Walk through certain neighborhoods in Miami at night and count the lights.
Tower after tower of new condominiums. Glass, balconies, water views. And a strange number of windows dark, month after month, season after season.
Somebody paid for those apartments. Often in cash. Often without ever intending to live there.
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A lot of that money came from somewhere else, and the reasons it came are not the ones people assume.
It is not mainly about sunshine. It is about what money does when the people holding it get nervous, and why a condominium in Florida became one of the most popular places in the world to park it.
This one explains a great deal about how prices in a whole region can stop making sense to the people living there.
Come on.