The attached article focuses on Canada which did not see the type of pain we saw in the USA during the last housing bubble pop. Vancouver especially, filled with Chinese emigrants with cash, looking for a home in the West, sort just kept trucking through the bubble pop and Great Recession. This time however that may not be enough.
Fair warning everyone. Don’t let the cronies take you down with them (well they got bailed out) again.
(From The CBC)
In an annual report published Thursday, the Swiss bank looked at 20 cities around the world that are considered to be financial centres, local metropolises that are hubs for their regional economies. The list includes familiar names such as Tokyo, New York, Sydney, Singapore and others, and for the most part, all the cities on the list share one thing in common — the cost of living is higher there than it is in other nearby places.
Surprise surprise, the cities that have the easiest access to central bank created money have the highest costs of living. Wonder why that is?