The Post 2008 Post 2009 Crisis Recovery Was Not Particularly Impressive by Any Stretch

In 1991, when the top 20 banks in the world were all Japanese. I put out discussion paper back at Oxford with prediction that we unfortunately have to expect that Japanese banks will go bankrupt and Japan will go into biggest recession since Great Depression. Because of this asset bubble so you have so much bank credit, which is money creation used for asset transactions, created a bubble. When that bursts, you just from the peak, you only need to go down by 10%. And that's why we have so many banking crises. They follow the asset bubbles because the asset bubbles are bank credit created. So it's very, very simple actually is always the same story and that's why it's so relevant