hence the reason I said what I said in my post. Maybe reading is not your thing. . What is going on now is much bigger than 2000-2006. much bigger.
Been to Singapore and Kuala Lumpur this week, KL is about 50% Chinese, the locals must be bitter in KL their parents/grandparents didn't move to Singapore when it was still Malaysian, the wealth gap between both cities looks huge now. Singapore is one of those striking instances that casts doubts to the idea western style pseudo democracies are the panacea. Go see fat guy to all fellow traders btw.
Years ago buyers put 5% down and bought, today The Related group ( biggest condo developer in Florida and perhaps the US ) takes 50% down payments on Condos that are years from being built and some are 100% sold. So no its not all relative. Not only that but the cities infrastructure is being enhanced to accomadate the explosion. Come on down and see for yourself. Miami World and Brickell city center are humongous projects. Brickell City center has 3000 condos , 8 million sq feet of malls , restaurants, hotels etc....and that in a 3 city block area only. Dont even get me started on Miami World and they rest of south florida..The design district once a place you couldnt get out of your car without being mugged now houses , Gucci, Tom Ford, Louis Vitton, Rolex. Once $200 a sq ft for retail space is now going for $1600. Higher end condos are fetching $2000 a sq ft. All this with Banks not lending like back in the hey days.Thats real change brah.peace
Dude, we got it, clearly you are one of those who gets an erection every time you see a new tall bulding, however this is about whether or not Miami will become the next big financial hub. Let us know once you have something to contribute to the actual topic. In the meantime, I am sure you will find plenty of forums with fellow realtors out there.
I see on the BBC that Singapore celebrates its 50th anniversary of Independence this year, so that is more than it took to make a difference. I remember in 1978 going from Malaysia to Singapore and a Malaysian dollar (ringgit? Not sure when that started) was worth less than a Singapore dollar, about 1.10:1.00. Per capita GDP was not so much different. Haven't been to either place for 8 years now but last time it was 3.3+ ringgit to 1 USD and 2.2+ Sing dollars to the USD. Per capita GDP is hugely different. I am an unabashed fan of Lee Kuan Yew; he may not be the worlds most exemplary democrat, but he is a great example of a leader who delivers what the majority of his people want. I have lived and worked there and the vast majority of Singaporeans I know are quite happy with the way things are done. That was the essence of the deal, if you would let him, LKY promised he would get things done and deliver all you could reasonably expect. Some liberals may complain, and I am not faulting them, but the locals are happy and it is good enough to attract the likes of Jim Rogers. Income disparity is becoming a bit large, but I'm sure they will address that in the same way they have addressed all the other issues. As for Miami, they obviously have some fabulous weed there and Surf was smoking that when he posted; imagination can run wild with a good joint.
On the subject of LKY, he is in distress. Pneumonia at the age of 91 is pretty serious. http://www2.bangkokpost.com/news/asia/480442/lee-kuan-yew-in-icu
They probably downloaded his programming to Goh Chok Tong since they worked together for a long time. : ) So, there succession system has a lot of stability. I am not versed in political economy to say that their system will lead to it's own decline. But, the income disparity can probably be fixed by simple social engineering which they have a lot of flexibility of doing. Don't they have a social safety net better than our American SS? My impression was that old lady who cleaned the lavatory for dime tips drove off in a Benz at the end of the day.
That's a valuable, feet on the ground with local knowledge post. But there have been lots of news of hedge funds setting up in Palm Beach. I live in Manhattan and hate the taxes and weather and overall cost of living. I can see the allure. Good post, thanks
Let me add that Latin America has a lot of dirty money. Miami can be the next Switzerland if it overcomes the new Anti-terrorism and money laundering laws (Not Likely). But to play things "straight up" like Singapore. no way. GS had 3 analysts in NY for ASEAN markets during the 1990's economic miracle. The game is played locally with road shows, hookers and blow ( well, scotch really which I may have had too much.)