Castro Could Hold My Mortgage

It's a strange time, politically.

Yesterday we heard that the Government is nationalising Northern Rock, which means that as a mortgagee of that company my flat will henceforth be nationalised (will that add to the socialist street cred of the Associate Director of an international PR congomerate specialising in advising defence, aerospace and public sector privatisation companies?)

Then today we heard that Fidel Castro is at last standing down as Stalinist dictator of Cuba and transferring political power to brother Raoul.

Despite the public pledges of allegiance to the revolution and continuity with Fidel's policies, it is widely understood in Cuba that the handover means the re-establishment of international diplomatic relations and the economic liberalisation that is a prerequisite for such an opening up. Permitting a market in residential property is inevitable - currently Cubans own their own homes mortgage-free after paying rent to the state for a given period, but permission is required to sell them.

So, ironically, in a few months from now the average Cuban may well be living in a privately-owned, mortgage-free house while I'm living in a state-owned flat. Surely something wrong there, or am I missing something?

But there's good news. The new Cuban government will also be looking for sound overseas investments as a mechanism to improve political relationships through economic interdependency. And what more sound investment than to purchase Northern Rock, when Britain's most famous "non-dom" Ron Sandler has sorted it out? The government has promised to sell the company back to private ownership as quickly as possible and, just as French state-owned companies have invested heavily in privatised British utility companies, there should be no bar to a bid from a new state-owned Cuban property investment company.

I think you can see where I'm going with this argument. In a matter of months from now I could be mortgaged to Raoul Castro. Now there's an interesting thought!