The chances of Krach

Krach meant in my times and places - Crash, that is, a general stock exchange and commercial bankruptcy. Like in 1929, when cheap credit and inflation of stock prices led to a sudden loss of confidence and collapse. We are having today almost costless credit and very high stock and real estte prices. Should I start thinking on protecting my portfolio?


Japan had its Crash ten years ago and since then they exist in a silent state of deflation and depression. No one is starving.