WHAT’S LEFT TO DRINK?
Standing on Manhattan’s Fifth Avenue in 1989, one might have felt just a bit paranoid. A New York Times headline on 3 November screamed ‘Japan Buys the Center of New York!’ More than a few New Yorkers snorted coffee out their noses waking to the purchase of Rockefeller Center by Mitsubishi. The Japanese economy had been on an unbreakable, upward trajectory since 1950. Savvy corporations extended their growth through foreign investment, an ‘asset bubble’ that went bust the very same year as the Rockefeller Center deal. The downturn of 1989 ended in a crash in 1991. The economy contracted, and with it, much of the high end whisky market. Focused on the domestic scene during the ‘lost decades,’ the distillers cut back, underestimating the volume of aging spirit to set aside.…