Sunday, January 3, 2010

Pirates cause a housing bubble...no,no, not the Pirates you are thinking about...


The Pirates of Wall Steet are blamed for the housing crisis and other financial ills, but sometimes it is REAL prirates that cause bubbles.
The hike in real estate prices in the Kenyan capital has prompted a public outcry and a government investigation this month into property owned by foreigners. The investigation follows allegations that millions of dollars in ransom money paid to Somali pirates are being invested in Kenya, Somalia's southern neighbor and East Africa's largest economy.

Even as housing prices have dropped sharply in the United States, prices in Nairobi have seen two- and three-fold increases the last half decade. (link to full story)

(idea from Kids Prefer Cheese)

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