US and UK – Not Panama – Biggest Tax Havens for Money Laundering Criminals
The following chart from the Paragon Real Estate Group, showing median house prices in San Francisco, is troubling, for reasons which do not need an explanation.
Government efforts to tackle a glut of vacant housing in China by spurring home lending have triggered a bigger problem: a surge in risky subprime-style loans that is generating alarm. Home buyers in China normally put down a third of the cost of a new property upfront. But a rapid rise in buyers borrowing for their down payments—an echo of the easy credit that cratered the U.S. housing market and sparked the financial crisis—has led authorities to clamp down
Today we finally get some answers to the question on everyone's lips: who are the Americans in the Panama Papers? Surprisingly, there are no politicians of note are in files but plenty of others. Among them: retirees, scammers, and tax evaders, all of whom found a use for secrecy of offshore companies.
"Buy now or be forever priced out"?
It’s not the more fickle and systemic nature of the FIRE economy that makes manufacturing particularly important. It goes well beyond that...
“He says what he really thinks.” That is the standard explanation for the astounding political rise of Donald J. Trump. Somehow the news media have missed the meaning of this: that the rest of political America refuses to say what it really thinks. Why is that and how can it be?
As Bloomberg notes, apartment prices in Manhattan are at record levels. Q1 Mean and median prices are up 15% and 22% y/y respectively. Drilling into the detail a little further, the median price for 3+ bedroom apartments skyrocketed to $4.0mm, a whopping 30% y/y. On the surface the aforementioned would indicate a market that’s hot, and about to get hotter, but be careful with that assumption.
At Kviabryggja Prison, the tumult in the capital seems worlds away. It’s dead quiet around the single-story barracks, and in the distance rise massifs that form Iceland’s western fjords. The Kaupthing convicts are marking time in different ways. A couple of them are tutoring fellow inmates. The subjects: math and economics.
Clinton has become increasingly irritated that Sanders’ surprising resilience is costing her time, money, and political capital. The differences are well documented between the two, and the man hell bent on exposing just how broken and dislocated Wall Street and Washington have become from normal Americans has finally struck a nerve with Clinton and her campaign. "Her aides complain about Sanders' rhetoric, claiming he's broken his pledge to avoid character attacks by going after her paid speeches and ties to Wall Street"
While The Donald may come across as 'shooting from the hip', it appears based on this 1990 interview with Playboy that Trump has been thinking about the decline of America, the weakness and corruption of government, and the impact of foreign (Chinese, Mexican, and Japanese) trade practices on the average joe. As he says, "I don’t want to be President. I’m one hundred percent sure. I’d change my mind only if I saw this country continue to go down the tubes."
As this unfolds, your biggest risk isn’t the crashing stock market or the crashing bond market. Your biggest problem, and also the one most people just don’t see, is political. Your government is by far the most serious threat to your money and wellbeing.
- Saudi Arabia Will Only Freeze Oil Production If Iran Joins (BBG)
- Japanese gloom ensures slow start to quarter for world stocks (Reuters)
- Saudi Arabia Plans $2 Trillion Megafund for Post-Oil Era (BBG)
- Prices Sag in Warning to ECB Even as Manufacturing Picks Up (BBG)
- China factories scent hint of spring, Europe still chilly (Reuters)
- Theranos Devices Often Failed Accuracy Requirements (WSJ)