash they destabilise the economy.
It's a theme I explored quite extensively in the Courageous State. But no one seems willing to address it.
Are we just waiting for the next crash? Nothing is preventing it.
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Germany appeared to have learned the lesson that you need a productive economy to offset consumption as it survived the 2008 crisis better than most of Europe, but it seems not. China, although it is probably the fastest growing economy in the world, is risking letting it all unravel with a massive property bubble.
You think China would have got the message after what happened to Japan in the late 1980s, but it seems that old maxim still holds: “The definition of insanity is doing the same thing over and over again and expecting a different result!”
You speak of Japan. Why didn’t the Uk learn the lesson during the 2000’s allowing our property to over inflate.
We didn’t
there is no excuse now
Do you want to repeat mistakes?