The imminent default of the most indebted property developer, Evergrande, has triggered much debate amongst risk folk.  Will there be spiralling of property prices started by dumping stock at fire-sale prices?  Who is going to buy them? Are they catching a falling knife?  The answer is that we do not know how things will unfold. We can only draw from history, consider other crises, and see if we can stitch together a stress test.

(Apologies to scholars of Nietzsche for this title)