1/ This great @nytimes series on high-end Manhattan real estate should be called "the banality of extreme wealth." http://www.nytimes.com/2015/02/08/nyregion/the-hidden-money-buying-up-new-york-real-estate.html …
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3/ They're clearly not dumb. Takes brains to engineer complex webs of money flows. But really this is the best use you can come up with?
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4/ Not that it matters that much, since money spent unimaginatively quickly finds its way to more imaginative types who sell to banal rich
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@vgr The condos, etc, are big-stores to park wealth in case money-itself collapses, i always thought -
@oddynz Yes, and that's not actually very smart thinking. If money collapses, high-priced urban centers decay. Cf: Japanese in late 80s. - 1 more reply
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@vgr the answer to Picketty is not policy, but for wealth to become invisible. Banality is legible as harmless.Thanks. Twitter will use this to make your timeline better. UndoUndo
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