Sunday, October 28, 2012

The Extraction...

...continues in the Middle Kingdom.  Readers here are not surprised.

From the New Yorker:

By all accounts, China today has a growing Swiss Factor. Uncle House, like many other accused officials, was found to have family abroad, some with Australian citizenship, a condition that makes it easier for them to flee if he gets in trouble. (Official records indicate that eighteen thousand corrupt officials have fled the country since 1990, taking with them a hundred and twenty billion dollars.)

And of course even Greenwich seems like a safe haven:

As China's economy is in its slowest expansion rate since 2009, some of the country's wealthier citizens are looking to invest their money overseas, in the shape of sprawling, expensive properties in Fairfield County.

"The upper middle class has a lot of disposable cash, but they're not sure about the political and economic future of China," Yang said. "So they're moving it overseas."

No comments: