Monday, Sep 14, 2015

The Domino global city crash?

Bloomburg: Rio's bursting real estate market

I should imagine London will be the same when the money moves out

Posted by pete green @ 07:30 AM (3990 views)
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3 Comments

1. libertas said...

This is completely different. BRICS are on a Dollar Standard and do not have the Bank of England's credit rating, so they are beholden to moves in the Dollar and struggle to keep up with it. Other Latin American countries are the same, as they all act in lock-step rather than allow their currencies to float.

Furthermore, most Latin American countries are tin-pot Socialist hell holes with not a modicum of prudent economics, riddled with the kind of nepotism that would run rife if we allow the Communist wing of the Labour Party to take over, as occurred during the 1970's.

Monday, September 14, 2015 06:41AM Report Comment
 

2. pete green said...

Oh really libertas. It just a question of capital flow and one day London will look very dodgy probably because we have over used the BofE credit rating and our own form of corruption..... money will leave and Enfield will fall....

Monday, September 14, 2015 07:16AM Report Comment
 

3. icarus said...

pg - Yes, very much a question of capital flow. When the 'Third World debt bubble' burst in the 1980s, big finance left southcentral America and moved to new markets in Russia and Asia in search of fresh speculative ventures. After blowing financial bubbles in these new markets, which were followed by economic crises in the second half of the 1990s, financial speculators left Asia for the technology sector. When the dot-com bubble imploded in the early 2000s they moved into the housing/real estate market. Next came 'emerging markets' (completing the circle - back to Latin America and Asia), which are collapsing as finance capital flows away from them.

"Hell holes" ? The US has controlled the political and economic development of most of the countries of the Caribbean and Central and South America for over a century, installing client and fascist regimes. Now, faced with increasingly independent politics in Latin America, the US uses pretexts ranging from the War on Drugs (militarisation and politicisation of counter-narcotics police forces) to "humanitarian assistance", and the War on Terror, in order to regain its military foothold in the region and to maintain and further its hegemony. Dawn Paley's 'Drug War Capitalism' describes how the US 'War on Drugs' is creating violence, extortion and migration through the use of corrupt governments, militarised police and gangsters, including the murders of local and 'green' activists, labour leaders and journalists opposing mining and other eco-unfriendly foreign investments.

Monday, September 14, 2015 09:52AM Report Comment
 

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