Saturday, April 16, 2016
Smart injuns
ZeroHedge has been focusing on the Chinese use of foreign real estate as offshore banks. The practice seems to work nicely in London, but not so well in Vancouver or Frisco or Spokane. Most of the North American properties have been left to rot. Nature's NIRP.
Today ZH notes videos made by a Vancouver 'urban explorer':
Fieldwalker said he understands he’s trespassing and takes responsibility for it, but believes that because the properties are on unceded Coast Salish territory, they can’t truly be owned. Many have sat vacant for five or more years as investment properties.Sounds like the Salish are considerably smarter than the Chinese. Sell the foreigners a property that can't be owned, so the foreigners can't cash out. Perfect illiquidity. Maybe we should hire some Salish as trade policy advisors. ¶ 5:24 AM
