Wednesday, April 25, 2007
An avalanche of fraud made this mess and an avalanche of defaults will end it
Lack of supply was it? Too much demand? Not enough space? It was FRAUD, simply and plainly. Coupled with lax monetary policy. Remember everyone, Japan has a land area of 378,000 sq. km compared to the 245,000 sq. km of the UK, a population of 127m compared to the UK's 60m, is mostly mountainous and only has 20% of it's area available for habitation. Their property market has been in the toilet for 17 years. And that is with a powerful manufacturing economy. So for all those wondering how long this particular drubbing will take UK plc to limp out of the answer uis >17yrs.