1/6 Guo Shuqing is right to worry about real estate: since at least the Roman financial crisis of 33 AD (and probably earlier), nearly every major financial crisis in history was ultimately driven by a collapse in real estate.https://www.scmp.com/economy/china-economy/article/3112114/china-ripe-subprime-crisis-banking-regulator-sees-property …
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Though unless there is attestation in other sources, I'm not sure it quite matches the grand description given above. The senate, in a bout of moralizing, attempted to crack down on usury, stipulating that money lent at interest should be recalled and invested into land.
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Presumably the intent being to convert debt assets into land assets. Instead, land prices collapsed as leveraged aristocrats rushed to sell land to cover their debts (which of course made it impossible for them to cover their debts).
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Thanks. Found them.
Kiitos. Käytämme tätä aikajanasi parantamiseen. KumoaKumoa
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