This is a great article by the LA Times that leads me to ask some other questions:
- What will we do with unused buildings and the land? We already have lots of homes that are not being lived in, at what point do we look at these structures dotting the landscape and think “Gee, I think we have a problem with land usage?”
- How will this weigh on our collective psyche? Japan has been undergoing a psychological deflation as much as an economic one for the past two decades. Will we come out any better?
- What should we do to regulate the growth of credit in the future? The Burj Dubai was built because someone thought it was a great idea to use leverage to build this gleeming “stack of soup cans” as one commenter called it. Clearly, it wasn’t a good use of people’s time, effort, or money. I don’t think the problem is entirely with regulation, but in its application (i.e. the people that are supposed to regulate obviously can’t).
At any rate, go and read this.
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