Wednesday, August 26, 2015
Just like Tokyo 1989
They said it would go up forever and would never end. Right? Oil states - oil crash - even Saudi having to issue bonds to cover budget short-fall Russia - sanctions & oil crash - oligarchs no longer in evidence around London China - corruption crack-down (has been going for a while) OECD - tax-haven crack-down UK - offshore-owned properties now taxed with beneficial owners identified In general - dawning realisation that public officials on public-sector salaries around the world can't also have hundreds of millions of clean money And now the final shoe to drop: China - stock market collapse; but if you can't sell your stocks, you have to sell something else to cover your margin call. Like that luxury London property you bought in the last year or two.