Debt is a killer

 A Japanese organization that started life as a prestigious sanctuary manufacturer has failed. Not really uncommon, then again, actually this organization, dispatched by the Japanese illustrious family, when Buddhism was becoming well known in Japan, started fabricating sanctuaries in 578 AD.

Shigemitsu Kongo, Korean proprietor of this organization, started developing sanctuaries in the Osaka/Kyoto region, starting with Shitenno-ji sanctuary, which actually stands today in Osaka (see picture). His organization later called Kongo Gumi was to most recent 14 centuries. Indeed, even as late as 2004, sanctuary building represented over 80% of the organization's income, which surpassed US $60 million.

What killed off this organization in the end was obligation, developed during the gigantic resource air pocket of the period 1986-1991. The organization acquired far and away too vigorously and, when resource costs imploded, its obligations were huge. It limped along for a couple of additional many years yet ultimately its incomes could never again support the obligation. The organization had endure nationwide conflict, political emergencies, quakes, tropical storms, and the American mass bombings of Japanese urban areas in WW2. Eventually, because of obligation, it had to exchange.

In any case, it is dazzling that it might have made due more than 1,400 years.