A prescient article by Michael Lewis in 1989 looked at the systemic risk of a Japanese earthquake (via Paul Kedrosky).
Basically it goes like this. An earthquake destroys the Tokyo Stock Exchange and all financial records. Shares of Western insurance companies lead a global selloff. Japan liquidates overseas holdings. This causes the U.S. bond to collapse. Recession ensues.
See Also: Stunning Photos Of Post Apocalyptic Japan >
Here’s the article:
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