A little over 10 years ago, a hitherto obscure German institution called IKB – majority-owned by an arm of the German government – suddenly made headlines around the world.

On the last day of July 2007, a company which ironically had its origins in a foredoomed effort to ‘stimulate’ the German economy in the aftermath of the Weimar Republic’s disastrous by financing small businesses, but also by partaking of the contemporary, pre-Depression boom in real estate, revealed that, once again, it had been seduced by the lure of a property bubble. [A version of this article appeared as part of the inaugural edition of ETF Stream]  Continue reading …