"Claims of 'enough money to buy the U.S.' a cause for concern in...

"Claims of 'enough money to buy the U.S.' a cause for concern in China"

During the height of Japan's economic bubble, people referring to soaring land prices commented, "If we sold the Imperial Palace we could buy the whole state of California," and "If all of Tokyo's 23 wards were sold, it would be enough to buy the whole of the United States."

At the time, I would sit in bars laughing as such comments were being made. But thinking about it now, Japan's economy had already slowly started to decline. How foolish people were then. There is truth in the saying "hindsight is 20/20."

Now in China, people are reportedly saying, "If Beijing were sold, we could buy the whole of the United States, and if Shanghai were added we could also buy Japan, Britain, France and Germany." I hope China does not make the same mistake as Japan......

http://mdn.mainichi.jp/perspectives/news/20110223p2a00m0na004000c.html