From the nytimes source:
Almost one-third of top-end property purchases in America’s biggest cities are suspect, according to the Financial Crimes Enforcement Network, ... and what the bureau has seen is disturbing: There is a flood of dirty capital pouring into United States real estate, and it isn’t clear who owns it.
... China was the leading investor in real estate in the United States by the end of 2015, with $350 billion in related investments and holdings, according to a 2016 Asia Society report.
Separately, the source mentions something I never heard of, the "birth of offshore finance":
... a group of talented bankers in London decided to put that money to work. In July 1963, they arranged for Italy to borrow $15 million in defiance of the capital controls. The idea was simple; the way they structured it was not. Thanks to a clever game of jurisdictional Twister, they created a dollar-denominated bond that wasn’t taxed or regulated anywhere: the "Eurobond." Thousands of such bonds were soon sold, giving birth to one of the largest capital markets in the world — entirely beyond the jurisdiction of any government. Offshore finance was born, and democratic control over capital was doomed.
Submitted April 08, 2017 at 02:32PM by goodDayM http://ift.tt/2nrHLIs
