The scary part is what's not in plain sight here and that is 800 plus billion is pushed off the books into shell companies. So it's hard to see who's going to eat the losses. Plus, this debt is backed by chips that can lose value overnight if a better one emerges.
Once a country decides its houses are supposed to make everyone rich, it has to keep prices rising forever, which means restricting supply, blocking development, and quietly pricing out each new generation, which works until it doesn't.
