We Don't Have Earthquakes In Britain
A lesson about property prices, banking and credit that we should have learned from Japan
In our opinion there are parallels to be drawn, and lessons to be learnt, from the economic troubles in Japan in the quite recent past. These problems arose partly because of a bubble in property prices and problems in the banking system.
The trigger which precipitated the collapse was the Kobe earthquake - however, as a banker once pointed out to me: "We don't have earthquakes in Britain".