In addition to the three brothers of the Mei family and Fat Dun'er, Li Yaoyang's most trusted is Ah Biao, although his ability is not strong, but he dares to fight, he has a reckless spirit in his bones, and the most important thing is to be loyal enough.

Take 10,000 steps back and say, his family is staring at him under Li Yaoyang's nose, he really dares to make a fuss, even if he doesn't care about himself, he has to think about his family, right?

He is not raised by Wang Peng's son of a bitch, and the whole family is not hungry when he eats alone.

Although the rivers and lakes are in trouble, and the disaster will not affect the family, no one can bear the betrayal of this kind of thing, and sometimes they would rather be scolded for not being moral, and they can't help but die.

Fortunately, Ah Biao should not be a person who eats inside and outside.

Personally watched Ah Biao set off with the team, and they will go all the way north, first trying to enter the territory of the Maple Leaf Country as soon as possible, and then sail west to the Yukon Territory.

However, after entering the Yukon, the truck will become difficult to move an inch, and I am afraid that it will have to rely on the aboriginal horse-drawn carriage to consign, and the cost will be raised little by little.

And the rhyming brother also wants to get a piece of this batch of goods, otherwise why expect people to sell you their lives?

Loyal? No! It's the money of the red fruit!

——————————

Chinatown finally stopped, and for more than a month, the entire Chinatown was immersed in a gloomy atmosphere, like Gotham in DC Comics, the Dark City, and the City of Sin.

Now it's gone, but no one dares to go out and walk around at will, and I'm afraid I can't go back to the previous state of not closing the house at night.

And many houses used to have lights on, but now they are all extinguished, and on one street, only a few houses have lights on, and most of them have locked their doors, and it is pitch black inside.

It means that either the owner went to bed early, or there is no one living in it.

The latter is a high probability situation, who knows how many people have left in Chinatown in the past month or so?

Of course, Atlantic City has become the main place of refugee for Chinatown residents, and the decline in Chinatown's population has been followed by a sharp increase in Atlantic City's population, which has increased by at least two or three thousand permanent residents in just over a month, including not only Chinese, but also many whites.

Because of the Irish riots, the security of the area around Chinatown has also been challenged, and many low-level whites can't hold on, so they have to embark on the road of escape.

After these people came to Atlantic City, they didn't work for a while, and after a long time, they inevitably picked quarrels and provoked trouble.

Faced with this situation, Atlantic City currently has a whole set of processing procedures, the sheriff's office arrests people, throws them into prison, and the next day they are dragged to work on the construction site of Xinhua Town, and they work for 10 days and half a month, basically honest.

When people are released, they can recruit people back to become full-fledged migrant workers at a low price, which not only solves the problem of public security, but also solves the problem of insufficient manpower, and the sheriff's office also gets political achievements, killing three birds with one stone.

It is worth mentioning that the progress of Xinhua Town is very fast, and 8 of the buildings have been erected, and it is estimated that it will be capped in another half a year.

Those customers who have bought a house, occasionally come to the site in the car of the passenger transport company, and can laugh out loud every time, this is the ancestral property that they have spent their life savings to buy, can they not be excited?

However, something bad has happened in the real estate market in the ugly country recently.

Li Yaoyang didn't notice it at first, but with the birth of one case after another, he couldn't help but think of a classic term in economics, a word that everyone in later generations knew - Ponzi scheme.

Real estate bubbles only appear in the process of urbanization, not only in later generations in China, but also in ugly countries, but most of them are rural land.

Today, for the first time, the country is experiencing rising property prices in urban areas.

The real estate bubble was concentrated in Florida.

Countless scammers and adventurers came to Florida to do business, and the only business in Florida at the time was selling houses.

Among those who came to Florida was the famous Charles Ponzi.

swindler

That's right, it's the Ponzi deity of that Ponzi scheme.

He came to the ugly country from Italy when he was 21 years old.

In 1919, he discovered that he could arbitrage in the international coupon market, which was the first "Ponzi scheme" he started.

The so-called international return stamp is a bill similar to a postage stamp, the sender can send this bill abroad, and the recipient can use this bill to exchange stamps at the local post office and send a reply.

At that time, the ugly country was the only country that was able to maintain monetary stability and still practiced the gold standard, and the currencies of European countries depreciated sharply.

As a result, if you send a self-addressed stamp to Europe, you will buy back more stamps in European currency than you can buy in an ugly country.

Ponzi wanted to scam investors out of money and speculate, and he promised to double investors' funds within 90 days.

The first investors did get high returns, but the money was diverted from the new investors who followed behind.

Ponzi's hoax was finally exposed in 1920, and he was imprisoned in a Massachusetts prison.

And now, Ponzi, who had just been released from prison after paying bail, fled to sunny Florida and started a real estate business under a pseudonym.

Ponzi became the initiator of a plot of land near the city of Jacksonville.

He divided a piece of desolate land into many small plots and sold them to small investors.

He promised investors a $30 return in 60 days for a $10 investment, which was even more enticing than his earlier coupon investment plan.

It's still a pyramid scheme.

It didn't take long for the hoax to be exposed, his identity revealed, and Ponzi was imprisoned again. Eight Chinese Net

Like Ponzi, there are also heroes from all walks of life who come to Florida before and after, all for a common goal of making a fortune.

In 1910, Carl Fisher, the founder of Fisher-Price Bodies, took his 15-year-old bride on a honeymoon in Miami, and he fell in love with this feng shui gem at first sight.

In Florida, Fisher pushed the local government to build roads in all directions, and property prices along the roads skyrocketed.

A federal lawmaker also moved his family to Florida to make his wife, who suffers from arthritis, more comfortable.

George Merrick, a well-known local real estate tycoon, approached the councillor and asked him to give his "Spanish Villa" project a platform.

The parliamentarian has considerable influence in the country and almost became the owner of the White House.

He once spoke for poor peasants against the gold standard, and now he is a voice for real estate developers praising the "Gold Coast".

Merrick paid the congressman $100,000 a year, half in cash and the other half in land.

During these two years, Florida's real estate bubble reached its peak.

The developer hires bands and circuses to attract customers.

The sidewalks are simply impassable because there are so many real estate agents soliciting business.

When I opened the newspaper, I saw real estate advertisements.

There are a lot of "guarantee guys" in Florida, all of them are healthy young "little fresh meat", wearing white suits, encouraging customers to buy "guarantee letters".

This guarantee is equivalent to a deposit, and investors who buy a "guarantee" are not actually buying a house, they will sell it to earn the difference.

This summer, at the height of the real estate boom, warrants could have changed hands eight times a day.

Guarantee receipts can also circulate like money and are accepted in hotels, nightclubs, and brothels.

The reason for the real estate bubble in Florida: from demand, to speculation

There has never been a "rigid demand" for real estate.

How big is a house? Do I have to buy a house to settle down?

However, at certain stages, there may be some unprecedented changes in property demand.

The real estate bubble in Florida in the 20s of the 20th century was closely related to the popularity of automobiles.

With the advent of Ford Motor Company's famous Model T, more and more Americans were able to buy cheap cars, and they drove to Florida, where the climate was warm and land was cheap.

In New York, Chicago, Detroit and other places, there has also been a sharp rise in home prices, and that is because commercial real estate has become a new investment model.

The 20s of the 20th century were the decade of skyscrapers.

More high-rise buildings have been broken in this decade than in any decade of the 20th century.

The newly built skyscraper is no longer used as a headquarters office for a company, and the extra rooms can be rented out to other customers to earn rent.

Not all of this emerging demand is illusory, but because it's new, it often makes it difficult to judge where a reasonable range is, and it's easier to believe that house prices will skyrocket in the future.

In addition, the extremely loose monetary policy also contributed to the housing bubble.

Accommodative monetary policy often leads to excess liquidity, which flows into the real estate market or stock market, pushing up asset prices.

In the latest news, the Federal Reserve lowered its discount rate, which is the interest rate at which it lends to commercial banks, from 4.5% to 3% in order to help the British Empire return to the gold standard.

This low interest rate policy has led to increased liquidity in the market, and a lot of liquidity has flowed into the real estate market.

At the beginning of all crises, house prices did not rise quickly, and the real acceleration of the rise was after the implementation of loose monetary policy.

And financial speculation added fuel to the fire of the real estate bubble.

Without financial institutions, real estate prices would not have ballooned.

Under an overly lax financial regulatory regime, financial speculation will soon rise in waves.

In the current Florida housing bubble, various financial institutions are involved in speculation.

Comparatively, traditional banks are more conservative, with the most radical being the Construction and Loan Association.

These institutions are like mutual savings banks, which mainly lend to their own members.

It is mainly the local authorities that supervise the construction and loan associations, and the local regulators turn a blind eye to these institutions, believing that they do not take deposits from the public and that all loans are secured by real estate, so there will be no problems.

Many construction and loan associations are set up by real estate developers to incentivize people to take out loans to buy homes by lowering down payments and issuing second mortgages.

While construction and loan associations do not experience runs like banks, they can also become insolvent if loan contract defaults increase.

In recent years, developers have issued about $10 billion in real estate bonds.

About one-third of real estate bonds are based on residential mortgage interest, while the remainder are based on future rental income from commercial real estate projects.

To entice investors to buy, the issuer guarantees that bondholders will be able to earn an interest rate of 5%.

Of course, this also means that if the return on the potential investment is insufficient, the project or the insurance company is taking on a lot of risk.

The dazzling "financial innovations" that led to the 2007 subprime mortgage crisis were not innovations at all, because Florida real estate developers knew these tricks 80 years ago.

The bubble bursts, forever overnight

There are many reasons that can lead to a real estate bubble, and when the whole market is already in a state of madness, the slightest rumor can trigger a massive panic.

What caused the Florida real estate bubble to burst?

Now no one knows, and later generations say that the stock market is falling.

The S&P Composite, for example, fell 11%.

Some people say it's an anomaly.

For example, this winter, Florida was unusually cold, and the following summer was scorching.

At the same time, a hurricane hit Miami, killing more than 100 people in the city.

Other states, especially neighboring states, fearing that Florida would suck money away, passed legislation to limit the outflow of money, and spread rumors that meat could not be bought in Florida and that giant lizards would bite people in downtown areas.

Florida's real estate bubble came and went as fast as it came.

First the volume falls, and after a while, the price falls.

In Florida and neighboring Georgia, 155 banks went bankrupt.

Compared with the 2007 housing bubble, the impact of the current housing crisis is relatively small, and the hardest hit is Florida and neighboring Georgia, but almost all the symptoms of the housing bubble can be found at the time.

Nearly 80 years later, many people have forgotten the Florida real estate bubble.

As a result of forgetfulness, the crisis can only happen again, and more violently.

New Jersey is far away from Florida, and the crisis there has not yet reached this side for the time being, but many people have spread it again.

Rumors are like this, and in the case of false rumors, it is most likely to go wrong.

Many people are rumoring that the capital chain of Xinhua Town is broken, and it may stop work at any time.

Many owners who paid the down payment panicked, thinking that their life savings were going to be wasted, so they came to the gate of the project to pull banners to explain.

It's a big deal, Atlantic City is such a big place, fart in the east, and smell it in the west in a few seconds.

Soon, the whole of Atlantic City was watching the turmoil.

David Pinkman sent the guard to maintain law and order, for the sake of Li Yaoyang's face, he did not attack the Chinese people, but just stood there to avoid further conflicts.

"Brother Shen!"

"Hmm!"

Shen Changqing walked on the road, and when he met someone he knew well, he would say hello to each other or nod his head.

But it doesn't matter who it is.

There was no superfluous expression on everyone's face, as if they were very indifferent to everything.

on this.

Shen Changqing is used to it.

Because this is the Demon Suppression Division, it is an institution that maintains the stability of Great Qin, and its main responsibility is to kill demons and monsters, and of course there are some other side jobs.

Arguably.

In the Demon Suppression Division, everyone has a lot of blood on their hands.

When a person is accustomed to seeing life and death, then he will become indifferent to many things.

When he first came to this world, Shen Changqing was a little uncomfortable, but over time he got used to it.

The Demon Suppression Division is huge.

The people who can stay in the Demon Suppression Division are all strong masters, or people who have the potential to become masters.

Shen Changqing belongs to the latter.

Among them, the Demon Suppression Division is divided into two professions, one is the town guard and the other is the demon exterminator.

Anyone who enters the Demon Suppression Division starts with the lowest level of demon slayer.

Then step by step, he is expected to become a town guard.

Shen Changqing's predecessor was a trainee demon slayer in the Demon Suppression Division, and he was also the lowest level of the demon slayer envoys.

Have memories of the predecessor.

He is also very familiar with the environment of the Demon Suppression Division.

It didn't take long for Shen Changqing to stop in front of an attic.

Unlike other places full of slaughter, the attic here seems to stand out from the crowd, and in the bloody Demon Suppression Division, it presents a different tranquility.

At this time, the attic door is open, and there are occasional people entering and exiting.

Shen Changqing only hesitated for a moment, and then stepped in.

Access to the attic.

The environment has changed in vain.

A burst of ink fragrance mixed with the faint smell of blood came to his face, making his brow furrow instinctively, but quickly stretched.

The smell of blood on everyone's body in the Demon Suppression Division is almost impossible to clean.