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The Twentieth Century ended with two of the greatest financial market booms of all time - first in Japan in the late 1980s when the Japanese stock and property markets became by far the biggest in the world and then in the United States in the late 1990s when the giddy potential of the Internet fuelled a similar stock market craze.

ENGLISCH: "The Harder They Fall - Will the U.S. follow Japan into the Abyss?" (THTF) argued that the U.S. was following in Japan's footsteps with a 10 year time lag, both in terms of financial market performance-in particular the stock market-and in terms of economic developments. Its claim that Japan was "the only relevant case study" to predict what would happen in the U.S. has been fully borne out. (See www.twinsindenial.com for the origina...