Anybody have a take on the Panamanian economy?

[brewster]

Family went to Panama for the holiday week. There were more skyscrapers in Panama City than I have seen in any US city besides NYC. WTF? Is it all money laundering for Russian oligarchs and other kleptocrats? There's no way their "80% service economy" brings in such cash. It's not like the whole city gleams, there was plenty of ghetto, and even in the "upscale" areas you had to watch your step or you could fall into open manholes and other huge traps in the sidewalk. Something just felt wrong. I'd be interested in hearing the MHF take.

[C-Mag]

Yeah, the ChiComms moved in after the Jimmy Carter withdrawal took affect.

[TheReal_ND]

key shipping route for global trade

OMG why is there so much money here???

[C-Mag]

key shipping route for global trade

OMG why is there so much money here???

We built it, after everyone else failed at it, we gave it away. The one colonial possession we had that made bank. Jimmy said, Ah, Fuck No. We can't make money.

[TheReal_ND]

Oh yes I'm sure Jimmy Carter just woke up one day and decided to make a giant globoeconomic decision all on his own. This country is for sale and everyone in it.

[C-Mag]

Oh yes I'm sure Jimmy Carter just woke up one day and decided to make a giant globoeconomic decision all on his own. This country is for sale and everyone in it.

I don't remember the details, but I do remember surprise this happened, a real WTF. He did that in the late 70s, but made it effective in the 2000s.

Yes, the Globohomo's in the American swamp do consider the country for sale and everyone in it. Uranium One comes to mind immediately.

[brewster]

key shipping route for global trade

OMG why is there so much money here???

They take $2B/yr in tolls. Egypt takes $5B for the Suez and looks nothing like Panama City. There's no natural reason the cargo going through should have any other effect on the economy. Most of it never touches Panamanian soil. This place is more like Dubai in the jungle.

[Martin Hash]

Haven't you heard of "The Panama Papers"? It's an off-shore haven, plus lots of ex-pats live there.

[brewster]

Haven't you heard of "The Panama Papers"? It's an off-shore haven, plus lots of ex-pats live there.

I should relearn about the Papers. I didn't think it was this kind of cash. I'm surprised it attracts expats, they use the dollar, so there's no exchange advantage, and it's not that cheap. A meal is maybe 70-80% what you'd pay in US.

[Speaker to Animals]

Two causes: (1) it's an infamous tax haven, which means their financial sector is absolutely massive relative to their national size; (2) they are an ex-pat retirement haven, which means a lot of boomer retirement funds are flowing in around the country, which also boosts their entire economy.