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A Striking Resemblance To Japan In The Late 1980s

A weekend topic starting with the Globe and Mail. “China’s housing woes have been exposed by the liquidity crisis at Evergrande. The collapse of the company is not being ruled out as Beijing cracks down on the excessive leverage that fuelled the building orgy of Chinese developers. It was China’s urbanization drive, coupled with a relentless demand for steel to cover the landscape with apartment and office towers and infrastructure, that turned the world’s iron ore producers into fabulous wealth-creation machines. The slowdown in the Chinese property market threatens to end the party. The product that glittered like gold for them for so long is suddenly looking a bit less shiny.”

The New York Post. “Midtown Manhattan is suffering worse than any other neighborhood in the city when it comes to vacant storefronts. Nearly 30 percent of storefronts in New York’s prime business district are empty. A ‘devastating’ lack of office workers means there’s not enough customers to keep retailers up-and-running, according to the Real Estate Board of New York.”

The Commercial Observer. “The pandemic’s impact on New York City’s office market might be worse than anyone thought. The coronavirus erased years of growth in the city’s office sector, and, along with it, $28.6 billion in market value and more than $850 million in property taxes in the city’s 2022 fiscal year, according the New York State Comptroller. A $28.6 billion drop represents a 16.6 percent decline from the full market value of New York City office buildings in the 2021 fiscal year, the first dip in total office property market values in 20 years.”

The Washington Post. “City leaders had hoped that the hustle and bustle of downtown D.C. would be back by July 4. Then it was Labor Day. And now, well into fall, a report questions whether that traditional office culture will fully return and if the pandemic might have permanently altered the heart of the nation’s capital. Office vacancies hit record highs, dozens of restaurants remain closed, and less than 25 percent of employees had returned to their downtown buildings by mid-September — up less than 2 percent from July. In a telltale sign of hard times in downtown Washington, it is difficult to find a shop open for coffee after 4 p.m.”

“The property tax revenue from large office buildings fell by approximately $121 million, caused by a 9.7 percent drop in large office building assessments, according to the report.”

From Bisnow Washington DC. “‘Growth isn’t a given,’ Fivesquares Development principal Andy Altman said. ‘There’s a sense of, ‘Oh, look at the cranes everywhere, this will just go on. We’re now at 700,000 people and it’s just this straight line that’s ascending.'”

“That sentiment is a misguided one that forgets D.C.’s history over the past three decades, said Altman, who served as D.C.’s planning director. In the late 1990s, D.C. agencies were under court-appointed receivership and the city had a junk bond rating, Altman said. ‘There is a danger in not recognizing history can repeat itself,’ Altman said.”

From The Ladder. “Silicon Valley is looking less and less like the booming playground of its heyday. ‘What I hear anecdotally from friends is that it’s pretty much a ghost town now,’ said Max Wesman, chief operating officer of employment screening company GoodHire. Although the region is associated with high salaries, Wesmen believes the cost of living made a permanent move a no-brainer for some. ‘Usually in downtown San Francisco at night, things were pretty dead. But during the day, things were more vibrant. Now, without office workers there during the day, things are going under.'”

The Orange County Register. “A California Association of Realtors consumer survey showed that 35% of home sellers are moving out of state and fewer than 15% were moving to a home in the same county as their last residence. Price gains have been in the double digits for the past two years, rising 11.3% in 2020, with a projected gain this year of 20.3%. The median price of an existing single-family home has risen more than $200,000 during the past two years, or almost $2,000 a week.”

From Everything Lubbock in Texas. “As Lubbock finishes its peak home-buying season, local houses sold for 34 percent more than in the same period five years ago. The average selling price for Lubbock homes in September 2021 was $247,000, more than $70,000 more than the average home price. In September 2016, the average home sold for $184,000. ‘I’ve never seen a market like this,’ President of the Lubbock Association of Realtors Teresa Smith said. ‘It’s shifted to a seller’s market, meaning we’re low on inventory and we have more buyers than we have homes to put them in.'”

From The Week. “This should be China’s ‘hour of reckoning,’ said Megan McArdle at the Washington Post. The reason China is littered with these ‘ghost cities’ is because ‘Chinese savers have few good places to park their cash except for real estate.’ China needs a more open financial system and a more balanced economy even if getting there is ‘brutal.’ China’s situation is dire, said Paul Krugman, and bears ‘a striking resemblance’ to Japan’s in the late 1980s. There, ‘prices of many assets, above all commercial real estate, went completely crazy’ — and then everything crashed.”

The Western Producer. “The looming bankruptcy of a Chinese property developer might not seem to amount to a hill of soybeans, but what happens to Evergrande Group, and all that could follow, might mean a heck of a lot to all Canadian crop and livestock prices. Regardless of low world supplies of many crops, a bad fate for Evergrande could see world commodity demand suddenly shrink, along with commodity prices.”

“‘The Next Real Estate Crisis Could Come from China,’ noted one Oct. 1 headline. That’s scary, because if we throw our minds back to 2007, we might recall the financial crisis that erupted after the United States subprime mortgage market went into freefall and all sorts of banks, investment funds, insurance companies and pension plans around the world faced ruin from what had seemed an obscure part of the market.”

“How does that feed into commodity and agriculture demand? It’s a potential killer of general demand — around the world. One of China’s main economic engines has been homebuilding, which consumes much more of the country’s capital investment than countries like Canada. The industry employs millions, and the personal wealth of tens of millions of Chinese homeowners depends upon the health of its housing market.”

“If Evergrande goes bust the whole industry, which more and more seems like a house of cards, could collapse. That would be bad for demand for steel, coal, copper and other industrial commodities used in construction. If property developers like Evergrande go broke, that would be bad for Chinese banks and investors. If those financial institutions and investors slide into trouble, or just get scared, they could suck in all their credit and capital from all sectors and leave the Chinese economy gasping for air.”

“That sort of thing tends to cause a financial crisis, and those have tended to spread worldwide since the late 1990s, because investors around the world, including everybody’s pension plans, are often knee-deep in dodgy foreign ‘assets’ like Evergrande. The domino effect of one bad debt causing many others to fail is known as ‘contagion.’ And that tends to see even surviving companies slash investment, cut jobs and become very conservative. That’s bad for commodity demand. And millions of people lose their jobs, which tends to lead to much less consumer consumption of goods, services and even food.”

“It’s the sort of contained risk that can become uncontained pretty fast and wipe away all those juicy ag commodity prices that are making the future look so nice right now.”

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  1. ‘the average selling price for Lubbock homes in September 2021 was $247,000, more than $70,000 more than the average home price. In September 2016, the average home sold for $184,000. ‘I’ve never seen a market like this’

    ‘The median price of an existing single-family home has risen more than $200,000 during the past two years, or almost $2,000 a week’

    And they’ll say there’s no bubble. This is yer downfall, these prices, which were already too high, will not hold. And why do we read regularly of Californians taking a$$ poundings on shacks? This is a scatter brained situation. Up, down, defaults already higher than last decade. I’ll have more on that tomorrow.

  2. ‘As the Seattle City Council hammers out next year’s budget, a group of downtown businesses and organizations are urging elected officials to invest more in public safety and mental health services.’

    “Certain areas in the heart of the retail and arts and cultural core have been taken over for shoplifting and drug trafficking operations. Retail theft is rampant and visible organized fencing operations are costing retailers millions in stolen goods and additional expenses for increased security,” the Downtown Seattle Association (DSA) wrote in a letter to the Seattle City Council and King County Council.’

    https://www.king5.com/article/news/local/seattle/downtown-seattle-businesses-want-improved-safety-policing-city-council-budget/281-473bd5df-0ec9-4a8e-b89d-173e72110f4a

    But the Seattle Times says it’s to the moon Alice! for downtown airboxes. Sure.

      1. Only 194,000 new jobs created last month?

        Welcome to the recoveryless recovery.

        “This sucker could go down” — George W. Bush

      2. Certain groups use these food banks as supplies for their restaurants. Personal use is also not based on need — just drive up and load up.

    2. I was in downtown Seattle a few years ago and it was absolutely disgusting. In fact, a lot of the lined parking spaces were occupied by tents, not cars. There was urine, feces and needles everywhere. I saw a homeless guy with no shirt on, and this was in the fall and the weather was like 50 degrees out. He was out of his gourd on meth or something.

  3. Some local news (10/8/2021):

    “A group of unvaccinated Westminster Public Schools teachers and employees who received a vaccine exemption thought they would be allowed to serve the district in their current roles, but that’s not the case according to the district.

    “I understand that they don’t want the unvaccinated staff at this district anymore. I get that,” the anonymous teacher said.

    The next challenge for them is getting another job, which, at first glance, shouldn’t be too difficult when considering there is a statewide teacher shortage. Most teachers with a clean past won’t have difficulty finding work in another district. Unlike WPS, almost every other district in the Metro is offering accommodations for vaccine exempt employees, and several districts don’t have a vaccine mandate for staff.

    But WPS teachers said landing their next teaching job isn’t going to be easy.

    “We’re being denied letters of recommendation from our administrators because the human resources department is telling administration not to give them to us,” an anonymous WPS teacher told Denver 7.”

    According to Saunders, the district instructed WPS principals not to write letters of recommendations for teachers under contract because that’s part of standard policy. The only way one would be given out is if those teachers or staff quit.”

    https://www.thedenverchannel.com/news/local-news/westminster-public-schools-teachers-with-vaccine-exemption-not-allowed-letters-of-recommendation

    Happy eighteen month anniversary of “fifteen days to flatten the curve.”

    1. Time to become an independent entrepreneur, e.g., start with a lawnmower and snow shovel, which will keep you employed year ’round in the exciting world of residential labor services. The exercise will do your body good!

  4. Inflation Alert: My regular purchase of a Texas Weiner Hot Dog went from $3.31 to $3.7X this week. [I usually have the EXACT change to give so I may quickly depart but got caught short this week and had to dig deeper in the pockets to find it.

      2. Well, brah, you can use the 16 cents the Biden regime claims the cost of a 4th of July cookout dropped by in 2021 to offset the soaring cost of everything else. (The below is NOT from a parody account – it is an actual White House tweet). Let’s Go Brandon!

        Planning a cookout this year? Ketchup on the news. According to the Farm Bureau, the cost of a 4th of July BBQ is down from last year. It’s a fact you must-hear(d). Hot dog, the Biden economic plan is working. And that’s something we can all relish.

        https://twitter.com/whitehouse/status/1410709115333234691?lang=en

        1. I never spend my hard-earned money at corporate restaurant or fast-food chains if I can possibly avoid it. I’d much rather support the locally-owned mom & pop places instead.

          1. locally-owned mom & pop places

            Some of my favorites have not survived the vicious attack on our individual freedoms.

        2. 12 packs of soda at the grocery store are up 1.5-2X. I take my caffeine cold.
          I also take my caffeine cold and also diet.
          I saw a 12 pack at Wal-Mart for 5.68. I thought it was a misprint so I went down the aisle to verify and yeah, it was $5.68 a 12 pack. I am used to paying about $3.00 during a Diet Pepsi sale.

  5. Inflation Alert: My regular purchase of a Texas Weiner Hot Dog went from $3.31 to $3.7X this week. [I usually have the EXACT change to give so I may quickly depart but got caught short this] week and had to dig deeper in the pockets to find it.

  6. ‘The city known for its glitz and glamour has the nation’s largest population of people living in places not meant for human habitation, like streets, parks and cars, and under freeway overpasses, according to the Los Angeles Homeless Services Authority – beating out New York City.’

    ‘Historically the city’s largest population of homeless people has been located near social services in downtown’s Skid Row, Venice Beach and Hollywood. Now it has spread to areas such as Brentwood and Bel Air.’

    ‘There’s an urban myth among Angelenos that many homeless people are here from other states because the living is easy, the weather is good, and they’ll get lots of free stuff.’

    ‘But the Los Angeles Homeless Services Authority has found that roughly 70% to 90% of homeless people in LA became homeless here, and they’ve lived in the area for more than 10 to 15 years, Marston said.’

    ‘Vicki Halliday, 72, said she avoids walking alone after dark, even a few blocks, in LA’s Venice neighborhood because of all the homeless people. “I don’t blame them for coming out here,” Halliday said. It’s “much more pleasant to eat your croissant looking at the ocean than look at the stuff downtown” where Skid Row is.’

    ‘Like many of her neighbors, she blames the city for not doing more. Halliday rents an apartment one and a half blocks from Venice Beach and attributes the rise in crime to homeless people gathering around a new transitional housing center that faced widespread opposition from residents.’

    ‘People have camped in her yard and tried to break into nearby homes, Halliday said. Police had to come deal with “fence jumpers” who trapped her inside her apartment. “You sleep with one ear sort of open,” she said. “It’s permeated every single part of our lives.”

    ‘Halliday, who sits on the neighborhood council and a regional homeless committee, said she has seen her neighbors grow more strident about the city’s homelessness problem. A liberal neighbor in the tech industry who moved from New York has slowly shifted “to the right of moderate” over the last year because of concerns about homelessness and inaction by the city, she said.’

    https://news.yahoo.com/homelessness-biggest-issue-facing-los-090121918.html?_guc_consent_skip=1633598988

    Were they eating a croissant when they jumped yer fence and took a dump on yer patio Vicky?

    1. The number of vagrants / tweakers / junkies around my neighborhood has exploded since spring of 2020. Denver (79.55% for Pedo Joe) confirms the truth of vote like California = become California.

    2. “A liberal neighbor in the tech industry who moved from New York has slowly shifted “to the right of moderate” over the last year because of concerns about homelessness and inaction by the city, she said.”

      Nothing educates better than a dose of reality!

      1. I was recently talking with a lesbian who exhibited TDS. She recently bought a gun and was complaining about illegal immigration and crime. You can’t make this sh!t up.

        1. That might’ve been me. I self-identify as a Yemeni lesbian for repatriations purposes, although I can’t say I’ve ever exhibited TDS symptoms or recently bought a gun, because I bought my firearms & ammo BEFORE the panic buying began in earnest.

          1. I meant, “reparations” purposes. Unlike you palefaces, I can’t get jacked for the sins of my ancestors because my adoptive Yemeni tribal line were uninvolved in the slave trade. (Neither were my actual DNA ancestral line, but such details are unimportant when we’re talking about “redistribution of the wealth.”)

    3. It’s “much more pleasant to eat your croissant looking at the ocean,” said “Halliday, who sits on the regional homeless committee”

      Wow. No words.

  7. Edward Snowden — Central Banks Digital Currencies will ransom our future (10/8/2021):

    “a reader who isn’t yet a subscriber to this particular Substack might be asking themselves, what the hell is a Central Bank Digital Currency?

    I will tell you what a CBDC is NOT—it is NOT, as Wikipedia might tell you, a digital dollar. After all, most dollars are already digital, existing not as something folded in your wallet, but as an entry in a bank’s database, faithfully requested and rendered beneath the glass of your phone.

    Neither is a Central Bank Digital Currency a State-level embrace of cryptocurrency—at least not of cryptocurrency as pretty much everyone in the world who uses it currently understands it.

    Instead, a CBDC is something closer to being a perversion of cryptocurrency, or at least of the founding principles and protocols of cryptocurrency—a cryptofascist currency, an evil twin entered into the ledgers on Opposite Day, expressly designed to deny its users the basic ownership of their money and to install the State at the mediating center of every transaction.

    CBDC opponents, however, cite that very same purported “safety” and “ease” to argue that an e-dollar, say, is merely an extension to, or financial manifestation of, the ever-encroaching surveillance state. To these critics, the method by which this proposal eradicates bankruptcy fallout and tax dodgers draws a bright red line under its deadly flaw: these only come at the cost of placing the State, newly privy to the use and custodianship of every dollar, at the center of monetary interaction.”

    https://edwardsnowden.substack.com/p/cbdcs

      2. Has anybody noticed that Pedo Joe has said nothing about the FED frontrunning the market, trading on their own future policies and financially benefiting in fantastic fashion?

        1. No fan of Fauxahontus, but she was literally the ONLY member of Wall Street’s Republicrat duopoly puppet show to even pretend to care about the Fed’s insider trading. Notice how quickly the globalist media consigned this story to the Memory Hole?

          1. “…the controversy surrounding trades made by Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren.”

            No surprises regarding blue-eye’d greed among multi-millionaires, and besides the mouth-breathers are conditioned weekly to look past their financial and war-monger crimes.

  8. The Guardian — Covid crisis dramatically worsened global mental health, study finds (10/8/2021):

    “Cases of anxiety and depression around the world increased dramatically in 2020, researchers have found, with an estimated 76m extra cases of anxiety and 53m extra cases of major depressive disorder than would have been expected had Covid not struck.

    The study is the latest to suggest the pandemic has taken a serious toll on mental health, and that women and young people are more likely to be affected than men or older people.”

    https://archive.is/xJS0v

    Covid did not “strike” tyrannical government did.

    Young people more likely to be affected? I won’t get my hopes up considering the apathy of most young people I know, but imagine if they were to start a movement like the Arab Spring?

    2. I know people are scared about their kids getting covid, but get them outside exercising.
      One study in NC, as reported by Suneel Dhand MD on Oct. 7th, states that 9 out of 10 children (90%) in the ICU with Covid in NC are Obese.
      He also states that obesity rates in children have risen during the Pandemic. The true Pandemic is obesity, but of course no one in power wants to touch that subject. An other study stated that adults are 31% more likely to die from covid if you are Obese. Obesity was the comorbidity with the worst outcome.

      1. The co-morbidity with the worst outcome is a deficiency in Vitamin D. (Vitamin D is an active part of the immune system.) Fat cells soak up Vitamin D so that it is no longer available in the bloodstream to fight off viruses.

      2. people are scared about their kids getting covid

        Irrationally so. We’ve known that COVID poses little risk to kids since May 2020.

  9. Were you among the lucky winners in the California real estate lottery?

    “The median price of an existing single-family home has risen more than $200,000 during the past two years, or almost $2,000 a week.”

    1. Do you suppose there’s much cash out refinancing going on? Refi appraisals are notoriously crooked. It’s also not an arms length transaction. Yesterdays little blurb about appraisers hitting the number up 30% and then getting cold feet was interesting. No one could have seen it all coming.

          1. Homeowner greed

            One of my husband’s clients who’s selling turned down an all cash offer for his 1bd/1ba condo with no garage and no yard in Pacific Beach and increased his asking price $10K.

          2. Homeowner greed

            I recently encountered a different type of homeowner greed when looking for a new rental (halfheartedly because prices are ludicrous). This woman was renting a “view apartment” which was actually the upstairs of her house. She contacted me because I put an ad under “housing wanted.” Her price was more than double the going rate for a 1 bedroom in the area. She wants $36,000 per year. No wonder her listing is stale. She’ll never even get $24,000.

        2. Yep, the cash-out refi is how California’s middle-class makes their car payments and other bills. It’s a virtuous circle as long as home values climb like a homesick angel.

        3. We’re about 2/3 there! It is interesting. What’s also interesting is that the site refused to let me get back to HBB.

      2. Do you suppose there’s much cash out refinancing going on?

        Absolutely, which is what’s been driving the massive RV, truck and boat sales. Same as it ever was.

        1. I talked to a co-worker who lives in a relatively new (2016) housing development. She said that everyone around her was doing a cash-out re-fi and buying new cars with it.

          So when do we start hearing stories of robo-signing, serial cash-out FBs crying to the bank for a loan mod, and kids being evicted into the street? 2023?

        2. “Do you suppose there’s much cash out refinancing going on?

          Absolutely, which is what’s been driving the massive RV, truck and boat sales. Same as it ever was.”

          Joe Six Pack: “As long as I’m able to keep borrowing to buy stuff, I feel ok.”

          I’ve got a friend who’s on dialysis and still drives truck, which is admirable. However, over the last couple years he’s blown his savings on and financed a speed boat (engine blew first time out) and a Harley. He should be saving and investing for retirement given his disability, but just keeps borrowing and spending. Unreal.

          1. “He should be saving and investing for retirement given his disability, but just keeps borrowing and spending. Unreal.”

            I know a guy who got laid off without warning around the 2008 financial crash, but he received a hefty severance check. On his way home, he bought a new Malibu ski boat! He has a family to support; WTF? “Might as well play in style while collecting unemployment,” was his reply.

  10. Real Journalists.

    Breitbart — Babylon Bee Says Facebook Post with ‘Let’s Go Brandon’ Joke ‘100% Being Suppressed’ (10/8/2021):

    “The editor-in-chief of Christian satire website Babylon Bee accused Facebook of suppressing one of its stories Friday afternoon — an article joking about the viral “Let’s Go Brandon” chant, a now-infamous moment in which NBC Sports’ Kelli Stavast tried to claim a NASCAR crowd shouting “F*ck Joe Biden” was saying something less damaging to the President.

    This is not the first time Babylon Bee or members of its staff have faced suppression issues or censorship.

    Left-wing “fact checker” Snopes has repeatedly targeted Babylon Bee for satire stories, particularly ones that mock CNN and Rep. Alexandria Ocasio-Cortez (D-NY).

    “The Babylon Bee has managed to fool readers with its brand of satire in the past,” Snopes has ominously warned.

    During a July interview with Breitbart News, Babylon Bee CEO Seth Dillon warned self-censorship — both online and offline — to evade left-wing criticisms and blacklisting is “doing the tyrant’s work for him.”

    https://www.breitbart.com/tech/2021/10/08/babylon-bee-says-facebook-post-with-lets-go-brandon-joke-100-being-suppressed/

  11. Not to worry! The globalist central banking fire brigade stands in the ready with monetary fire hoses in hand. The crisis is preemptively contained.

    “It’s the sort of contained risk that can become uncontained pretty fast and wipe away all those juicy ag commodity prices that are making the future look so nice right now.”

  12. “investors around the world, including everybody’s pension plans, are often knee-deep in dodgy foreign ‘assets’ like Evergrande.”

    Because they can’t get any return on sane investments because central banks suppress interest rates.

    1. “Because they can’t get any return on sane investments because central banks suppress interest rates.”

      Exactly right!

      Your entire working career they’re enticing you to save for a retirement that yields income without touching the principal by using images of white sandy beaches and umbrella martinis. But when you eventually retire their near zero interest rates and high inflation are the reality, served-up cold.

      The comedian was right!

      1. I know someone with serious money and their financial advisor told them to get into payday lending (i.e. usury). Seems it’s a gold mine. To their credit, they said no. Makes sense that’s the advice the rich get (become a vampire squid), as opposed to the plebes. Of course you won’t find advice like that in the investment section of your now defunct bookstore either, because why spill the beans for a few lousy royalties.

    1. In Hebrew, chutzpah is used indignantly, to describe someone who has overstepped the boundaries of accepted behavior. In traditional usage, the word expresses a strong sense of disapproval, condemnation and outrage.

      What?! The usage I hear equates to having cojones.

      1. In NYC, I usually heard it used a criticism – “that guy has some nerve.” Pejorative, audacious and rude.

  14. But during the day, things were more vibrant.

    Um, yeah – and that’s why whites and Asians are moving elsewhere.

  15. Why Majority of Black Community is Hesitant on Getting the Vaccine, 2 minutes 20 seconds (10/9/2021):

    https://www.bitchute.com/video/I6kAms3ItPVx/

    I love that he specifically calls out white liberals. Because as the HBB all knows, there is nothing, literally nothing more racist than a white liberal reacting to any non white who leaves their plantation.

          1. I can see why McConnell agreed to give Schumer more time on the debt ceiling. It looked like Manchin was starting to cave on the $3.5T freebie bill, moving from $1.5T to $2.2T. At that point I think McConnell decided that giving up six weeks was better than Manchin caving. Those six weeks takes the heat off Manchin, and it also gives Schumer the time he was whining for, to complete the “complicated” reconciliation process. Schumer knows he won’t be able to whine again.

          2. It looked like Manchin was starting to cave on the $3.5T freebie bill, moving from $1.5T to $2.2T. At that point I think McConnell decided that giving up six weeks was better than Manchin caving.

            I’ll assume that’s the MSM narrative because it doesn’t jive with the analysis I’ve heard.

    4. Specious though.
      HIV was Fauci’s attempt at decimating the homosexual and drug IV using communities , both usually liberal.
      Veterans have been used for many government experiments. Mostly conservative.
      If a white persona had written a Dear Black People letter there would be outrage.
      So I don’t support double standards and don’t find anything somehow more credible just because a black personality is saying it.

      1. Pregnant women were another experiment with that that Thalma…… drug that sadly made babies have deformed limbs.
        Many groups have been used as test tubes. Blacks are no different in that regard. His argument is specious.

    5. In the same vein (sorry, not funny), good video on what a POS Bill Gates is, focused mainly on India and Africa. I am always shocked when I see people elsewhere still posting what a good guy he is.

      The Real Bill Gates・October 9th, 2021・18 minutes
      https://www.bitchute.com/video/HZz18XvO01FV/

      Also recommend Ryan Dawson/ANC videos on 9/11.

  16. The domino effect of one bad debt causing many others to fail is known as ‘contagion.’ And that tends to see even surviving companies slash investment, cut jobs and become very conservative.

    Gosh, I fear that in such a scenario, anyone who overpaid for a shack or skybox could realize massive losses as their fake valuations based on the gusher of fake central bank “money” since 2008 get vaporized as the long-deferred financial reckoning day shows up.

  17. Language police in action:

    “Previous versions of the “anti-vaxxer” webpage suggest that the word used to be defined as “a person who opposes vaccination or laws that mandate vaccination.” (emphasis added). It wasn’t until sometime on Oct. 4, the same day that U.S. officials outlined specific instructions for all federal employees to comply with President Joe Biden’s COVID-19 vaccine mandate for government workers, that Merriam-Webster swapped the word “laws” for “regulations.”

    Merriam-Webster did not immediately respond to The Federalist’s request for comment.

    https://thefederalist.com/2021/10/08/merriam-webster-thought-police-just-changed-the-definition-of-anti-vaxxer-to-attack-opponents-of-government-mandates/

    2. “The great enemy of clear language is insincerity. When there is a gap between one’s real and one’s declared aims, one turns as it were instinctively to long words and exhausted idioms, like a cuttlefish spurting out ink.”

      ― George Orwell, Politics and the English Language

  18. Latest from #ClownWorld. The globalists and the Comrades of Proven Worth (D) in our NEA indoctrination mills are stepping up their efforts to inculcate self-loathing among white students, and fan anti-white hatred among “disadvantaged minority” students.

    California to require ethnic studies courses for all high school graduates

    https://nypost.com/2021/10/09/california-becomes-first-state-requiring-ethnic-studies-for-high-school-students-to-graduate/

    1. ethnic studies courses

      Our district started offering them this year. I’ve identified the Comrades of Proven Worth on our school board responsible.

  19. The Keynesian fraudsters at the central banks, having created the most insane speculative bubbles in human history, are belatedly scrambling to turn off the easy-money spigot. As usual, it’s a case of too little, too late. Let the Great Muppet Reaping of 2021 commence!

    Why the RBA is cracking down on mega mortgage loans

    https://www.news.com.au/finance/economy/interest-rates/why-the-rba-is-cracking-down-on-mega-mortgage-loans/news-story/f24d20d718bc406b992beaad724103dd

    Excessive mortgages have been handed out to people who may not be able to pay them back. This is why that’s bad news for Australia.

  20. Hey greenies, you all need to beseech St. Greta to use her divine channel to Mother Gaia to get those winds blowing again. Alternatively, you could fast-track the development of micro-generators to harness the kinetic energy unleashed by the stamping of little feet – once the central bankers’ Everything Bubble bursts, that would be the ultimate source of cheap, abundant, sustainable energy.

    Where has the wind gone? ‘Global stilling’ is blamed as wind speeds drop across Europe cutting green energy production – threatening to drive up energy prices even FURTHER

    https://www.dailymail.co.uk/news/article-10075301/Global-stilling-blamed-wind-speeds-drop-Europe-threaten-drive-energy-prices.html

    Industry experts are warning that climate change may have caused wind speeds in Europe to plummet this year in news that threatens to drive energy prices even higher.

    Long labelled as a saviour of the energy industry, wind farms have cropped up across the continent in recent years and have been billed a low-cost, renewable and dependable source of power.

  21. Odd, I don’t recall anything like this ever happening on Orange Man Bad’s watch.

    Heavily Armed Cartel, Taunting US Soldier along the Border

    http://www.borderlandbeat.com/2021/10/heavily-armed-cartel-taunting-us.html

    MISSION, Texas — Mexican cartel members dressed in military-like outfits and toting AK-47 rifles have been taunting U.S. soldiers assigned to the southern border, an unprecedented act of aggression, Texas authorities say.

    “What’s been happening actually this past week is we see a group of individuals that are coming across — they’re smuggling people — but what they’re doing is they come across the river into the U.S. and smuggle people, they go back into Mexico, and they get their weapons,” Texas Department of Public Safety spokesman Lt. Christopher Olivarez said during an interview Wednesday.

  22. Some of my favorite protest signs from this video.

    If You Stand For Nothing You’ll Fall For Anything

    Science is Asking Questions!

    Trust The Censors Or Else

    Hi-Rez & Jimmy Levy – This Is A War (Official Video)

    134,260 views
    Premiered Oct 7, 2021

    https://youtu.be/O9a_P0evO7Y

  23. Say…you don’t suppose Fed scumbags Kaplan and Rosengren bailed at the peak of the market because they saw a crash coming, do you? Cuz that would be, like, unethical. Surely our ever-vigilant regulators and enforcers would spring into action to punish such blatant insider trading, wouldn’t they? I mean, it’s not like we’re some kind of corrupt banana republic….

    Evergrande reprimands insiders for hitting the exit ahead of wealth product clients, forcing redeemers to return proceeds

    https://www.scmp.com/business/companies/article/3151787/evergrande-reprimands-insiders-hitting-exit-ahead-wealth-product

    China Evergrande Group, under siege from creditors, investors and suppliers has taken action against half a dozen company insiders for front-running their wealth management customers, bowing to pressure from furious clients and local authorities across the country.

    Six managers of Evergrande Wealth Management who had redeemed 12 wealth management products between May 1 and September 7 ahead of their scheduled dates were ordered to return the proceeds, and were reprimanded, the parent company said in a statement without providing financial details. The early redemptions by the six managers were first uncovered on September 18.

    1. Surely our ever-vigilant regulators and enforcers would spring into action to punish such blatant insider trading, wouldn’t they?

      Not with the revolving door.

  25. UK housing prices hitting all-time highs, while supply chains and distribution systems are breaking down. One of these things is not like the other.

    Shelves empty across UK on sell-out Saturday as supply crisis leaves one in SIX Britons claiming they have been ‘unable to buy essential food’ – and a third start Christmas stockpiling – ahead of winter squeeze

    https://www.dailymail.co.uk/news/article-10075283/Shelves-UK-supply-chain-crisis-leaves-Britons-claiming-unable-buy-food.html

    Shelves have been left empty across the UK this morning while millions of shoppers claim they have been unable to buy essential foods in the past two weeks, as Britain’s supply chain crisis continues.

    Pictures show aisles at some supermarkets already stripped bare of meat, fruit and frozen goods as customers were seen pushing trolleys laden with toilet roll and water bottles ahead of the festive season.

    1. If I were in Congress, I would introduce a bill to simply give Hunter a nice party house and $25M. Let him party himself to death. $25-30M is cheap compared to what he’s costing us now.

      1. give Hunter a nice party house and $25M

        After the billions he’s already grifted? F@#$ that!

  27. Oh dear – who could’ve foreseen real estate fortunes built on Yellen Bux hot money flows implode, leaving mountains of debt in their wake. But surely this is a one-off development that in no way signals Housing Bubble 2.0 may be headed for the same fate as its predecessor.

    Tycoon Behind a Crisis-Era Property Crash Now Sits on a $9 Billion Debt Mountain

    https://www.bloomberg.com/news/features/2021-10-08/cevdet-caner-tycoon-linked-to-german-landlord-adler-s-9-billion-debt-mountain?srnd=premium-middle-east&sref=ibr3A0ff

    After years of finger-pointing over the collapse of one real-estate company, Cevdet Caner has helped build a new one — and questions are flying again.

    1. “…with chants asking for their money back.”

      You yella fellas should bring torches to a bankruptcy party!

    2. “…with chants asking for their money back.”

      Foot stamping is the new black in China!

  30. NBC Nightly Propaganda just did a story on high gas prices, according to them the highest since 2014 (who was President then?)

    Their advice at the end of the story…

    Slow down while driving, driving 5 MPH slower will save you blah blah blah.

    Take unnecessary items out of your car 🙂 the lighter weight will save you gas.

    Their advice for the high heating cost that are coming this winter…

    Drumroll please

    Turn your thermostat down and bundle up.

    fjb

  31. Color yer money gone, baggies.

    Evergrande has not engaged with offshore bondholders since payments miss, holders’ advisers say

    https://www.scmp.com/business/banking-finance/article/3151689/evergrande-other-chinese-developers-shifted-debts-balance

    A group of China Evergrande Group’s offshore bondholders said the property developer had not engaged with them since missing interest payments on two dollar-denominated bonds in September, and that they were concerned about potential asset flows to other creditors.

    The first public comments from offshore bondholders about the missed payments came as property agency Centaline Group separately filed two lawsuits, claiming it was owed more than HK$100 million (US$12.8 million) in unpaid commissions from flat sales at two Evergrande projects in Hong Kong.

    1. “…the property developer had not engaged with them since missing interest payments on two dollar-denominated bonds in September..”

      No speakee, no payee…

  32. What does creating a bevy of shoddily constructed empty high rise apartment buildings in the middle of nowhere have to do with wealth creation? Only a true disciple of John Maynard Keynes would make this mistake.

    “It was China’s urbanization drive, coupled with a relentless demand for steel to cover the landscape with apartment and office towers and infrastructure, that turned the world’s iron ore producers into fabulous wealth-creation machines.”

  34. If the clot shot is a plan to kill off the population it is a brilliant plan. It’s taking all the brain dead Liberals out. Don’t tell me Republicans are finally playing hardball!?

  35. Financials
    October 8, 2021 6:34 AM
    Updated 2 days ago
    UPDATE 1-
    Building default fears pummel Chinese property firms
    By Marc Jones
    (Adds details on Evergrande bondholder call, Fantasia restructuring plans, R&F downgrade by S&P)

    LONDON, Oct 8 (Reuters) – Chinese property firms watched their bonds take another beating on Friday as the prospect of a wave of defaults in the sector in the wake of China Evergrande’s troubles continued to scare off investors.
    …

    1. Does it seem like we are witnessing the slow motion cratering of the entire Chinese real estate industry, en masse?

      1. This period reminds me of late January 2020, when a few bloggers were conjecturing about how bad the COVID-19 pandemic would become, as the MSM was just barely waking up to it.

        I have to wonder about whether MSM reporting on the China real estate industry meltdown will similarly explode over the next few months to how pandemic reporting did from January through March 2020.

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