Well, my idea is taking root. Congress is looking at the idea of allowing people who spend at least $500,000 on real estate to get a green card.
Let’s see – China owns about $1 trillion in US debt. $1 trillion / $500k = 2 million green cards – that’s enough to buy up 10% of America’s empty houses
有趣的時代！(Interesting Times).
In the first place, last I heard, China held a lot more than $1 trillon in our paper. In the second place, a couple of million votes is enough to swing a key election or two, and in the third place, it’s good to know the price of citizenship in our great nation. Oh, and by the way, last time I looked, houses aren’t bought for cash, it only takes a small down payment.
Be carefull folks, before you look around and find that these traitors have swindled your country our from under you.
Oh, and is that a green card per transaction? If so, we could see a brand new boom in real estate sales to and from Chinese dummy buyers. I wonder how long it will take to figure this all out…
Essentially it’s the same idea as what Belize does. If you bring money to the country (demonstrating that you won’t become a burden on the government), the government gives you permission to live there permanently.
I heard the news item one time on the radio, which is why I didn’t have a link.
http://www.latimes.com/business/la-fi-visas-home-buyers-20111021,0,6715779.story
The bill was introduced by Chuck Shumer (D-NY). According to the news story:
– the real estate must be bought in cash – no mortgage
– they must live in the house > 180 days a year and pay U.S. Taxes on their income
– they would not automatically get a work visa, but that wouldn’t stop them from starting their own business
– Spouse and children can come as well
– they would not be eligible for government benefits
I would be curious to know what Ron Paul thinks about this plan. Libertarians generally think people and capital should be free to move to where it can be used most effectively, and not blocked by government rules designed to limit migration or tariffs designed to protect inefficient industries.
Now that I know who the sponsor is, it looks even more like this might be designed in part to expedite the departure of the rich from Europe and the Middle East who want to buy their way into the United States, bypassing the huddled masses waiting patiently in line.