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In the late '80s, I remember people being pissed at Japan as its economy looked to overtake that of the US. They felt somehow betrayed because the US, and its monetary policy, had helped Japan get to where it was. With the effects of the Plaza Accord and following things, Japan's bubble would pop. In something young me could never imagine, I've been living in Japan a decade now.
I learned about that from Back to the Future.
Meh, the plaza accords get the credit, but their real estate bubble was massive anyway.
China seems to have just walked past their real estate bubble, that's actually really impressive.
Real estate in China is atrocious