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A Major Change Of Fortune After An End To The Era Of Cheap Money That Fed A Decade-Long Property Boom

It’s Friday desk clearing time for this blogger. “The Austin housing market is starting to look a lot more like 2019. For the past three years, multiple offers, bidding wars and all-cash deals became the norm in Central Texas. Now, the picture is changing. Last month, residential home sales in the metro area declined 8.5% year over year to 3,147 closed sales while the median price dropped 9.6% to $483,000. The number of homes on the market jumped 38.4% to 9,631 active listings. Realtor Warren McEnulty has seen the Austin real estate downshift firsthand. ‘Realistically, it doesn’t seem like we’re going to see any price increases for the remainder of the year,’ he said. ‘It just seems right now that prices are going to continue to fall.'”

“A former Morgan Stanley financial advisor has pleaded guilty to fraud and money laundering in what prosecutors said was a $7 million scam. The advisor, Shawn Edward Good, was a vice president in Morgan Stanley’s Wilmington, North Carolina. Caitlin Andrews said she began investing with Good in 2014, opening her Morgan Stanley account with approximately $1.7 million from a divorce settlement. Good pitched her on a plan that would allow her to leverage her holdings to invest in an Airbnb in her beach-side community, earning her extra income with minimal risk. Early last year investigators from the IRS and the North Carolina State Bureau of Investigators contacted her about the money transfers from her brokerage account to Good.”

“‘I remember one of the women was really nice, and she said, ‘Do you know that you are missing X amount of money?’ Andrews recalled. ‘And I said, ‘No, I’m not.’ Then the agent instructed her to scroll down to the section about her line of credit. ‘If you go down to how much I owed, no, I didn’t have any money,’ Andrews said. At that point, the agent started crying, she said. ‘And I knew that when the law enforcement agent starts crying on your behalf, that things are really bad.'”

“Andrews said that she stressed to Good from the outset that the money was everything that she had. As a single mother, her earning power was limited. ‘It’s what I lived off of, it’s what I paid groceries off of, it’s what I paid my mortgage off of,’ she said, explaining what she told Good. ‘It was my sons’ college education, it was health insurance, it was everything. He took my boys out for ice cream while he was stealing their college funds,’ Andrews told the judge.”

“The investors who wanted to buy a piece of a trophy office building in Atlanta on the CrowdStreet platform come from all walks of life. These investors are now bound together for a more ignominious reason: They are out tens or hundreds of thousands of dollars after Nightingale allegedly misappropriated their investments, moving more than $8M into other accounts and never closing on the deal, an independent fiduciary said. ‘I don’t think you ever go into an investment thinking they’re just going to wipe me out,’ said Eli Johnson, an accredited investor out of Chicago who put $25K of equity into Nightingale. ‘It’s not like you’re trading bitcoin in Nigeria or something.'”

“The Nightingale scandal is dramatic, but investors in the deals won’t be the only ones on the platform who will see big losses in office buildings go up in smoke over the next year or two, said real estate receivership and troubled asset manager Henry Lorber. ‘Go downtown wherever you are, the evidence is all right there in your city,’ Lorber said. ‘It is probably one of the single worst investment strategies I have ever heard of. Crowdfunding for real estate, it’s nuts! It’s great in a market that’s moving up, maybe. But if it’s moving down, it’s a catastrophe.'”

“The Gas Company Tower was valued at a whopping $632M in 2021, but the value of the 52-story Downtown property has fallen to less than half that. The tower, owned by a Brookfield fund focused on Downtown LA offices, has been valued at $270M, The Real Deal reported, citing data from Trepp and Morningstar Credit. The updated value of the building is well below the $465M in loans Brookfield has on the tower. Los Angeles isn’t alone. Class-A office property values are down 35% on average from their pre-pandemic peak, according to GlobeSt, citing Green Street data.”

“Brookfield has been one of the highest-profile companies to struggle with plunging office values. It has handed back keys to properties in New York and Chicago in addition to Los Angeles. In Denver, a property partially owned by Brookfield called Republic Plaza saw its value fall by 44% in the last 10 years, Bisnow reported.”

“An attempt to sell off a pair of office towers in downtown Vancouver is being carefully watched by the commercial real estate world. The Canada Pension Plan Investment Board and Oxford Properties, the real estate arm of the Ontario Municipal Employees Retirement System, are reportedly planning to unload the neighbouring towers on Dunsmuir and West Georgia Street, according to Bloomberg , which said the sellers hope to fetch $350 million. Carl Gomez, chief economist at CoStar isn’t sure the Vancouver building occupied by Amazon will fetch the price the pension funds that own it are said to be seeking.”

“In a scenario where a seller hopes to get $350 million for an office complex based on past assumptions of a cap rate of four per cent, but the market assesses the cap rate at eight per cent, the drop in value is about 50 per cent, putting the sale price at $175 million. ‘This is just an example of how things work since its theoretical,’ he said.”

“The German property industry will ask the government for multi-billion euro support at a meeting with Chancellor Olaf Scholz, people familiar with the matter said, as gloom engulfs the nation’s real-estate sector in its worst crisis in decades. Europe’s largest economy is undergoing a major change of fortune after an end to the era of cheap money that fed a decade-long property boom. The industry now faces insolvencies, fizzling transactions and falling prices. Transactions have collapsed, down 59% during the first half of the year from a year ago, according to property consultancy, JLL. Home prices dropped 6.8% in the first quarter, the biggest fall since Germany’s statistics office began compiling the figures.”

“In Frankfurt, Germany’s banking capital, multiple cranes swerve on the horizon as they construct additions to the city’s skyline. ‘But these are the projects that were launched in the last four to five years,’ said Simone Zapke, head of construction supervision in Frankfurt. For the foreseeable future, building will remain in ‘a valley of tears,’ she said.”

“Australia’s largest landlords have announced a string of downgrades to the values of their office block portfolios over the past month, but not by enough to humour investors. While publicly traded commercial real estate markets have plunged, the hit to unit prices has not shown up fully in asset valuations, creating a stalemate between relatively upbeat landlords and buyers waiting for deeper discounts. Office blocks are at the centre of the standoff. ‘Buyers aren’t willing to pay the price from the last valuations,’ said Winston Sammut, an investment manager at Sequoia Financial Group. ‘You can put a value on stuff but if no one’s wiling to pay that price, it’s not a true value.'”

“Dexus last month sold a premium downtown Sydney skyscraper for A$393 million, a 17% discount to the December valuation. Faced with the prospect of big discounts, owners are pulling sales. U.S. private equity giant Blackstone and Chinese insurer Ping An both paused high-profile Sydney office block sales this year after lowball bids, local media reported. Growing pressure on owners to pay investors scrambling out of unlisted property funds may ultimately force them to sell buildings to raise cash, effectively breaking the deadlock, Sammut said. ‘Money is queuing up to get out before the valuations are fully adjusted for the rate increases,’ he said. ‘As more redemptions come through, it creates pressure for more sales.'”

“Nothing symbolizes the demise of China Evergrande Group like the Hong Kong tower that it bought for a record $1.6 billion. Once a jewel in the developer’s crown, creditors are still trying to sell the building almost a year after seizing it. Refurbishments and a name change to steer clear of the disgraced defaulter have failed to convince buyers at a time when Hong Kong’s office market is going through its worst downturn in years. Three of its 11 elevators weren’t running because the developer had failed to pay the contractor, said Godfrey Cheng, deputy senior director at Savills (Hong Kong), an agent for the receivers. Maintenance work has since begun, Cheng said.”

“That hasn’t been enough to boost the value of the tower, with the low end estimated at almost $1 billion below what Evergrande paid for it in 2015, suggesting severe losses for the company and the lenders behind the loans that it backed. It’s also a blow to other creditors who are waiting for recovery from a debt restructuring plan, which the developer is now trying to expedite after this week revealing losses totaling $81 billion in long-delayed results.”

“Cattle wander between the concrete shells of half-finished mansions in northeastern China, some of the only occupants of a luxury complex whose crumbling verandas and overgrown arches are stark symbols of a housing market crippled by its own excess. Property giant Greenland Group broke ground on the development nestled in the hills around Shenyang, an industrial city of 9 million, in 2010 — when the real estate sector’s lightning growth was in full swing. But around two years later, the State Guest Mansions project — lavishly planned as 260 European-style villas complete with swanky facilities for visitors of the provincial government — was abandoned.”

“Local farmers now plough land that was envisaged as manicured gardens for the wealthy and politically connected, while feral dogs patrol crudely built poultry pens and double garages crammed with hay bales and farm equipment. ‘Frankly, it was because of official corruption,’ a farmer named Guo told AFP as he dug for edible weeds beneath a creaking 10-metre-high metal fence screening the development from a nearby highway. ‘They cut off the funding and cracked down on uncontrolled developments, so it was left half-finished,’ the swarthy 45-year-old said, as other people carried off buckets of water from the complex’s artificial lake.”

“Ghost towns like the one in Shenyang — known as ‘rotten-tail’ homes in Chinese — now pockmark urban landscapes across the country. ‘These (homes) would have sold for millions — but the rich haven’t even bought one of them,’ said Guo. ‘They weren’t built for ordinary people.'”

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This Post Has 86 Comments

  1. ‘It’s what I lived off of, it’s what I paid groceries off of, it’s what I paid my mortgage off of,’she said, explaining what she told Good. ‘It was my sons’ college education, it was health insurance, it was everything. He took my boys out for ice cream while he was stealing their college funds’

    You gotta roll with it Caitlin.

    1. It sounds like straight fraud from Morgan Stanley.

      Not a good sign.

      ‘And I knew that when the law enforcement agent starts crying on your behalf, that things are really bad.’”

    2. “Andrews said that she stressed to Good from the outset that the money was everything that she had”

      One thing I read in a Ric Edelman book that I’ve never forgotten – the one reason to put all your eggs in one basket is greed. And yes, I’ve been guilty of it myself.

      “As a single mother, her earning power was limited.”

      I dearly wish my earning power was limited to a $1.7 million divorce settlement.

      1. The central bankers who have artifically suppressed interest rates for decades are also to blame. $1.7 million at a sane interest rate of 5% would have brought in $85K per year, which would have been more than comfortable, again absent CB-induced inflation. Whether she’d have been smart enough to do this I don’t know, but they took it off the table anyway.

        1. Good point: how many people took unnecessary risks with their savings because returns were non-existent for over 15 years? The distortions and damage are incalculable over such a long period of time.

          1. And these smug central banker aszholes just sit there and smile and don’t allow any questions from the media which aren’t pre-rehearsed.

      2. “I dearly wish my earning power was limited to a $1.7 million divorce settlement.”

        Clearly you’d be a prostitute given the anatomy.

      3. “As a single mother, her earning power was limited.”
        I dearly wish my earning power was limited to a $1.7 million divorce settlement.
        Amen
        Amen brother!!

  2. Hey old-timer, why are you still collecting shopping carts at wally world?

    This is just an example of how things work since its theoretical.

  3. ‘I don’t think you ever go into an investment thinking they’re just going to wipe me out,’ said Eli Johnson, an accredited investor out of Chicago who put $25K of equity into Nightingale. ‘It’s not like you’re trading bitcoin in Nigeria or something’

    Yer right Eli. Crowd funding was The Next Big Thing (™)! Good ol Obammie, he was the king of pedal to the metal. Remember when he turned a blind eye to all those fly by night LLC shell companies that took off with peoples money?

    1. Being a community organizer and never having a job outside government has made him a multi hundred millionaire.

      1. Being a Goldman Sachs errand boy was what enabled Barry & Michelle (cough) to amass a $70M net worth.

      2. Anybody with even a modicum of common sense can see that US politicians are corrupt and dirty to the core, and are above the law.

  4. ‘Europe’s largest economy is undergoing a major change of fortune after an end to the era of cheap money that fed a decade-long property boom. The industry now faces insolvencies, fizzling transactions and falling prices’

    I’d like to point out what the globalist scum media aren’t asking: since this is serious crater, shouldn’t we question the a$$hat ideas that created this ‘era of cheap money’? Oh no, they sit at their laptops, tapping out the a$$ poundings, and beg ‘when can we go back to the easy money Jerry’?

    1. Europe’s largest economy is undergoing a major change of fortune

      Germany is being systematically dismantled by the globalists. Per VW’s CEO: the roof is on fire at VW, as an existential crisis. The same is true of most of Germany’s industrial base. A relative works for BASF and he says they are moving everything the can, as fast as they can, out of Germany. They’re even moving production to North America.

  5. ‘Realistically, it doesn’t seem like we’re going to see any price increases for the remainder of the year…It just seems right now that prices are going to continue to fall’

    Warren is a well known far right racist stopped clock antivax Putin puppet election denying conspiracy theorist perma bear.

    1. Warren is a well known far right racist stopped clock antivax Putin puppet election denying conspiracy theorist perma bear.

      You say that like it’s a BAD thing.

    1. “Those who cast the votes decide nothing. Those who count the votes decide everything.” — Joseph Stalin

    1. F*** Trudeau: Canadian PM Cuts Ontario Farmers Market Stop Short After Being Swarmed by Protestors

      “You’re a communist b*stard. Get out of Canada!”

      “You can take my jabs up your asz, Justin.”

      1. An angry group of protestors in Belleville mob Trudeau
        Western Standard
        Jul 21, 2023 BELLEVILLE
        An angry group of protestors in Belleville yesterday, some holding ‘F🍁*K TRUDEAU’ signs, are seen heckling the PM, Justin Trudeau, as he leaves for his convoy.

        https://www.youtube.com/watch?v=cyQkkk2sQy4

        2 minutes.

    2. Massie is my favorite politician. John Kerry is so dumb he doesn’t even understand that what he just said destroys his argument.

      1. “Well, you’re the science expert. You got the political science degree.” 🤣

      2. Massie is my favorite politician.

        He refused to censure Adam Schiff for using his position on the House Intelligence Committee to perpetuate for years on MSM that Trump colluded with Russia. It was also Massie’s vote that moved the debt ceiling bill out of the House Rules Committee and allowed McCarthy to voluntarily hand Biden an uncapped debt limit until after the 2024 election.

          1. The first censure resolution sought a $16M fine, half the cost of the Mueller investigation. Because of Massie, the second censure resolution that passed was stripped of the fine.

    1. I played backup for Tony Bennett twice back in the early 90s. He was already well past retirement age, and still going strong, plus an amazing class act who was kind and appreciative towards the local union musicians…

  9. Globalist media mouthpieces are clutching their pearls over the prospect of the “far right” Vox party making electoral gains at the expense of the globalist Quisling parties that served only a corrupt & venal .1% in the financier oligarchy. Where this will get interesting is if the financing costs on Spanish debt – artificially suppressed since 2008 by the ECB’s buying up the PIIGS debt sane investors won’t touch – start to spike uncontrollably. If that’s the case, it means the ECB & EU might finally be running out of road for can-kicking.

    https://www.bloomberg.com/news/articles/2023-07-21/far-right-politics-in-spain-is-back-50-years-after-dictator-franco-s-death?

    1. Emma Jo-Morris Broke The Hunter Biden Laptop Story. What Happened Next Is Tyranny
      Grassroots Army
      Jul 21, 2023
      It’s arguably the most censored story ever. Watch her opening statement at today’s hearing examining Big Government and Big Tech’s attacks on the First Amendment opening statement at yesterdays hearing.

      https://www.youtube.com/watch?v=eX-w8H2TiE8

      5:40.

      1. BTW this lady now works for breitbart, which infamously told everyone to shut up and accept the senile corrupt pedophile had got 81 million votes even though he couldn’t fill a hot-tub before the election.

        1. They were also in favor of the clot shots and stood by the UkrainNazis before they did a 180

    2. Cocky old senile b@stard

      Biden: “Where’s The Money?”

      Jun 12, 2023

      President Biden has been accused of taking a $5 million bribe from an executive of the Ukrainian natural gas firm Burisma Holdings, according to a Fox News report on Thursday. Biden’s son, Hunter, sat on the board of the gas firm.

      https://youtu.be/ICOJbDwq2Qo

      2. Biden: “Where’s The Money?”

        In the accounts of your shell corporations. Up your son’s nose. In the hookers’ pockets. In the dump that you took from restaurant food you bought with it. You know where it is, clown boy, so stfu.

      1. Actually, they didn’t elect him PM. The people who voted for the Labor Party didn’t want him, or his deal with the Labor Party.

        1. True, but they ought to know that voting in a Labor government mean that he will be PM.

  12. Mainstream publications and regulatory agencies have buckled to public pressure to admit the COVID-19 vaccine can cause injuries such as myocarditis and pericarditis—but until recently, they’ve published little or nothing about the substantial number of people suffering from autoimmune disease after vaccination.

    However, on July 3, the journal Science published an article confirming that COVID-19 vaccines are linked to autoimmune disorders, such as small fiber neuropathy and postural orthostatic tachycardia syndrome (POTS).

    Commenting on the article, Substacker Igor Chudov wrote that the authors acknowledge the suffering, but also minimize it, falsely asserting that it is rare. “It goes on and on about how ‘rare’ vaccine injuries are.”

    Brianne Dressen, founder of React19, said that despite the fact the article qualifies some of its key claims, she sees it as an important step toward getting these conditions more widely recognized.

    Dressen told The Defender: “Science Magazine is speaking to an audience that the rest of us who have been pigeonholed into this corner can’t speak to because they don’t even know we exist. We’ve all been censored to no end. So how are we going to reach those people?”

    “They’ve been hammered over and over again in outlets like Science Magazine—which is kind of ironic—with the idea that the vaccines are wonderful and there’s no possible way that anything bad can happen …So if we ever get an opportunity to put a little bit of content out there in their lane for them to question even just a little bit what’s going on around them, then we’ll be able to pull them back over to, you know, to the truth.”

    Scientists at the National Institutes of Health (NIH) were attempting to study and treat patients with Long Vax symptoms in 2021. They published a preprint report on their work, but the study was abruptly halted without explanation and the NIH has stonewalled attempts to discover details about what the agency knew early on.

    “Under-reporting is a known and serious disadvantage of the VAERS system,” according to VAERs expert Jessica Rose, Ph.D. Rose wrote, “Unfortunately, we can never really know how many people are suffering from adverse events. Reports can go missing, reports can remain in temporary VAERS ID limbo or never get filed in the first place.”

    “You see one or two patients and you wonder if it’s a coincidence,” Anne Louise Oaklander, M.D. Ph.D., a neurologist and researcher at Harvard Medical School, told Science. “But by the time you’ve seen 10, 20,” she continued, “where there’s smoke, there’s fire.”

    Dressen said researchers are hesitant to speak out because it carries great risk. “There is not a single person, whether they are new to the game or whether they’ve been in this for decades, there’s not a single person that when they do step across that line and they do speak out, that they don’t get punished,” Dressen said. She added, “There’s not a single person that gets hailed a hero and money flows and their research happens. There’s always repercussions. And these researchers knew that, right? Which is why they came out together and they came out in force.”

    Dressen also told The Defender that doctors and researchers are finally speaking out because of the work being done by vaccine-injured patients. “The interesting thing about these researchers though,” she said, “is that they too had to be deprogrammed. And that happened because of … the patients [who] ended up in their offices,” she said.

    Vaccine-injured advocates say that much more research into these types of adverse events is imperative.

    “This is just one of the many injuries and many side effects that they write about in this article. There’s so much more work to be done in the area, so much more attention to be given to a lot of people who are suffering today,” Wilson said.

    Newell said that when vaccine-injured can get access to early treatments, they are more likely to recover. “But, that requires acknowledgment,” she said, adding, “Just like Guillain-Barré [syndrome] is recognized as a vaccine reaction, we need small fiber neuropathy and POTS to be recognized as well.”

    She added: “Had there been a medical and financial safety net along with processes to accurately research the injured and adequately support us, we would be much farther along than we are and so many wouldn’t have had to needlessly be gaslit at the doctor’s office with all of these new symptoms.”

    “The deep-pocketed funders of Covid vaccines had no problem pouring billions into them without any preliminary data—but helping their victims is not one of their financial priorities,” Chudov commented. He added, “Thus, the researchers helping the vaccine-injured operate with tens of thousands of dollars, while Pfizer shareholders enjoy their multi-billion windfall.”

    Wilson, who is also a journalist who interviews doctors and scientists on her program, the “Aga Wilson Show,” added, “This is not a fight between the anti and the pro-vax. It’s a fight for people’s health.”

    https://www.theepochtimes.com/health/after-long-silence-on-long-vax-science-magazine-links-autoimmune-disorders-to-covid-shots_5389157.html

    1. “It goes on and on about how ‘rare’ vaccine injuries are.”

      Getting the truth out of these people is like pulling teeth.

    2. Gallup (9/3/2021):

      “The variation across these party/vaccination status groups is extreme. For example, 96% of vaccinated Democrats favor the requirement for proof of vaccination before flying on an airplane, compared with 12% of unvaccinated Republicans. Ninety-four percent of vaccinated Democrats favor the requirement for attendance at events, compared with 9% of unvaccinated Republicans.”

      https://news.gallup.com/poll/354506/update-american-public-opinion-vaccination-requirements.aspx

      These people wanted you FIRED FROM YOUR JOB for not getting injected with experimental mRNA poison.

      And they think there’s going to be an amnesty?

      Think again, because it’s not happening.

        1. CCP virus: a minor respiratory illness that required 24/7 media overload to inform us that it was still a danger.

          1. NYU Professor FORBIDDEN From Teaching About Covid Propaganda!
            The Jimmy Dore Show
            Jul 12, 2023
            NYU professor Mark Crispin Miller has for many years taught a course on propaganda without incident. But when he began asking students to investigate modern-day propaganda they experienced, including about COVID, the university turned on him and launched an investigation into his teaching practices, eventually canceling the class for good.

            Jimmy talks with Professor Miller about the Orwellian struggle he faced, and the deeply personal hostility he experienced from colleagues, as a result of questioning the COVID narrative.

            https://www.youtube.com/watch?v=qgSp1iFBSno

            21:34.

    3. Interesting. Small fiber neuropathy sounds very close to what my mother has been complaining about. I keep telling her to stop taking the poison that she has proudly taken 5 times and she keeps telling me it has nothing to do with that. Incidentally, she thinks Biden is doing a great job. It’s all so bizarre.

    4. Just 1% of 5 billion people is 50 million deaths. That’s multiples of the people killed by the coof. My guess is the deaths and serious injuries are closer to 10% for now based on the excess deaths and SSDI numbers. That number will keep increasing.

      I’ve been working for over 30 years and have never had co-workers die suddenly. Over the past 2 years, three people at my company have died suddenly. One was 27 and died a couple of months after being diagnosed with an aggressive turbo cancer. One was 35 and died in his sleep. Another was 62 and dropped dead of a heart attack. All were fit, active, and healthy.

      1. Back in my school days, I had some of my classmates die suddenly. It doesn’t prove anything to look at such a small number.

        1. Some of your classmates died in their sleep or had heart attacks? I call BS.

          The only kid I knew through all 12 years of school that died was a drowning victim.

          2. your classmates

            Bob, one drove into a big tree trunk and died. What happened? We figured he had been drinking. We didn’t know. One fell climbing in the mountains of New Mexico. What happened? We were there and didn’t know.

            I’m just suggesting that your few acquaintances don’t paint a convincing statistic for 300+million people. Maybe you should dig deeper. I’m not saying you are wrong. You shouldn’t say my experience was BS.

          3. I’m not talking about dying in accidents. I specifically mentioned their cause of death was medical.

            Data shows excess deaths in 2021 and 2022 in every country with high jab rates. Maybe due to cold showers?

            Insurance actuaries are reporting very high death rates in group life insurance companies. Look up the stock of Lincoln National, one of the biggest group life insurance companies. Working age people are dropping like flies. Maybe due to global warming?

            There is a massive spike in disability claims that started in early 2021 and continues to today. This is normal when there’s high unemployment such as the 2001 and 2008 crashes. Our UE is less than 4%.

      2. It’s becoming clear from reliable data from around the world that there was a significant increase (excess) in mortality rates that were not related to Covid 19. Exactly what it was will take time to figure out.

  13. Where is AlbuquerqueDan when you need someone to put in a hopeful word about the Chinese economic picture?

    1. The Wall Street Journal
      STREETWISE
      China’s Lost Decade for Investors Has Already Happened
      Any hope that postpandemic reopening would lead to a return to rapid economic growth has foundered
      By James Mackintosh
      Updated July 21, 2023 12:00 am ET
      China’s property boom has turned to a bust, leaving a legacy of heavy debt . PHOTO: CFOTO/ZUMA PRESS

      Deflation looms. The workforce is shrinking and aging. The property boom has turned to bust, leaving a legacy of heavy debt. Cash-rich consumers won’t spend. There are plenty of comparisons between China’s stuttering economy today and Japan at the start of its lost decade.
      …

      1. Cash-rich consumers won’t spend.

        They understand that no one will bail them out when everything comes crashing down.

    2. He may have died from crow stuffing. Yes his ‘this is how China builds cities’ looks pretty foolish now that cows are grazing among crumbling never occupied luxury estates.

      Speaking of crow, what about bloomberg? They ran articles, not once but three times, that evergrande had made a ‘last minute payment’! Even though that just flat out did not happen.

      1. I don’t get why American media outlets do porcine beautification work for the Chinese government. Are payments involved?

        1. Really, PBear? You don’t realize what should be quite obvious. The Globalists are all on the same team. I think you and I are left out with most others.
          “It’s a BIG Club and you ain’t in it” –The late, great George Carlin.
          –Geezer

          1. There are so many examples of the globalist media scum doing things like this, but since I’m probably the only person that follows this kind of thing, let’s look back. The time period was oh sh$t everggrande might be in trouble. Actual defaults, once non-existent in China, came to the coal miners first and spread. But not to a big developer. Evergrande was the biggest in China. Lots of focus on the bond payments, bam they missed one batch. Here comes bloomberg with the no, they made a payment at the last minute! There was no default. A German auditor immediately called them on it, nothing else was said. Exact same thing happened two more times in short order. Contrary to what bloomberg would have every body believe, they were defaulting left and right. I posted the entire sorry episode. We all now know how it’s ending.

            So why? I’m just an observer. From what I see the globalist scum had a world view that wants every body to think China is the future, our kids will speak Chinese some day to their Chinese bosses. Now we know that whole thing is in sh$tter and has already been flushed. So this bizarre coverup attempt was likely in that transition period from the normal reactionary ‘China will not falter’ crap to them accepting, yeah they screwed the pooch and they have half a billion pissed off broke ass old people. And not enough skilled people to fill vacancies but a 20% youth unemployment rate. Thanks to the draconian birth limit they had, often maybe one or two children are carrying 4 grand parents.

          2. Thanks to the draconian birth limit they had, often maybe one or two children are carrying 4 grand parents.

            And now they are telling their youth to have many kids. But they are not interested.

    1. Robert Shiller says decade-long rally in home prices could end when the Fed wraps its hiking cycle
      Filip De Mott
      Jul 21, 2023, 9:59 AM PDT
      Robert Shiller
      Wendy Carlson/Getty Images

      – The decade-long rally in home prices could end when the Fed wraps up its tightening cycle, Robert Shiller said.

      – He told CNBC that earlier rate hikes pushed people to buy homes before borrowing costs rose even further.

      – “So that’s been a positive influence on the market, but it’s coming to an end.”
      …
      https://markets.businessinsider.com/news/stocks/robert-shiller-housing-market-home-prices-federal-reserve-rate-hike-2023-7

      1. It’s hilarious how people rush into the bubble as mortgage rates rise. I suppose you would be okay if you don’t have to sell for 10-15 years and can make the payments. If it doesn’t pan out, you’ll have to either put money on the table to sell, jingle keys, or ask for a short sale.

  16. I’m sure the fake news Media isn’t going to report this story:
    In summary,
    Just days ago a long list of Nobel Prize Scientists and other prominent world Scientists state that there is” no climate change emergency”. They go on to issue warning that its a scam to cut off resources and Globalist plan to murder 7.5 billion people.
    Now you would think something like the smartest Scientists declaring such a dire warning to Globe would hit the Main Stream News, but no , the fraudulent Great Narratives are prevailing on fake news
    …
    And in 2012 and 2019 ,500 Climate Scientists issued declaration to United Nations debunking the Climate Change Emergency narrative.
    So, you have Bill Gates with his ” lets block out the Sun “nonsense and the globe needs to be repeatedly vaccinated with experimental fake vaccines.
    Add to this that minors need transgender surgery, and a man can have a baby, and male transgenders should compete in female sports, , , , it confirms it that you can’t trust the Science.
    And that private party Banks should control your money and consumption and dictate bug consumption, and monitor your mandate vaccine status.
    It’s got to be a mass depopulation agenda because it’s the withdraw of all that sustains humans, with toxic shots to polish people off if famine & freezing doesnt.
    And the United Nations 2030 sustainable earth agenda is the vile plan to eliminate most human populations so a Elite group
    can have a utopia they dreamed up…
    … I believe that 15 minutes cities is a false narrative designed to make people think they are trying to solve climate change and bio-weapon virus. . . ..There will be no different from trains to death camps in Nazi Germany .
    Get real, they arent going to let 7 billion useless eaters set around watching videos on a Universal income, thats just the cover story .
    They plan to replace the bulk of humanity with AI and Robots….And since they have corrupted government to partner in their pre-planned One World Order takeover of earth… they think they can do it.
    . . . ……So, humanity has to take back their governments from these nut fraudster criminal psycho trickster murdering cult of devils.

    1. There are masses of fools out there who believe that the globalists will give them UBI so they can spend their lives playing video games, vacation, and watch Netflix. The WEF sees them as useless eaters and will get rid of them once they are done using them.

      1. It reminds me of the animated short about the Great Reset. At first the protagonist was content to stay home, eat pizza and play video games, until he was moved to the prison camp.

        1. Except it will be a labor or extermination camp. There are over 8 billion of us. They see us as expendable and taking up their planet and resources.

      2. vacation

        Vacations are rather expensive. More like they will smoke weed, eat junk food and play video games.

    1. Report: Hunter Biden’s Lawyer Seen Smoking Bong During Client’s Visit

      JOEL B. POLLAK
      21 Jul 2023

      Kevin Morris, who represents Hunter Biden, was photographed by the UK Daily Mail apparently smoking a substance from a water “bong” from the balcony of his Los Angeles, California, home during his client’s visit.

      Hunter Biden visited his ‘sugar brother’ Hollywood lawyer Kevin Morris – who was photographed appearing to smoke from a bong.

      The First Son took a trip from his Malibu pad to the Pacific Palisades on Thursday to visit his attorney, after agreeing to plead guilty to federal tax crimes last month.

      While Hunter was at the house, Morris was snapped on a balcony in plain view of the public street appearing to huff from a white bong, in photos exclusively obtained by DailyMail.com.

      The photos suggest that the home is in the seaside neighborhood of Castellamare, which has spectacular views.

      The alleged “bong” event took place the same day that Sen. Chuck Grassley (R-IA) revealed an FBI FD-1023 form in which a source alleged that Hunter and Joe Biden took money from Burisma, an allegedly corrupt Ukrainian energy firm. The funds were allegedly transferred through a series of shell companies. The allegations in the form have not been verified.

      https://www.breitbart.com/politics/2023/07/21/report-hunter-bidens-lawyer-seen-smoking-bong-during-clients-visit/

  18. Disney, ESPN Urge Sports Leagues to Buy Stake in Flailing Cable Sports Network

    WARNER TODD HUSTON21 Jul 202394
    2:48
    ESPN has sent out requests to the big three sports leagues to consider buying a stake in the cable sports network as layoffs and cost-cutting continues, according to a report.

    As its financial losses grow by the day, Disney said it would begin looking for ways to unload large chunks of ownership stakes in TV networks, including ESPN, ABC, FX, National Geographic, Freeform, and others.

    https://www.breitbart.com/sports/2023/07/21/disney-espn-urge-sports-leagues-buy-stake-flailing-cable-sports-network/

    1. I recall that in 2020 DIsney burned through billions, especially after the theme parks were closed. I haven’t looked at their financial statements but I’m gonna guess that their cash flow is looking bad and they might be in danger of running out of cash.

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