Many of us spent much of 2012 confused about how the U.S. real estate market was improving within the context of a broke and unemployed citizenry. Well as time has passed the answers to our questions have been revealed. The criminals are piling in. I first explained a couple of weeks ago how the financial oligarchs in the United States are currently in a bidding war to become America’s slumlords in my post: America Meet Your New Slumlord: Wall Street.
Now we also discover that part of the bid to U.S. real estate has come from another criminal class. In this case, we are talking about corrupt Chinese officials who are pulling their ill gotten gains from their homeland and desperately placing it in real estate all over the globe. From The Telegraph:
As China’s new leaders intensify a campaign to root out corruption, thousands of Communist party officials have been panicked into a fire sale of their illicit properties while billions of pounds have been smuggled overseas.
It said the volume of deals had intensified by “a hundred times” after Xi Jinping, the incoming Chinese president, warned that corruption could kill the Party and put one of the country’s most vigorous and resolute politicians, Wang Qishan, in charge of stamping out graft.
It also claimed that an astonishing $1 trillion (£630 billion), equivalent to 40 per cent of Britain’s annual GDP, had been smuggled out of China illegally in 2012.
Marco Pearman-Parish at Corporation China, a company in Beijing that helps clients find properties abroad, said there had been a strong rise in clients looking for homes in the Cayman Islands.
In the United States, the National Association of Realtors said that more than $7 billion of properties had been bought by Chinese in the US last year. Some high-end homes are now specifically built for rich Chinese with ponds for koi carp and a second kitchen for pungent cooking.
I guess word has gone out globally that the U.S. is open for business as far as the global criminal class is concerned. They can rest assured knowing they will never face repercussions in this lawless land. At least that is what they think. What we must do is never forget who is buying all of these properties and when the time comes they should all be seized and these crooks sent back to the place they came from.
Full article here.
In Liberty,
Michael Krieger
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Come on, Mike. Obama, Geithner and Bernanke wouldn’t care if some group of criminals was the Capone gang multiplied by the Purple gang all raised to the Lucky Luciano exponent. ANYthing that prevents the housing market from finishing the second half of its crash started in 2007 will be tolerated.
Someday a Chinese consortium of diplomats, and police will arrive at your doorstep. “This OUR country now! You get the hell out!”
Apparently the author of this article is an egregious imbecile and has indeed developed the earliest stages of misanthropy…Chinese landowners in America shouldn’t be concerned of idiots like the guy who wrote this nonsense…but just in case stupidity tries to emerge, the mighty People’s Liberation Army will be there to secure (and guarantee) the investments of its connationals.
Rubbish. You haven’t even posted a coherent thought here, much less an argument.
“What we must do is never forget who is buying all of these properties and when the time comes they should all be seized and these crooks sent back to the place they came from.”
Really, you advocate property nationalization/confiscation and deportation and you run a liberty blog?
Oh, that’s right, it’s ok to confiscate property because the money was obtained illegally through bribes. Let he who has never obtained a cent illegally take the first property.
So, you believe liberty = criminals being allowed to keep their loot?
You, sir, are a fool and an idiot.
I would say the US is a bit more corrupt than the Chinese
http://www.zerohedge.com/news/2013-01-23/assistant-attorney-general-admits-tv-us-justice-does-not-apply-banks
Not just the US but Australia as well, the Chinese are buying up everything, bringing in their mistresses claiming that they are married and setting up house with cheap labour that they claim are their relatives! House prices in the capital cities have gone up by as much as 30% over the past 12 months as more Aussies lose their jobs. They are now infiltrating our politics with China mainland funded Chinese candidates, get worried people!