I just recently moved from a bourgie block in Encino with two boarded-up, foreclosed houses on it–one with a public auction notice on the front–to a place in Sherman Oaks with at least one abandoned house within a block that I have spotted.
While the real estate market becomes more and more viscous every day, the LA Times reports that a group of South American investors bought William Morris for a cool $143 million:
“They give us ideal protection from inflation at a time when there is turmoil in the financial sectors,” Covarrubias said. “We’re putting our money into hard assets that are going to preserve their value.”
And that news made me think of the upside of the impending depression, those of us who have over the course of the last eight years, repeatedly contemplated emigration won’t have to contemplate such a thing any longer when we become completely economically colonized. (I wonder how much my student loans will cost me in Euros…)