T here are five myths circulating the globe regarding the financial crisis that has it in its grip. This is the view of Pavel Minakir, director of the Institute of Applied Economic Research in Khabarovsk, Russia. His fascinating and sobering assessment of these myths appeared in a recent issue of the institute's quarterly journal, "Prostranstvennaya Ekonomika."

If Minakir's "myths proposition" is correct, how might it apply to Japan in the past, present and coming years?

Myth No. 1: That the global financial crisis occurred suddenly, and that's why it is so destructive.