May. 4th, 2017

There's a worrisome report in Wednesday's Wall Street Journal: "Real-estate loans are at a record in Japan, but local players say property values aren't in a bubble this time" (B1 and B6). The expression "This time it's different" has been heard many times in many countries, and, while there are differences in detail, the old patterns have a way of repeating themselves.

Be warned.

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ndrosen

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