Here, as in other roosting places of the superrich, the recent influx of foreign money has gone hand in hand with the rising use of shell companies — generally limited liability companies. Shell companies were used in three-quarters of purchases of over $5 million in Los Angeles over the last three years, a higher rate even … Read more
Recently, we’ve seen numerous signs that the housing market in one of the world’s biggest bubbles, London, has likely popped. It appears New York City isn’t too far behind. From Bloomberg: Manhattan apartment vacancies reached their highest level in more than nine years, a sign that the post-recession run-up in rents may begin to cool. The vacancy … Read more
Liberty Blitzkrieg has seen an uncharacteristically strong focus on London-centric posts today. Go figure. While the earlier post related to the likely bursting of the London real estate bubble, this one highlights a blistering critique of the role the City of London has played in transforming Great Britain into what George Monbiot calls a “civilized mafia … Read more
In July, I published a post titled, Introducing Ghost Skyscrapers – NYC Real Estate Goes Full Retard, in which I highlighted many of the current absurdities characteristic of Manhattan real estate. Of all the points made, the most striking statistic from the piece is the fact that: “The Census Bureau estimates that 30 percent of all apartments … Read more
When people ask how there can be no inflation with Central Banks printing so much money, all one has to do is look at what I refer to as “oligarch assets” and you’ll see massive inflation. The reason for this is that the only people getting access to the newly created money at 0% interest … Read more
It is the job of the Fourth Estate to act as a check and a restraint on the others, to illumine the dark corners of Ministries, to debunk the bureaucrat, to throw often unwelcome light on the measures and motives of our rulers. ‘News’, as Hearst once remarked, ‘is something which somebody wants suppressed: all … Read more
Two great stories on Mexico today. The first comes from Forbes and highlights the most recent move toward the elite’s ultimate goal, a “War on Cash.” From the article: For real estate transactions, cash payments of more than a half million pesos ($38,750) will be forbidden and, for automobiles or items like jewelry, art, and … Read more
Earlier today, Bloomberg published a fascinating article on the collapse of what is known as the “emerging art market.” Namely, a slice of the art world where spraying a canvas with paint from a fire extinguisher had been commanding six figures a pop. Well all of that is now over, as the space has experienced a stunning collapse. Bloomberg reports: … Read more
It appears the music may have finally stopped for one of the world’s largest luxury real estate bubbles: London. It’s well known that foreign oligarchs love London real estate as a means to launder funds, typically “earned” by soaking their host countries dry via corruption and fraud. This has caused absurd and irrational spikes in high-end residential … Read more
33 links for your weekend reading pleasure. Enjoy. Opinion We, the Plutocrats vs. We, the People (Long but worth it, Bill Moyers) Fooled Again (Chris Hedges writing at Truth Dig) Foreign Affairs/WW3 The Saudis Can’t Wait for Hillary Clinton (The Hill) Obama to Veto 9/11 Victims Bill (The Saudis always win, CNN) Throughout History, Debt and … Read more