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The Anglo-Saxon Disease

The Yanks (Americans) have it. The "Brits" got it. EVen the Aussies "Down Under" caught it. Not, for most part, the Canadians. But the Japanese, the "Englishmen" (or at least islanders) of Asia had their own version. It was the Anglo- Saxon disease.

It started with property price risess in the above countries, that in turn were the result of loose global monetary policies.  Property created a boom in its own industry, and a collateral boom in financing by consumers, who borrowed on rising property values to finance other consumption. These twin bubbles but the banks and lending companies at risk. Things got so bad that governments finally had to step in to bailout fhe financial insitutions. When this happened the problems of a sector became everybody's problem.

The property bubble affected Eastern Europe as well as Southeast Asia. But at its core, it seemed to have a partiuclar hold in Anglo-Saxon countries, which had a stronger notion of property rights than others. But property values run amok are like any other disease. Countries that live by property may also die by property.