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This Is A Feature Of Fiat, Not A Bug

It’s Friday desk clearing time for this blogger. “Have Northern Virginia home sellers missed the sweet spot? The D.C. region’s red-hot housing market has begun to show signs of fatigue, and in Northern Virginia the market softened in August. ‘Overall we’ve definitely seen a softening in the market which is reflected in a decrease in multiple offers and biding wars,’ said Northern Virginia Association of Realtors President-elect Reggie Copeland. ‘That has been somewhat of a challenge for sellers that didn’t make it on the market until June, July or August because in many areas buyers had started backing off and delaying purchasing based on the previously high real estate temperature.'”

“Copeland said an increase in the time it takes to get a contract from a buyer has also caused some sellers to lower their prices. The average price of what sold in Northern Virginia in August was $608,250, a 5% drop from July.”

“In the monthly meeting this week with more than 40 real estate agents and five loan officers in attendance, Mary Anne McMahon, who owns RE/MAX Posh Properties in Austin, said ‘the sentiment was that there is a very slight slowdown but the market will come right back. She said many listings continue to sell above asking price, ‘but that is starting to soften a bit.’ In a few instances, McMahon said, ‘we have had to go back to some ‘old school’ activity, actually dropping the list price if a property is not moving. In some cases, finding the pricing sweet spot can be tricky, especially in the luxury market.'”

“People looking to buy a home in the Seattle area could face possible relief as experts say the local real estate market is showing early signs of cooling down. And it’s not just price. Inventory and the number of closings are also down from July. ‘Paying a fair price and being able to have a home inspection and a lot of these other things that over the last couple of years you kind of had to roll the dice a little bit for a lot of people to be that winning bid,’ said Jon Bye with Jon Bye & Associates, who added 50% of his buyers gave up housing inspections in the last year. ‘Before, when you had 10 offers, you would have six to eight of those be fairly normal. And then you’d have two people that would really be running the price up really high, and I think that is the stuff that we might not see as much as what we’ve been used to over the last year or two,’ Bye said.”

“‘It feels like we’ve been in a non-stop sprint for much of the past year, but the market is now getting a chance to catch its breath,’ Greater Boston Association of Realtors President Dino Confalone said. ‘There’s been a bit of softening in demand over the past 8-10 weeks as some buyers have opted to take a break from the market due to affordability issues or to pursue summertime activities. Others have grown frustrated by the lack of inventory and chosen to renew leases or stay in their current home, and collectively that’s taken some of the air out of the market.'”

“A new report from the Wake County Register of Deeds Office shows that the median sale price of all real estate sold in Wake County during August 2021 was $365,000, down $19,000 or more than 5% than in July. The median sale price in the Wake County Register of Deeds data set fell from its calendar year high of $384,000, the median sale price in July 2021. And real estate agents aren’t panicking. ‘Don’t see a reason to sound the alarms about this as there will be fluctuation in the market,’ said David Jones, CEO of Coldwell Banker HPW.”

“Minneapolis agent Raashida Shelton with Keller Williams has noticed things getting easier for buyers. Instead of houses selling in two to three days, ‘now we’re seeing more inventory, and homes are sitting longer, more like 20 to 30 days,’ she said. She just closed a deal in which the seller even covered some of the costs. Imagine that — a concession from a seller! ‘What we are seeing is that more homes are hitting the market every single week. And so that’s relieving a little bit of the pressure,’ said Taylor Marr, lead economist with Redfin.”

“Bay Area homebuyers got a bit of a break last month, as prices continued to edge down in much of the region while inventory rose slightly, new data shows. The median sold price in the Bay Area was $1,265,000 in August, down 2.7% from $1,300,750 the previous month, according to a the California Association of Realtors. That followed a 3.6% decline from June to July. The biggest decline in the nine-county region was in Marin County, where the median sold price fell 10.9% to $1,560,000 from July to August. In San Mateo County, prices fell 8.8% to a median $1,925,000, and in Contra Costa the decline was 5.4% with a median price of $889,500.”

“A deceleration is widespread, according to Zillow — 43 of the 50 major metros saw appreciation slow down. San Francisco was among the cities with the largest drop-off, along with Buffalo, San Diego and Austin.”

“In one of Beverly Crest’s biggest deals so far this year, Joseph McGinty Nichol has paid $14.7 million for the iconic Bella Vista estate. The sale ends a six-year marketing journey for the 95-year-old Spanish villa. It first surfaced for sale in 2015 for $42.5 million along with seven acres of land. With no takers, the price and land size were steadily reduced; it most recently listed earlier this year for $15.5 million on one acre.”

“Facing the threat of foreclosure on her home, Carla Diamantes was shaken and frustrated.Her South Shore house is where she grew up, and has been in her family for six decades, she said. But after challenges with her mortgage servicer and upon exiting a COVID-19 program that allowed her to defer payments, she owes thousands of dollars. The servicer raised the specter of foreclosure. ‘It really shakes your core,’ Diamantes said. ‘Oh, I could be homeless. Oh, I could lose my legacy.'”

“Two- to four-flats, where tenants have faced challenges paying rent, are also at risk. Owners often live in the buildings, and foreclosure could mean the loss of both owner and tenant homes and of an affordable rental unit, said Diane Limas, a volunteer and board member fo Communities United. ‘We’re concerned for any family going through foreclosure, but our big concern is for the two- to four-flat, ma and pa homeowner that only gets money from one apartment to pay their mortgage, to pay their property taxes, to do repairs on the building,’ she said. ‘And now, all of a sudden, there’s no money coming in.'”

“Canada’s housing market continued to show signs of a slow cool-down in August. The average selling price of a home last month was $663,500. That’s down from the all-time high of $716,000 set in March 2021. Prices are down from March, on average, and so are sales volumes — down by 28 per cent from their March peak. Economist Robert Kavcic says the market has cooled from its March highs, but on the whole demand is still at historically high levels. ‘In other words, the extreme conditions that prompted much concern in policy circles have ebbed, but if not for that burst of madness, we would still be writing about record activity levels today,’ he said.”

“From home-sellers lowering property prices in Madrid to foreclosures being at their highest level in four years, and the Balearic Islands proving to be the most popular place in Spain for foreign buyers, here is the latest round-up of property news. Real estate giant Fotocasa explained that the demand for housing in the capital has decreased by 14.8 percent with respect to the previous year, so this could have something to do with the recent price drop.”

“When Chinese home-buyer Zhiwei decided to purchase a luxury apartment at a development named Australia Villas back in 1997, it was billed as the apex of affluence. Located outside China’s southern megacity Guangzhou, the sprawling complex was to have 292 buildings. Impressed, Zhiwei stumped up $21,000—a huge sum 24 years ago, when the average annual disposable income in China was less than $650. But things quickly went awry. The developer went bust in 2001 leaving most homes unfinished. Buyers with means swallowed the loss, but those without anywhere else to go, like Zhiwei, to go were forced to move into the concrete shells of their unfinished homes, living without gas, electricity and, in some cases, even windows.”

“‘The whole area is thick with weeds, you can sometimes see snakes slithering on the sidewalk, and outdoors we are savaged by swarms of mosquitoes,’ says Zhiwei, who asked to use a pseudonym for fear of jeopardizing ongoing negotiations with the developer and local government. ‘As the houses are unfinished, we can’t even get [approval] to sell them.'”

“Two decades on, many people still live amid the vine-entangled, mildewed structures, planting vegetable gardens and rearing chickens on what were supposed to be ornamental lawns. More than 2,000 homeowners like Zhiwei are still waiting compensation. ‘After fighting for our rights for more than 20 years, many owners are getting old, and even the youngest have been retired for several years,’ she says.”

“Wu Lei says his small construction company in central China has accepted commercial paper from property developer Evergrande as payment for two years but with that paper’s value now in doubt, his firm is on the verge of collapse. ‘We were working for Evergrande, so our suppliers trusted us with the materials without us paying upfront. Now they’re suing me, courts have frozen my property and I’ve sold my car. And I still have employees who need to be paid,’ he said.”

“The plight of Wu and many others like him has thrown a spotlight on the extensive use of commercial paper in China’s property sector. Developers favour it as they prefer to not pay upfront and because it doesn’t count as interest-bearing debt. The paper promises contractors and suppliers payment on a future fixed date, usually within one year.”

“An owner of a small marketing and consultancy business from one of the poorest counties in Guizhou province said he had accepted Evergrande commercial paper from a client and was waiting on 1.5 million yuan in payment that was now two months overdue. ‘I feel depressed, and sorry for my family, having to accompany me in a life in debt,’ he said. He declined to give his name, citing rumours of physical threats being made against protesters.”

“In a jaw-dropping moment caught on camera, 15 high-rise buildings were obliterated simultaneously in China after sitting unfinished for eight years. In the country’s Kunming, the capital of Yunnan province, the skyscrapers were destroyed into huge pile of dust. Now, video of the demolition is going viral, leaving netizens stunned while starting a serious conversation about country’s excessive and unplanned urbanisation projects.”

“Authorities decided to take such drastic step as the buildings had been abandoned for a very long time and the basements were submerged in rainwater. Taiwan News added that these buildings were part of the unfinished Liyang Star City Phase II project and was about 1 billion Chinese yuan (US$154 million) worth of property. However, this is not the first time simultaneous demolitions at such a large scale was seen in China. Earlier in 2017, 36 buildings were flattened in a mere 20 seconds in Zhengzhou, with a plan to renovate the area into a more appealing hub.”

“Here’s how netizens reacted to the demolition: ‘It’s wacky enough that China’s central planning has to get rid of millions of unneeded housing units, but what really astonishes me is: look how these buildings are toppling over sideways. That’s NOT supposed to happen in a controlled demolition. These buildings were death traps.’ ‘Your reminder that China ridiculous growth over the last decade has been primarily fueled by gov’t back ‘building.’ Evidence continue to shows demand has evaporated with too many residential property up to quickly resulting in demolition.'”

“‘This is a potential 1Bn Yuan of residential RE that is wiped off the face of the earth in China. This could’ve made property values just a bit more affordable had they finished these units. But let us remember this is a feature of fiat not a bug. Not wise to dilute nominal wealth.'”

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  1. ‘Her South Shore house is where she grew up, and has been in her family for six decades, she said. But after challenges with her mortgage servicer and upon exiting a COVID-19 program that allowed her to defer payments, she owes thousands of dollars. The servicer raised the specter of foreclosure. ‘It really shakes your core,’ Diamantes said. ‘Oh, I could be homeless. Oh, I could lose my legacy’

    Cash out refi strikes again.

      1. That legacy of where grandma cleaned those cloth diapers while nursing that black eye from grandpa. You know, legacy.

        1. The end result of being hopelessly in debt on a rapidly depreciating asset like a house includes violence indeed.

    3. Didn’t those who found themselves deeply underwater last time real estate CR8Red, due to home equity ATM spending on cars, vacations, and gender realignment operations, eventually qualify for Save Our Homes bailouts?

  2. Now that the wheels have well and truly come off this sh$tcart, I’ll say again: these idiots did this on purpose. You should never see 20-50% shack price increases. They did this all over the world.

    FJB

    1. “Now that the wheels have well and truly come off this sh$tcart”

      That’s ok…. just lash the donkeys a few times…. they’ll keep hoofing the cart even with bare axles.😂

  3. Open borders and unrestricted Third World immigration and resettlement in the red states is also a feature, not a bug.

    Thousands of Haitian pour across the border at Del Rio as makeshift camp swells to 10,000 after Biden said illegal immigrants WON’T have to get vaccinated

    https://www.dailymail.co.uk/news/article-10000049/Thousands-Haitian-migrants-pour-border-Del-Rio.html

    Thousands of migrants continue to converge in a makeshift camp under the bridge that connects Del Rio, Texasand Mexico’s Ciudad Acuña, in the latest border emergency and humanitarian crisis facing US President Joe Biden.

    The camp had swelled to some 10,000 migrants on Thursday, with thousands seen wading across the Rio Grande River daily. Most are Haitians, with some Cubans, Venezuelans and Nicaraguans also present.

  4. ‘Before, when you had 10 offers, you would have six to eight of those be fairly normal. And then you’d have two people that would really be running the price up really high’

    That’s some sound lending right there.

    Eat yer crowz Thornberg and taxpayer. Oh and you too Dan.

    1. I certainly hope no Chinese national real estate investors lose money due to CR8Ring prices in the incipient U.S. real estate bust. I recall the Japanese investors getting their clocks cleaned pretty well in the early 1990s.

      1. Ouch!

        “This is a potential 1Bn Yuan of residential RE that is wiped off the face of the earth in China. This could’ve made property values just a bit more affordable had they finished these units.”

      2. The volatile currency exchange rate sharply and dramatically deviated from historic norms, which compounded the effects.

  5. “In the monthly meeting this week with more than 40 real estate agents and five loan officers in attendance, Mary Anne McMahon, who owns RE/MAX Posh Properties in Austin, said ‘the sentiment was that there is a very slight slowdown but the market will come right back.

    Three things:

    1. Realtors are liars.
    2. If realtors ooze into your neighborhood, duct tape them to the nearest tree & spray them with a garden hose.
    3. Evergrande is going to be China’s Lehman moment. When the cascading defaults begin, the full magnitude of the Keynesian fraud perpetrated by the central bankers since 2008 will be on display for all to see. Trillions of fictitious Yellen Bux shack & skybox valuations are about to fly off to whatever afterlife awaits debauched currencies.

      1. Well, let’s face it, the current bubble, especially under the Plandemic, defies all logic. They’re thinking “why shouldn’t it go on?”

  6. When housing losses we must eat
    Let us stamp our little feet!

    At unfinished Evergrande apartments in central China, buyers seek answers

    https://www.reuters.com/world/china/unfinished-evergrande-apartments-central-china-buyers-seek-answers-2021-09-17/

    LUOYANG, China, Sept 17 (Reuters) – A steady stream of anxious apartment buyers flowed into the sales office of the Evergrande Oasis complex outside the city of Luoyang this week, seeking answers after construction was halted by the giant developer’s severe cash crunch.

    1. I guess Chinese real estate investors are unfamiliar with the western saying, ‘You can’t squeeze blood out of a rock.’

      “Evergrande employees in China held hostage as worried investors demand payments”

  9. ‘It really shakes your core,’ Diamantes said. ‘Oh, I could be homeless. Oh, I could lose my legacy.’”

    Boo f*cking hoo. Behind 99% of these “victim chronicles” lies a lifetime of financial and personal irresponsibility and poor choices. Maybe your “legacy” is to serve as a warning to others, Carla.

  10. ‘The plight of Wu and many others like him has thrown a spotlight on the extensive use of commercial paper in China’s property sector. Developers favour it as they prefer to not pay upfront and because it doesn’t count as interest-bearing debt’

    As an accountant I always chuckle at statements like this. It doesn’t count? So is Wu any less fooked? Long ago, I used to have a post just on China once or twice a week. That’s how much crater there was. Then their high shaman declared “no more bad news” and nothing negative was allowed. That didn’t change things. Oh so now the globalist scum media is turning on their former darling! George Soros is angry. Out come the sob stories, woe is Wu.

    Communism doesn’t work, never has. Steve Forbes once said central banking is the idea that you can get something from nothing. I read this week about how loanowners have raked in trillions in equity this past year. No they haven’t. They only get the money if some other poor bashtard borrows it with interest. Nothing was created. Central banking doesn’t work either.

    2. “I read this week about how loanowners have raked in trillions in equity this past year. No they haven’t.”

      My sister, who looks after our 90+ parents dwindling savings, recently contacted me to complain that my parents lost money this year in the Vanguard short-term Treasury fund that I suggested as a safe alternative to potentially losing money in the stock market. I asked her if a return closer to zero in a passbook savings or money market account would suit them better.

      The result of the Fed’s financial plumbing operation, otherwise known as Unlimited Quantitative Easing, is to strip away the returns on traditionally safe investments favored by retirees with fixed and declining wealth portfolios and redistribute it to reckless gamblers and debt donkeys to invest in cryptocurrencies,
      stonks and investment properties.

  11. “‘The whole area is thick with weeds, you can sometimes see snakes slithering on the sidewalk, and outdoors we are savaged by swarms of mosquitoes,’ says Zhiwei, who asked to use a pseudonym for fear of jeopardizing ongoing negotiations with the developer and local government.

    Livin’ the dream, are we, Zhiwei?

    1. It’s not a vaccine. It’s experimental gene therapy, which is basically witch-doctor in a lab coat stuff.

      FJB

      1. Cuz it’s about The ScienceFiction and Doctor-In-Name only types like Dr. Jill Biden and diploma mill doctors like Fraudci.

        If that skank is a doctor then I’m a belly dancer.

      2. Today is Constitution Day.

        And Joe Biden is not, and never will be, the legitimate president of the United States. The 2020 election was stolen.

        P.S. watch out for the false flag ops in Washington DC tomorrow…

      3. “It’s not a vaccine.”

        Your darn right its not a vaccine that offers immunity to a disease.
        The fake vaccines are a failure new technology that aren’t safe or effective. The FDA should pull these junk injections immediately off the market. They have medications that cure a case of Covid they are criminally suppressing resulting in thousands of people dying.
        No liability to Big Pharmacy for this assault on humanity. Nothing but punishment to people who won’t take the lab rat expierment where they are covering up deaths and injuries from this junk they call a vaccine.
        Nuremberg trials needed immediately to stop the killers.

  15. Governor Newsom Signs Historic Legislation to Boost California’s Housing Supply and Fight the Housing Crisis

    https://www.gov.ca.gov/2021/09/16/governor-newsom-signs-historic-legislation-to-boost-californias-housing-supply-and-fight-the-housing-crisis/

    Here in SoCal (Orange County, Irvine) I can even begin to express the outright anger posted on our local community web bulletin boards about the implications of these (now) laws.

    I am sure these new laws will be challenged to the Supreme Court.

    In the meantime, our clean, quiet, safe, very expensive neighborhood now (with repeal of SFH restrictions) could slowly degrade into a mini San Francisco poop zone.

    Would be interested in hearing reactions from other fellow HBB’ers from different areas of California regarding these new laws an implications for their specific communities.

    2. Would be interested in hearing reactions from other fellow HBB’ers from different areas of California regarding these new laws an implications for their specific communities.

      I don’t live in Clownifornia, so the only advice I can offer is “leave”. Sell your overpriced shack while you still can and get out of Dodge.

    4. whats wrong with 2 family houses i was raised in them, and the rental income from the upstairs apt, afforded us extra leeway in affording nicer things and traveling.

    5. It is decimation of Bill of Rights ‘freedom of association’.
      It is intentional destruction and sabotage of capitalism.
      It is intentional destruction of targeted areas to demoralize people and degrade quality of life.
      It is meant to divide and conquer.
      There is no harmony or cohesion in diversity, which fragments and creates discord.

      1. Response here and above to ‘In Colorado’.
        This invasion has happened in different forms for years.
        “Affordable housing” in 93821 Carmel by the Sea and in Pebble Beach — for employees of Pebble Beach Co were fought vehemently but lost. Now the Hispanics from all over who have replaced previous white populations as employees now live in these places with their traffic, drugs, noise and well, you know, cultural diversity.

        1. 93921.
          Also, I left over 3 years ago and have no desire to return to California or Monterey County ever for any reason.
          My sister sold her 92677 — Orange County shack last year and bought two in Clark County one for one son march 2021 and one for her daughter may 2021 but will live in one of them for the time being as the daughter lives in West Hollywood due to a medical career at Cedars Sinai.

          1. If you’re going to escape, you need to go somewhere like the Dakotas. Nevada is only going to buy you a few years at best.

    6. The rehab flip two doors up from me in San Diego was bought by a contractor for 50-100k more than you would have bought it for at the peak of the last bubble. It’s a total overhaul inside and out and only 2BR in a smallish floor plan. It’s not finished yet but I’m guessing to make it worthwhile he’ll have to put it on the market for 150-200k more than it would have sold for in 2006, which is about a 30-40% mark up from the last bubble.

    7. Single family houses have been deemed racist by the crazies. Yes, that is the new push — because they uniquely epitomize white middle class America.

      2. SFHs only cause climate change if they are less than 20,000 sq ft. Once you live in a mega mansion or castle, it’s the houses of all the plebs that get in your way that cause climate change.

        1. Of course, the elites will continue to live in their climate controlled mansions, eat steak and other meats, have cars, fly on private jets, etc. Because some animals are more equal than others.

    8. In the meantime, our clean, quiet, safe, very expensive neighborhood now (with repeal of SFH restrictions) could slowly degrade into a mini San Francisco poop zone.

      LOLZ. Voters are getting EXACTLY what they deserve.

        1. From Seth Keshel via Telegram yesterday:

          Has anyone answered this question yet:

          How is California turning every state in the west more blue, blue, or purple, while doubling it’s own blue votes since 2000?

          Let the one with wisdom understand.

    9. Here in SoCal (Orange County, Irvine)

      Doesn’t the land in your nabe technically belong to the Irvine Ranch Land Company?

  16. The one month decline of 5.4% in Contra Costa County occurred at an annualized rate of 48.6%. And the crash is even harder and faster in Marin and San Mateo Counties, at the peak of the red hot summer sales season, before the Fed carries out frequently discussed plans to stop spiking the mortgage punchbowl so much.

    Enjoy your CR8R, Bayaryans.

    “The biggest decline in the nine-county region was in Marin County, where the median sold price fell 10.9% to $1,560,000 from July to August. In San Mateo County, prices fell 8.8% to a median $1,925,000, and in Contra Costa the decline was 5.4% with a median price of $889,500.”

  17. Thinking in Keynesian terms, doesn’t this news suggest employment growth in the demolition sector? That’s a positive for Chinese economic development, right?

    “However, this is not the first time simultaneous demolitions at such a large scale was seen in China. Earlier in 2017, 36 buildings were flattened in a mere 20 seconds in Zhengzhou, with a plan to renovate the area into a more appealing hub.”

  18. It’s still red hot cakes in San Diego, according to local real estate fliers filled with stale sales statistics.

    “A deceleration is widespread, according to Zillow — 43 of the 50 major metros saw appreciation slow down. San Francisco was among the cities with the largest drop-off, along with Buffalo, San Diego and Austin.”

  19. It’s poorly covered, but I’ve enjoyed following the riots in El Salvador over bitcoin, including burning bitcoin ATMs. Obviously the people in El Salvador know bulls*t when then see it.

      1. They don’t, and that’s why they regularly denounce it. They only make money spending private out of thin air fiat sanctioned currency.

      1. “…Does MS-13 take bitcoin? Until then….”

        Wouldn’t be surprised one iota if in fact MS-13 was the force behind bitcoin legalization in the first place.

        After all, when your organization [MS-13] logistics problems include how to transport and launder literally truckloads of currency, bitcoin is your manna from heaven.

        Crypto, in general, is the perfect money laundry tool.

        Have often speculated that one reason crypto [bitcoin in particular] prices are so high is because of influence / usage by organized crime.

        Here is another gift [of anonymity] to MS-13 and organized crime under the guise of ‘we want foreign investment’.

        https://markets.businessinsider.com/news/currencies/el-salvador-bitcoin-foreign-investors-taxes-cryptocurrency-legal-tender-rollout-2021-9

        So who is more corrupt MS-13 / organized crime or the El Salvador government?

        1. MS13 are the hit squad for certain ‘elite’ elements of non polite society. They hit Seth Rich for example. Also. They are allowed in to terrorize targeted populations at large.

      1. And developed by a us government (cia) sponsored team, most likely the guys behind PayPal, which was an early iteration towards a global money laundering system.

  20. – Housing tailwinds?

    http://www.marketoracle.co.uk/Article69002.html
    Why “Trouble is Brewing” for the U.S. Housing Market
    Housing-Market / US Housing Jun 07, 2021 – 06:01 PM GMT
    By: EWI

    “We keep hearing about the “Housing Madness” that shows “No Signs of Slowing.” A would-be renter offered $2 million for a summer rental in the Hamptons and was turned down! Still, there are subtle but important signs of trouble in paradise. As the chart shows, total new and existing home sales made a countertrend rally high in October, which was still 21% below the all-time high in July 2005. As we have noted, home price declines follow home sales declines.“

    “In fact, after the May Elliott Wave Financial Forecast published, a May 29 Marketwatch headline said “Pending home sales sink as the housing market falls back to Earth.” Here’s a quote from the article:
    “Pending home sales dropped 4.4% in April compared with March, the National Association of Realtors reported this week… [which] offers reason for caution. Buyers who have been unable to get into a contract for a home may eventually opt to give up and wait… That could throw cold water on the hot housing market.”

    “Also, keep an eye on the stock market. History shows that stock and real estate prices tend to be closely correlated.“

    – Can the Fed/Gov’t./REIC really control the economy and particularly stonks and housing? Has this ever worked out well for centrally-planned, command and control policies and economies? Think Gosplan and the (former) USSR and you won’t be far off. This is essentially Socialism, where the State owns the meas of production, or in this case, all things related to the housing market. If the answer is “yes,” then why did Housing Bubble 1.0 burst, and with devastating consequences? Why didn’t the Fed (aka Bank of Evil) prevent the Dot Com crash and the GFC/Housing Bubble 1.0 crash? Never mind that the Fed is a serial arsonist and created both of these bubbles as well as the current one. The great and powerful Oz indeed! Will it be different this time? A declining stonk “market” doesn’t bode well for housing, or the economy at large. The mother of all (asset) bubbles (MOAB). Bubbles always burst. Humpty Dumpty.

    – BTW, gold and silver are on sale again. Invest accordingly. If you believe MMT=Magic Money Tree, then I have some magic beans to sell you.

    “All the money and all the banks in Christendom cannot control credit…Gold is money and nothing else.” – JP Morgan’s 1912 Congressional testimony on “the justification of Wall Street”

    “You do not buy Gold to make ‘money.’ You buy Gold to prevent losing ‘money.’” – Peter Spina

    “Gold is a store of wealth. Fiat currencies offer a store of wealth debasement.” – Peter Spina

    “Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry. It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.” … Alan Greenspan, ex-US Federal Reserve Chairman, August 23, 2011

    “Fiat money eventually always goes back to its intrinsic value – zero.” – Voltaire

    “When you destroy the money, you destroy the glue that holds society together.” – Tony Deden

    “The tendency of an inconvertible paper money is to create fictitious wealth, bubbles, which by their bursting, produce inconvenience.” – Lord Liverpool

    “Nations are not ruined by one act of violence, but gradually and in an almost imperceptible manner by the depreciation of their circulating currency, through its excessive quantity.” – Nicolaus Copernicus

  21. These people that are pulling the strings in the US don’t care about the laws. You saw what they did with non peaceful protesters. You saw how they locked down the globe over fake PCR tests and bribery for Hospitals to not treat Covid and up the cases of Covid to get the bribes.
    Everything that Biden does is a affront
    to long held laws. Fraudulent and censored news goes a long way in defrauding the Public.

    Their attitude is break the law and force people to go the Judicial route to get relief from their turning the laws into their made up laws. Judicial process is expensive and time consuming and they can do a lot of damage before they are stopped.
    This is why they are on their contrived time lines to get these agendas that are nothing but destruction and attack on over half the Country. Its mass murder also, which is horrific.

    Seriously treasonous Puppets in the White House , Congress and Senate, and no doubt the Military if you look at General Milly.
    In NYC vaccine passports just destroys 50% of the small business and restaurant owners business, while it punishing the unvaccinated.
    They want to kill all small and medium businesses than Monopolies have even greater Monopoly.

    Its all about trading normal for a One World Order Dictorship by very vile people . The Medical Pandemic frauds are their main weapon of mass destruction. These are criminals on par with the greatest villains of history.
    About 8 billion people can take back the globe because according to Talking Heads there is only about 3 thousand of these demons that have decided to take over and screw humanity in every way.

    1. The jokes write themselves (from not the bee):

      Lightfoot is introducing an ordinance on Tuesday that will allow the city to sue gangs for the damage they inflict and seize their assets, the objects of ill-gotten gains.

      “What we are proposing is a tool in civil courts that gives us the opportunity to go after those gangs that are wreaking havoc and in particular, take away the profit motive from them by seizing assets that they have been able to purchase because of their violent activity in our neighborhoods,” Lightfoot said.

      The threats of lawsuits only work on the law abiding. Then again, this is only posturing, she has no real intent of going after gangs. If anything, I expect this ordinance will only be used against the law abiding. Run afoul of the rules, even if unintentionally, and we will seize your property.

    1. I can’t imagine that anyone wants to “have their back” these days. We have shown, time and time again, how we treat our allies.

    1. The Wall Street Journal
      Opinion Review & Outlook
      Pop Goes the Chinese Property Bubble?
      Evergrande may become the biggest casualty but it won’t be the last.
      By The Editorial Board
      Sept. 16, 2021 6:39 pm ET

      And for his next act, President Xi Jinping will attempt his most daring economic feat to date: pricking China’s property bubble without collapsing the economy.

      To get a sense of the danger, consider China Evergrande Group . That company, headquartered in Shenzhen with shares listed in Hong Kong, is one of the country’s largest property developers. It’s sitting on liabilities of some $300 billion, and that “b” isn’t a typo. The company seems not to know how to repay and has brought in external advisers to devise a plan.
      To Read the Full Story
      Subscribe
      …

    2. This story reminds me of the saying on my grandmother’s kitchen wall:

      “A closely watched pot never boils.”

      1. September 17, 2021 1:04 PM PDT
        Last Updated 3 hours ago
        Macro Matters
        Analysis: Investors brace for a great fall in China
        By Marc Jones
        5 minute read
        People gather to demand repayment of loans and financial products at the lobby of Evergrande’s Shenzhen headquarter, Guangdong province, China September 13, 2021. REUTERS/David Kirton

        LONDON, Sept 16 (Reuters) – International investors that have been piling into China in recent years are now bracing for one of its great falls as the troubles of over-indebted property giant China Evergrande come to a head.

        The developer’s (3333.HK) woes have been snowballing since May. Dwindling resources set against 2 trillion yuan ($305 billion) of liabilities have wiped nearly 80% off its stock and bond prices and an $80 million bond coupon payment now looms next week.

        What happens then is unclear. Bankers have said it will most likely miss the payment and go into a kind of suspended animation where authorities step in and sell some of its assets, but it could easily get messy.

        “We will have to see what happens,” said Sid Dahiya, head of EM corporate bonds at abrdn, formerly Aberdeen Standard, in London, which holds a small sliver of the bonds.

        “They are probably working on a deal in the background, but we don’t have any clarity and we don’t really have any precedents, so it is uncharted water.”

        Evergrande warned just over two weeks ago that it risked defaulting on its debt if it failed to raise cash. Since then it has said that no progress has been made with those efforts.
        …

  25. It’s looking like the FDA advisory committee is only going to recommend Pfizer’s booster shot for those older than 60 or 65, health care workers and those with increased risk factors such as obesity.

      1. FDA is seeking further amendment. Upshot: Pfizer didn’t get their blanket recommendation for booster shots for 16 and older.

      2. These shots and boosters should be banned World wide. 65 and older have been dropping like flies with vaccine deaths and injury. A booster will polish them off no doubt. But , weren’t the elderly the biggest group they wanted to subject to depopulation to begin with? These people being killed by no treatment .

        Just heard a undertaker from the UK talking about how half the cases they are labeling Covid are the vaccinated with vaccine injuries. He talked about all the fraud from the beginning of the Pandemic where everything was labeled Covid.

        1. A little while back the CDC lady said something like they didn’t have data on the booster. Well they didn’t have data on the original vaccine shots either , but that didn’t stop them. But now the evidence is overwhelming that the original shots aren’t safe. So, its not right that they would give booster shots to the 65+, when they have less risky medications to treat them now.
          I just wonder how many 65+ are going to want a booster.
          I would like to know what happens in Israel with the booster that they have already rolled out.
          But, at least a temporarily stop by FDA to booster
          shots is better than nothing and I hope 65 plus can get some more options other than more of the same junk shots.

    4. Read an article in the Mexican media about how upper middle class Mexicans are travelling to the US to get their entire families vaxxed, as the supply of the DNA therapy shot is highly restricted over there.

      Another article crowed that Mexico had procured 2 million more doses.

      Also read in Mexican media that Bill Gates wants to build vax factories around the world so that everyone could get the jab (either first time or boosters) in 100 days or less.

  26. China faces a potential Lehman moment. Wall Street is unfazed
    By Matt Egan, CNN Business
    Updated 2:20 PM ET, Thursday September 16, 2021
    Security personnel form a human chain as they guard outside the Evergrande’s headquarters, where people gathered to demand repayment of loans and financial products, in Shenzhen, Guangdong province, China September 13, 2021

    New York (CNN Business)
    The implosion of Lehman Brothers, 13 years ago this week, showed how the collapse of a single entity can send shockwaves around the world.
    Echoes from that event are resounding today as a massive property developer on the other side of the world teeters on the brink of default.

    The risk is that the collapse of Evergrande, a Chinese real estate company with a staggering $300 billion of debt outstanding, could set off a chain reaction that spreads overseas.

    “Some fear an Evergrande meltdown will have systemic risks on par with the impact Lehman Brothers’ demise had on the US stock market,” Ed Yardeni, president of Yardeni Research, wrote in a note to clients Thursday.

    Like Lehman in its heyday, Evergrande is massive, suggesting a default would be felt widely. The company has 200,000 employees, raked in more than $110 billion in sales last year and has more than 1,300 developments, according to Reuters.

    Wall Street is keeping close tabs on the Evergrande situation, which highlights the extraordinary amount of borrowing Chinese companies and families have taken on over the years. Yet there are no signs that investors think an Evergrande default will infect US markets or the domestic economy.

    No contagion, at least so far

    For now, investors seem confident that authorities in Beijing would use their vast control over the Chinese economy to limit the damage. And there is no evidence, at least so far, of contagion in US markets.
    …

  29. That’s quite a city of Haitians that grows daily in Del Rio Texas where yesterday the FAA issued a drone no fly zone order so the size and scope of the invasion couldn’t be seen.

  30. “And then you’d have two people that would really be running the price up really high”

    There’s yer feature,

  31. “And real estate agents aren’t panicking. ‘Don’t see a reason to sound the alarms about this as there will be fluctuation in the market,” said everybody sitting at the Captains table the night the Titanic sunk.

    1. The Financial Times
      Commodities
      Iron ore tumbles 20% in worst week since 2008 financial crisis
      Prices sink to $100 a tonne as China curbs steel production
      A lump of iron ore in the Pilbara region of Western Australia
      The last time iron ore suffered a sell-off this big was during the global financial crisis, analysts said
      Neil Hume, Natural Resources Editor yesterday

      Iron ore has endured one of its worst weekly performances on record as Chinese steel mills dumped the commodity in response to government production curbs and a cooling property market.

      The steelmaking raw material, which hit a record high above $230 a tonne in May, traded at $100.80 on Friday, down 22 per cent over the week, according to a price assessment by S&P Global Platts.

      The last time it suffered a sell-off of this magnitude was during the financial crisis in 2008, analysts said.
      …

  33. I hadn’t searched this woman’s efforts in quite a while but took a look this morning to see what her views on current events might be. Unfortunately we lost a woman who was a true warrior against the globalists.

    Rosa Koire – Behind The Green Mask

    We are sad to announce that

    ​Rosa Koire passed away May 31, 2021 just 11 days after she was admitted to Kaiser Hospital in Santa Rosa CA due to difficulty breathing. She tested negative for Covid-19. A CAT scan showed that she was suffering from a pulmonary embolism and revealed metastatic lung cancer, a big surprise. She had just recently returned from a long stay at her favorite place in Mexico where she lived part-time for many years. She was so full of life; her sudden passing came as a shock to both friends and family.

    If you ever met her, or watched one of her videos, you know that Rosa was extraordinary. This was especially evident in her dedication to researching and uncovering public policies intended to strip people of our individual rights. In 2011 she published her popular book “Behind the Green Mask, UN Agenda 21”. Subsequently she traveled extensively, both in the US and abroad, speaking and giving interviews. Rosa was a great humanitarian whose words and charisma touched and inspired many people.

    http://www.rosakoire-bgm.com/

    Rosa Koire
    @RosaKoire
    ·
    May 15
    US & China working to adopt China standards globally.
    This is #Agenda21
    Vaccine passports, WHO, and globalization of China’s standards

    https://twitter.com/RosaKoire

    1. The public didn’t vote for Agenda 21, or the versions that followed. The Public didn’t vote for a One World Order of Global Corporate Governance.
      US Citizens didn’t vote for a China style Dictorship.
      Nobody of sound mind would vote for the Tyranny and lack of freedom these Agendas represent. That’s why they rigged the National Election to bring on this dictorship.
      Unreal

  34. Anything short of totally banning the shots and booster by FDA is negligence and murder .
    The new technology expiermental vaccines are a horrific failure.

    Even before the emergency use warp speed rollout of the junk vaccines they knew the animals died in prior expierments.
    Like Ben Jones has said THIS ISN’T A VACCINE.

    I just heard another Dr. From Mississippi testifying that the Medical Board in that State is threatening Drs that they will loose their licence if they don’t push the Vaccines are Safe and effective deception.

    The best thing that can come out of this outrageous assault on humanity by Big Pharmacy and the corruption of Government Health Agencies is that they are exposed and face trials for mass murder . That the corruption of the FDA that has resulted in Pharmaceutical deaths being the Forth cause of death in US, even prior to the Covid scam, will be seen as a failure of protection Agencies to stop Big Pharmacy from ongoing harm to Society.
    I say don’t even allow Big Pharmacy to advertise their junk drugs on TV , which of course goes a long way toward controlling the narratives.

    1. I just heard another Dr. From Mississippi testifying that the Medical Board in that State is threatening Drs that they will loose their licence if they don’t push the Vaccines are Safe and effective deception.

      As I mentioned a few weeks ago, my doctor told me with a straight face that the vax has killed no one. I’m sure he said that under duress.

  35. Also, its obvious now that a fake narrative is unfolding that young people are a risk group for Covid. These are vaccine injuries if anything.
    These fraudsters are pumping fear of Covid in the young to get the under 12 year olds to be subjected to the expiermental poison shot.
    You can always tell with California fake news what they are trying to achieve.
    How dare that treasonous tyrant monster Puppet Biden mandate vaccines
    and say they are safe and effective.
    Unreal.

    1. How dare that treasonous tyrant monster Puppet Biden mandate vaccines and say they are safe and effective.

      Uh, because they want to harm us?

  36. In Co!orado,

    If Drs are extorted and held hostage like this , to lose their careers if they don’t promote these vile expiermental vaccines, than the Medical system has hopelessly been corrupted by gangsters .

    No doubt they are doing this because Biden’s Mandates are basically threatening your job if you don’t take the vaccine.
    These are criminal gangsters , fraudulent and murderers.
    And than blaming the unvaccinated and punishing them for these vile injections . They unleashed this Pandemic to begin with .

    I don’t know if they expected the vaccines to fail so quickly and create this much death and injury, but that’s what its doing. Sure looks like deliberate depopulation or medical tyranny for control of populations that is going haywire because their new technology is junk.

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