China Builds 27 Empty New York Cities

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from Great Game India:

China has actually managed to build New York cities and not just one, but a staggering 27 empty ones. This by no means is an ordinary feat.

China’s vacant housing units could accommodate New York City 27 times over as of 2016, reports The Epoch Times.

To you, what does this imply? The waste of so many resources has a lot of knock-on effects. Be thankful that you don’t have to worry about wicked genies suddenly branding you with mortgaged deeds as you go through a mental exercise to learn more about the disastrous repercussions of credit bubbles.

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That may be frightening. Consider the possibility that a vengeful genie has taken a disliking to you. What could be a more heinous act of malicious magic than the genie handing you the deeds to China’s staggering inventory of 70 million unoccupied apartment complexes amassing dust?

You may believe it will make you a millionaire, a real estate mogul on par with Donald Trump. But reconsider.

This could be a good time to relay an unexpectedly nice storey Trump told about himself during the late 1980s and early 1990s savings and loan crisis. At the time, 1,043 of the 3,234 savings and loan associations in the United States collapsed as they attempted to absorb billions of dollars in over-mortgaged real estate properties.

Trump was out wandering the streets of Manhattan’s Upper East Side one evening with his girlfriend at the time. They came across a bum in a ragged peacoat resting on a grate as they walked. Trump remarked to his companion, “That guy has $1 billion more than I do.” She responded, “But he doesn’t look like he has a penny.” Trump replied, “He doesn’t.”

Trump’s riches was held captive by the banks, to whom he owed nearly a billion dollars more than his assets would have sold for in a fire sale, at the time he said that. Because Trump isn’t known for making jokes about himself, I characterize this as “an uncharacteristically charming story.” Despite this, he reaffirmed in a conversation with me that the above account I’m sharing with you is correct. It displays Trump at his best, jokingly acknowledging the ramifications of double-entry accounting.

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