The Bubble

From 1986 to 1991 Japan experienced an asset-price bubble in which stock and land prices were greatly inflated. On 29 December 1989 the Nikkei reached an intraday 38,957.44. In 1987 Tokyo commercial land was up about eighty per cent on the previous year. Banks lent against collateral that existed only on paper.

When it burst, it didn't pop. It deflated. For decades. Dōjima's lesson, paper exceeding reality, played out on a national scale. 2017 ICO mania. 2021. The February 2026 Warsh Shock. Crypto traders know the pattern. Paper runs out. Every time.

This book shows how Japan owned the world and what happened when the paper ran out. If you trade crypto, you need to understand bubbles. This is the original.