The Move to America — the Great Capital Migration

Posted by Martin Armstrong - Armstrong Economics

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Something very interesting is unfolding. Included in the new year-end spending bill was a waiver of the Foreign Investment in Real Property Tax Act (FIRPTA), which had been implemented during the late 1980s when the Japanese were buying everything. They claimed to have focused on buying U.S. farmland, but it also applied to buying trophy U.S. property like Rockefeller Center in New York City.

This position has been reversed in the new year-end spending package. While some attribute this to a grand conspiracy, giving far more credit to those in Congress and in the White House than they deserve, our sources simply tell the plain story of lobbying to allow foreign buyers, who are supporting the real estate market in key areas, to purchase properties. Especially after London basically kicked every foreigner out of town by telling them their money was not welcomed, and with lightning speed they instantly turned to New York City..…continue reading HERE