in the meantime the Mr X's still have their money so its out there somewhere
I have a neighbour who sold a plot of land for a housing development a few years back.
Don't know the exact figure but it was several hundred thousand euros.
After the Irish cc hit he approached one of his banks (who were in difficulties
) where a portion of the money was lodged, to make a withdrawal and the bank informed him it wasn't possible. His money was gone or to be more precise it never existed in the first place and the bank suddenly found themselves in a slight pickle.
" wasn't quite working this time.
So the bank made an arrangement in their desperation and signed over the three storey high street property they operate from and now the bank pays him a monthly rent.
Not as good as being handed say half a million euros in cash or the equivalent value in gold bullion but still a nice little earner and he now owns the bank.
The reality is that the property buyer went burst being unable to build any houses as no new buyers were available.
No one to create new debt in other words. Without debt no wealth just as Joe has pointed out.
No where is that more evident than here in Ireland with thousands of ghost towns littered all over the country!
Many awaiting the bull dozers.
The other big problem of course is that you cannot export land and property to other countries to gain real income so the Irish just kept blowing up each others balloons in the property market until they popped.