Submitted by Charles Hugh-Smith of OfTwoMinds blog,
What happens to everyone in the ruling Elites and those desperately trying to join the ruling Elites when the debt-serfs stop paying and the tax donkeys drift away to lower-cost, lower-income lifestyles?
A 285-unit apartment complex in Parla, less than half an hour’s drive from Madrid, should be an ideal target for investors seeking cheap property in Spain. Unfortunately, two thirds of the building generates zero revenue because it’s overrun by squatters.“This is happening all over the country,” said Jose Maria Fraile, the town’s mayor, who estimates only 100 apartments in the block built for the council have rental contracts, and not all of those tenants are paying either. “People lost their jobs, they can’t pay mortgages or rent so they lost their homes and this has produced a tide of squatters.”