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Herr Schmidt was quite mistaken in his view that Japan is the Billy No Mates of Asia
South Korea
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Imagine you are starring in the financial equivalent of the “Life On Mars” TV show. You wake up one morning to find you have time-travelled back to the early nineteen nineties. The Berlin Wall has just fallen. The triumph of capitalism is unleashing a tsunami of globalization as billions of people join the market economy as workers and consumers.
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It’s déjà vu all over again. That’s what the rip-roaring bull market in Chinese stocks looks like to anyone who lived through the late 1980s Japanese bubble.