As a sign of the times this article from International Herald Tribune blog is about the high end of the real estate market slowing dramatically. Many falsely believed that those with money would still spend it as if nothing had happened to the economy. The truth is that the rich are like everyone else when it comes to money. When they see more going out than coming in they get concerned and pull back on spending.
As the U.S. is forced to become an even more socialist country many will be doing what is quoted at the end of the article. Sharon Simms, a luxury specialist in St. Petersburg, Florida, has also noticed a bump in international business, but with a twist. “For the first time I’m seeing U.S. citizens looking to get a percentage of their assets outside the United States,”.
This may well be the benefit that Panama will see from the economic shock and oncoming plan to redistribute wealth in the U.S. and Europe. No matter what the politicians promise about taxes, the fact is that somebody is going to have to pay for the mistakes that were made and those that have it will be the ones that have to pay. Unfortunately it won't be the bankers and rich politicians that got us into this mess that will pay. It will be those who through prudence, providence and hard work accumulated wealth and did not live beyond their means. But as this article points out, the rich will be looking at getting their assets and their asses out of harms way and Panama is poised with plenty of property and banks to take care of them. Read the story here.