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There’s A Lot Riding On This New Economic Religion

A report from the Kitsap Sun in Washington. “A wave of new homes are being built on a hillcrest in Silverdale in the Skyfall neighborhood. The third phase of the project, made up of 29 single-family homes on lot sizes between one and three acres, offers a microcosm of a hot housing market that’s steadily rising in recent years — every one of the houses in the neighborhood will list for more than $1 million. ‘People, they have that hard time figuring out why housing is so expensive because they’re sitting on a home that they bought really inexpensive with a very low mortgage rate,’ Kitsap Building Association executive officer Randall King said. ‘It’s just the cost of things these days. You can’t build that $200,000 home they had six years ago anymore.'”

The News Tribune in Washington. “A project that has been long-planned as a second Tacoma apartment site for a Seattle developer took another step forward this month. Arbutus House LLC, representing Great Expectations in Seattle, purchased three Tacoma Dome District-area parcels encompassing 109 S. 25th St and 102 S. 24th St. Great Expectations founder Ben Maritz and Great Expectations last made news in Tacoma in September 2022 via Cornus House after facing higher interest rates in the development process. The same day his company closed on acquiring the Arbutus property, The News Tribune reported on another construction pause nearby at another transit-oriented development: the unfinished Tacoma Trax apartment project at 415 E. 25th St.”

“That project ground to a halt at the end of 2022 and was foreclosed on by its lender last year, who is still considering next steps after construction briefly resumed to keep the permits active. In contrast, Cornus House keeps plugging along, according to a January update on its website. The company at that time stated, ‘The supply chain and escalation budget concerns in 2022 when the GMP (guaranted maximum price) was executed have largely been avoided.’ It added, ‘We entered a market in the middle of ’23 and into ’24 where the vendors/subcontractors are hungry for work, and the 20% markups have all but disappeared.'”

Market Watch. “Nearly a third of home sellers are slashing prices in Sun Belt cities as spring home-buying season heats up. According to February data from Zillow 33% of home listings in the Tampa, Fla., metro area saw a price cut in February, the highest share in the nation. That’s up 3.7% from a year ago. Phoenix, Ariz., and San Antonio, Texas, followed with 32% and 27% of homes listed in those areas seeing price cuts. The price cuts are the symptom of at least two factors: Homeowners are struggling to price their homes well, and there’s a surge in new listings, Orphe Divounguy, senior economist at Zillow, told MarketWatch.”

“‘After a drought of activity in the housing market, nobody is quite sure how to price their home,’ he explained. ‘Successful sellers are those who adopt [a home builder’s] strategy,’ which is a combination of price cuts and concessions, Divounguy said. Additionally, some markets have seen a big bump in newly built homes, particularly cities in the Sun Belt, such as in Texas and Florida. Nationwide, one in five home listings is seeing a price cut, which is higher than normal for this time of the year, Zillow said. It’s also 2% higher than a year ago. ‘That’s happening because sellers who misjudged the market are cutting prices to close the gap with buyers,’ Divounguy said.”

The Denver Post in Colorado. “Metro Denver’s track record for listing homes at the correct price is so bad that an Austin-based real estate technology firm called True Footage is using it as the proving ground for GlassHouse, a new digital platform for buying and selling real estate. A common problem in the real estate industry is that sellers have an overinflated sense of what their homes are worth, said John Liss, CEO of True Footage, which is launching GlassHouse next week in Denver, the first step in a larger rollout. Denver is one of the worst markets when it comes to unrealistic listing prices, according to a True Footage analysis. Over the past six months, 45% of residential listings in metro Denver started too high, were cut, and then lingered for weeks. Why is stretching on the listing price a problem? When the listing price was wrong and had to be lowered in metro Denver, a home spent a median of 61 days on the market before eventually selling at a 7.2% discount.”

WLOS in North Carolina. “Next week, Buncombe County commissioners could move forward on the first step of a pilot program that would pay property owners thousands in incentive payments to free up their short-term rentals for long-term affordable use. Vanessa Zadeh, who moved from Portland, Oregon, to Buncombe County, said she chose to live in the county because she wanted to operate short-term rentals for added income. ‘I bought my properties specifically because it was open use,’ said Zadeh. ‘I would not be interested (in the Conversion Project) because I do use the rentals for my family part of the year cover, so if I had to have a long-term renter in there, I wouldn’t be able to do that.’ ‘It pays my mortgage,’ said Lisa Gluckin, at the same meeting.”

Click Orlando in Florida. “Even though the deadline is not until Dec. 31, Volusia County officials are urging condo associations to start getting their milestone inspections done. It’s part of a state law created after the Surfside condo collapse in Miami back in 2021, but the deadline for inspections is at the end of 2024. The county said there are more than 80 condo buildings in Volusia that still need to get the milestone inspection done. Bob Delrose of Surfcoast Realty told News 6 that the reserve funds are where it is getting tricky for many condos. He gave an example of one condo in Ormond Beach he works with. ‘They for the last 50 years have been putting $25,000 a year in their reserves,’ said Delrose. ‘After this study, they’re asking them to put $170,000 per year in the reserves.'”

The Daily Voice on New York. “House hunters looking for a deal won’t want to miss this impressive waterfront estate on Long Island that was once home to a billionaire. Known as ‘Goose Creek,’ 30 Mathews Road in the East Hampton hamlet of Wainscott dropped to $45 million on Tuesday, March 26. Originally listed for $70 million in July 2021, the sprawling 14-acre property, with more than 800 feet of water frontage, was the longtime home of billionaire real estate developer and art collector Sheldon Solow.”

The Blast on California. “LeBron James is reportedly disturbed by squatters who have taken over a $5 million home close to his sprawling Beverly Hills mansion. The house was taken over by squatters in October after sitting empty on the market for months and has now been used for large, loud gatherings and ‘cocaine orgy parties.’ It comes amid reports of a surge in squatters occupying several homes across the country. LAPD Senior Lead Officer James Allen went further to note that the current ownership of the home is uncertain, as it has been the subject of a bankruptcy court case, and that the home is entering foreclosure. ‘I guess he left his friends in the house. I guess we can say they’re squatters. But they’re squatters to the owner that’s in foreclosure to the bank,’ Allen said.”

The Real Deal on California. “The words ‘this key won’t unlock this door’ may prove prophetic for the owners of the Jimi Hendrix Red House. The home, located at 1524-1528 Haight Street in San Francisco’s Haight-Ashbury district, is in danger of foreclosure, according to a notice of default filed on Feb. 13. The owners of the home, identified in property records as Rasmi and Bahjeh Zeidan, allegedly fell behind on $1.9 million in debt. Cathay Bank provided the $2 million loan on the asset in July 2018. With the alleged default, the Jimi Hendrix Red House joins an expanding list of distressed residential properties in the Bay Area. In February, apartment landlord Veritas lost 95 apartment buildings in San Francisco after defaulting on $1 billion in loans. Earlier this month, Group I also allegedly defaulted on a $26 million loan tied to 988 Market Street, the city’s first office-to-home conversion.”

The Globe and Mail. “Billionaire financier Stephen Smith is merging recently acquired Home Trust Co. with Fairstone Bank of Canada in a deal he values at about $5-billion to $6-billion. Last year, a subsidiary of Smith Financial Corp. closed its acquisition of Home Capital, which owns Home Trust. Once combined with Mr. Smith’s other subprime lender, Fairstone, the new entity will have $30-billion in assets, two million customers and 250 branches across Canada.”

“The two banks are similar businesses with the same target market, but offer different products. Home Trust provides single family residential mortgages, commercial mortgages and credit cards, while Fairstone offers consumer loans, a Walmart rewards credit card, consumer auto finance lending and a point-of-sale financing business. The lenders provide subprime lending to customers who typically would not qualify for loans at a bigger bank, such as business entrepreneurs, self-employed workers, and new immigrants who have yet to build a credit score. ‘They’re typically not served by the big banks,’ Mr. Smith said in an interview. ‘They may have other credit challenges and large banks aren’t suited to them. That’s our market – that’s the Fairstone market and that’s the Home Trust market.'”

The Daily Hive in Canada. “The prospect of owning a home has sailed far beyond reach for many in Toronto, but there was a time in the not-too-distant past when even blue-collar single-income families could comfortably afford to purchase a house in the city. A vintage ad making the rounds on social media this month is underscoring the soaring costs of housing in today’s real estate market compared to the almost unbelievably low sticker price of a two-storey home sold in the early 1960s.”

“The ad for a home model known as The Crestwood offered a starting price of just $16,745 for the single-detached house in the Finch and Leslie area, maxing out at $19,495 with an attached garage. According to The Bank of Canada’s inflation calculator, that base price of $16,745 in 1963 would translate to $166,194.13 in 2024 dollars — which is still just a fraction of the average home price in Toronto today. The average price of a detached house in the region reached $1,443,612 in February 2024, which is almost 10 times the cost of these detached homes 61 years earlier.”

“‘My dad paid his house $30,000 in 65. Half acre lot with large home. Our poor kids will be paying a mortgage still at retirement,’ says one user. Another user explained how much things have changed since the era this advertisement was produced. ‘My father a clerk in a manufacturing setting in the late fifties could buy a new four bedroom home in Toronto a new car every four or five years and along with a stay at home mom, raise five kids.'”

From City AM. “Britons in full time work spent over eight times their annual earnings buying a home last year, and London dwellers have been hardest hit. In the year to last September, the average house in England sold for £290,000, while the typical earnings of a full time worker were £35,000, giving a ratio of 8.3, a housing affordability report by the ONS said. In the London borough of Wandsworth, the average salary worker made just shy of £40,000 last year, but the average house cost £600,000, giving a ratio of 16.6. Meanwhile, in the borough of Richmond, the average worker also made around £40,000 and the average home cost over £700,000, giving a ratio of 18.4.”

“Over a decade of wage stagnation coupled with a tough economic climate has made buying a home increasingly difficult. Charles Breen, founder at Montgomery Financial, said: ‘While house prices peak, pay cheques not keeping pace have left the vast majority struggling with affordability and unable to get on the property ladder. It appears our social contract with the government for them to provide hard-working people the chance of home ownership has been torn up. This isn’t affordable Britain, it’s rip-off Britain.'”

ABC News in Australia. “It’s a miracle. At least, that’s the thinking of a growing number of the world’s greatest minds as they ponder the thorny subject of chucking people on the unemployment scrap heap. In fact, they’ve even coined a new term for it: Immaculate Disinflation. Once again, in what’s become a feature of this weird economic cycle, the unpredictability of the real world is making a mockery of the economic textbooks. Rarely have we seen such a brutal round of interest rate hikes. And yet, while they’ve had the utterly predictable effect of tipping many major economies into recession, there’s one important area that is defying conventional wisdom.”

“When it comes to the public arena, central bankers are more than happy to take the kudos for some mystical or even divine powers in engineering this unexpected feat. Privately, however, they’ve been flummoxed by the shift. Not only does it confound decades of thinking, but it has confused their strategy. For very recently, despite all the talk about maintaining ‘full employment’ and holding on to job gains, most have been silently praying for unemployment to go higher, to confirm they’re on the right path to slaying the inflation dragon.”

“It’s been an article of faith for decades. In the choice between jobs and inflation, taming consumer prices comes first. Jobs are just collateral damage. Not that any central banker would ever openly admit that. There’s a lot riding on this new economic religion. It’s fired up a fervour for every conceivable store of wealth, from gold to bitcoin. Stock markets globally are soaring, punching through new records. And real estate, that perennial punt for Australians, is again on the march with the hint that interest rate cuts are coming. But much of this depends on jobs. Higher unemployment hits consumption, business profits, tax receipts and even the banks which are exposed to rising bad debts, which so far remain historically low.”

“The Financial Stability Review released by the RBA last week highlighted a growing number of Australian households spending more than they were earning just to keep their heads above water. About 5 per cent of mortgage holders were outlaying more on essentials and repayments than they earned.”

This Post Has 55 Comments
  1. ‘I guess he left his friends in the house. I guess we can say they’re squatters. But they’re squatters to the owner that’s in foreclosure to the bank’…With the alleged default, the Jimi Hendrix Red House joins an expanding list of distressed residential properties in the Bay Area. In February, apartment landlord Veritas lost 95 apartment buildings in San Francisco after defaulting on $1 billion in loans. Earlier this month, Group I also allegedly defaulted on a $26 million loan tied to 988 Market Street, the city’s first office-to-home conversion’

    Why are there so many foreclosures in my red hotcakes?

    1. The ‘Hendrix House’ is three floors with a dog grooming business on the ground level. From the satellite view it looks like 3-6 units with random street parking to support 2 million in debt. There is no official record of Hendrix actually living in SF and it is unlikely that he was there for very long if at all.

  2. Why not? no one ever explains this….most of us has downsized a lot in this digital age.. and without renting a storage locker.

    . ‘It’s just the cost of things these days. You can’t build that $200,000 home they had six years ago anymore.’”

  3. ‘the reserve funds are where it is getting tricky for many condos. He gave an example of one condo in Ormond Beach he works with. ‘They for the last 50 years have been putting $25,000 a year in their reserves,’ said Delrose. ‘After this study, they’re asking them to put $170,000 per year in the reserves’

    Where can I sign up for a lifetime of whopping reserve fees on a 50 year old airbox building Bob?

    1. They for the last 50 years have been putting $25,000 a year in their reserves,’ said Delrose. ‘After this study, they’re asking them to put $170,000 per year in the reserves’
      I watched the video from yesterday on SW Fl. and was very surprised to see prices didn’t seem to be going down at all. Based on the potential for Fee increases like this I would expect condo prices to be coming down steadily. (yes I know Ormond Beach is on the each coast but I assume the fee increases should be about the same throughout FL) I was also surprised by the large % of cash only deals being done.
      This is a 680% increase in fees. That’s gotta leave a mark on a lot of owners.. Gonna be a lot of boomers living in their kids basements.

  4. ‘My dad paid his house $30,000 in 65. Half acre lot with large home. Our poor kids will be paying a mortgage still at retirement,’ says one user. Another user explained how much things have changed since the era this advertisement was produced. ‘My father a clerk in a manufacturing setting in the late fifties could buy a new four bedroom home in Toronto a new car every four or five years and along with a stay at home mom, raise five kids’

    This was the case in much of the US too. Here’s yer new economic religion. Going backwards since the 1970’s.

  5. DANGEROUS CONDOS. What REALLY HAPPENS in a Housing BUBBLE, 2024 Canadian Housing Market.
    Jon Flynn Broker of Record, Flynn Real Estate Inc.
    14 hours ago

    Both condo development sites in Niagara are riddled with Major Problems during and after construction. $10 Million Dollar lawsuit currently under way for previously constructed project due to safety and building issues and 2 collapses in current condo building project. Watch out!

    https://www.youtube.com/watch?v=nsJH-8jIPrQ

    4:14.

  6. ESG Frustration And Backlash In The Banking Sector Continues

    https://ussanews.com/2024/03/29/esg-frustration-and-backlash-in-the-banking-sector-continues/

    “Facts that don’t align with ill-informed prejudice are often infuriating. That doesn’t make them wrong. Someone needs to tell the truth about what it’s going to take to get to a net-zero future,” Emily Mir, a spokeswoman for Exxon, said earlier this month.

    And that’s exactly what Judson Berkey at UBS has done, the focus of a new Bloomberg report. Berkey let loose on a recent conference call with regulators about how unrealistic climate goals were for banks trying to integrate them into their respective economies.

    “Facts that don’t align with ill-informed prejudice are often infuriating. That doesn’t make them wrong. Someone needs to tell the truth about what it’s going to take to get to a net-zero future,” Emily Mir, a spokeswoman for Exxon, said earlier this month.

    And that’s exactly what Judson Berkey at UBS has done, the focus of a new Bloomberg report. Berkey let loose on a recent conference call with regulators about how unrealistic climate goals were for banks trying to integrate them into their respective economies.

    The report covering Berkey’s outburst simply concluded that the “world’s biggest banks can’t live up to the green regulatory ideal unless they start dumping huge numbers of clients worldwide at a reckless pace and also roil economies in large swathes of the globe that primarily rely on dirty fuels.”

    Berkey was on a “check-in” call where regulators query market participants about regulations, the report says, when he expressed his frustration, interjecting: “Banks are living and lending on planet earth, not planet NGFS [Network for Greening the Financial System]”.

    The outburst is a microcosm of “cracks” emerging in the banking sector after being draped with regulations about sustainability, the report says. Bridgewater Associates founder Ray Dalio famously said last year about ESG: “You have to make it profitable.”

    Its indicative of new-world climate regulation going head to head with old world capitalism, the report says.

    Adair Turner, chair of the Energy Transitions Commission in Britain said: Climate change is “an economic externality, and you can’t expect a free market to deal with it voluntarily.”

    Banks reevaluating their net zero commitments are facing challenges as they confront the practical implications of these pledges, which include limitations on operating in coal-reliant regions like South Africa, Poland, and Indonesia. These commitments also complicate relationships with clients across various sectors, from commodities firms to companies with less obvious carbon impacts.

    Jonathan Hackett, head of sustainable finance at Bank of Montreal, added: “Our net zero commitments are about being our clients’ lead partner and are consciously taken around the idea that we need to be there with our clients and our clients need to succeed, not that we need to hyper select clients in order to get to net zero somehow faster or better.”

    A recent sustainability report from UBS highlighted a “notable shift in emphasis” in climate change discussions, moving from net zero pledges to recognizing the need for a transition phase. The Swiss bank noted that high inflation and input costs will be crucial factors for clients as they develop decarbonization strategies.

    James Vaccaro, Chief Catalyst at Climate Safe Lending Network, added: “For banks with substantial capital markets businesses, like those competing with the JPMorgans of the world, it’s fee income that’s on the line here. Ditching clients off track from 1.5C means losing major lines of revenue.”

    In sum, the financial industry’s initial rush to commit to net zero carbon footprints at the 2021 COP26 summit in Glasgow has hit a reality check. Banks that pledged to reduce financed emissions and invest billions in green and sustainable deals are reevaluating these commitments after facing the complex realities of implementing such drastic changes.

    It should be no surprise to our readers: we have been pointed out the collapse of ESG for more than a year now. Earlier in March we wrote how Exxon’s CEO had all but declared victory over the “woke” ESG lobby.

    In February, we noted that CEOs were ditching ESG lingo on conference calls. For some context, peak ESG and related synonyms, such as “climate change” and “clean energy” and green energy” and net zero,” among other terms, peaked at 28,000 mentions in the first quarter of 2022. Ever since, the number of mentions has rapidly plunged. Halfway through the first quarter earnings season, mentions are around 4,800.

    Andy Wiechmann, the Chief Financial Officer of MSCI, mentioned during his earnings call that “Clients are taking a more measured approach to how they integrate ESG.”

    On a Jan. 12 earnings call, BlackRock CEO Larry Fink explained how his firm plans to purchase private equity firm Global Infrastructure Partners without mentioning ESG. This makes sense since BlackRock dropped the ESG term after blowback last summer.

    Recall, we also wrote last year about the dying off of ESG and “green” investment products. At the end of 2023, Goldman Sachs shuttered its ActiveBeta Paris-Aligned Climate U.S. Large Cap Equity ETF.

    Bloomberg ETF analyst Eric Balchunas pointed out in late 2023 that “there was just way too much supply for the demand” with the ETF and that “it’s going to get worse too”. Balchunas says the ETF only took in $7 million over the course of 2 years.

    We also wrote about Jeff Ubben late last year, who shuttered his sustainability fund – calling traditional climate summitry an “echo chamber” of diplomats. Less than a week before that we noted that $30 billion had been shaved off the value of clean energy stocks over the preceding 6 months.

    Finally, we pointed out last year how the ESG grift was reaching endgame after Markus Müller, chief investment officer ESG at Deutsche Bank’s Private Bank stated that sustainability funds should include traditional energy stocks, arguing that not doing so deprives investors of a prime opportunity to invest in the transition to renewable energy.

  7. A video from inside a migrant shelter in Denver shows a city leader begging families to move on to other cities and warning of a bleak future if they stay.

    In the clip obtained by 9NEWS, Denver’s Newcomer Communications Liaison Andres Carrera, who also serves as Mayor Mike Johnston’s political director, tells newly arrived migrants that Denver cannot support them.

    “The opportunities are over,” Carrera says to the group in Spanish. “New York gives you more. Chicago gives you more. So I suggest you go there where there is longer-term shelter. There are also more job opportunities there.”

    Denver is offering to pay for migrants’ onward bus fare to destinations of their choice, a decision decried by other cities also struggling with the migrant crisis.

    The migrants Carrera is seen speaking to on video arrived in Denver on March 26 on a bus organized by Republican Texas Gov. Greg Abbott, according to a city spokesperson.

    Complete story, including the video, on the Denver 9New dot com website.

    1. I was watching a video last night by a citizen journo who speaks their language and he was interviewing people on the street in NYC. One group was all packed up and headed to Houston with plane tickets paid by NYC. Another group was headed to Arizona with free tickets. The general theme was they are all trying to leave NYC and if they can’t they openly discuss the fact that they will soon have to turn to crime to survive since they aren’t allowed to work legally. However, for now they are all having quite the extended all expenses paid adventure.

      One guy was lamenting the fact that the US has attracted all of the garbage from around the world and he is tired of having to live with them. He said back home everyone knew they were criminals but here they are starting fresh and are stealing anything they can. I’m sure it will all be fine.

      1. Funny how no one seems to want them anymore and all the sanctuary cities are playing hot potato with them.

        Of course two ways to keep them away from your city are:
        1) Offer no gibs
        2) Publicly announce that any who are arrested will be handed over to ICE for immediate deportation.

  8. An electric vehicle exploded in Boulder Saturday morning.

    Boulder Fire said crews responded at 6:08 a.m. to a home on Emerald Road for a fire alarm and found an electric vehicle smoking in the garage. Additional units were requested when the vehicle exploded.

    Boom!

    1. In the words of Bachman-Turner Overdrive…

      “You Ain’t Seen Nothing Yet”

      Biden finalizes truck climate rule

      BY RACHEL FRAZIN AND ZACK BUDRYK – 03/29/24 6:13 PM ET

      EPA finalizes rule likely to make more heavy trucks electric
      The Biden administration on Friday finalized a rule that’s expected to push a greater share of new truck sales toward electric vehicles.

      https://thehill.com/newsletters/energy-environment/4564476-biden-finalizes-truck-climate-rule/

  9. Deep State Good, Total Surveillance State Even Better

    https://charleshughsmith.blogspot.com/2024/03/deep-state-good-total-surveillance.html

    So the Deep State is good, but the Total Surveillance State is even better.

    The Deep State and The Total Surveillance State are viewed unfavorably for self-evident reasons: the unelected Deep State is anathema to democracy and the Total Surveillance State (and its oh-so-profitable handmaiden, Surveillance Capitalism) are anathema to democracy, freedom and personal liberty.

    Let’s play devil’s advocate and consider the positives of the Deep State and the Total Surveillance State. As devil’s advocates we must set aside our negative emotions and assessments, and conjure up a case for favoring the Deep State and the Total Surveillance State.

    A recent attempt to cast a favorable light on the Deep State breezily conflates public/civil service with the Deep State, a purposeful misdirection of the definition of the Deep State: the Deep State is not the sum total of public/civil servants or federal employees; it is the unelected governmental structure that makes decisions on behalf of the nation’s citizenry without their knowledge, input or approval.

    It Turns Out the ‘Deep State’ Is Actually Kind of Awesome (NYT.com)

    The Deep State’s job is to keep the Imperial Project humming along regardless of whomever has been elected to the Presidency or Congress. The protocols of the Republic require some appearance of oversight by the elected branches of the state over the unelected branches of the state, but elected officials aren’t about to shut down the Imperial Project–the maintenance and expansion of all forms of cultural, economic, financial, diplomatic and military power, a.k.a. soft and hard power. Oversight boils down to “don’t do anything which embarrasses us optically.”

    The positive potential of the Deep State lies in the asymmetry of competence and functionality between the elected and unelected branches of the state. If the elected state devolves into a circus of incompetence, PR charades, self-aggrandizement and dysfunction, then having a competent, well-managed Deep State is a very good thing, as the incompetent, dysfunctional elected state can provide entertainment value without doing irreparable damage to the nation.

    The problem, of course, is that since we never really know what the Deep State is up to, it’s impossible to tell if it is operationally competent or not. But since we know the political circus is dysfunctional and corrupt, the possibility that the Deep State is still competent and less compromised by corruption is cheering.

    A recent video posted by an American visiting China made a splash by summarizing the positive changes that have transformed China in the past five years. The 7 major ways China has changed between 2019 and 2024. The seven positive systemic changes: 1) widespread automation of services and transactions, 2) rise of EVs (electric vehicles); 3) cleaner air; 4) public behavior is “more civilized” (given China’s role as a wellspring of civilization, I would rephrase this as “more courteous”); 5) fewer foreigners; 6) manufacturers are selling directly to consumers, and 7) everything is more harmonious and better.

    While extolling the advance of public courtesy, comparing it favorably to famously polite and well-ordered Japan, Mr. Hart mentions public campaigns promoting civil behaviors and the role of automation in reducing the opportunities for ripping off consumers.

    He did not mention the primary driver of improved public behavior, China’s transformation into a Total Surveillance State, the happy marriage of Surveillance Capitalism and the Surveillance State, in which millions of cameras record and identify citizens’ behaviors, and those who break the rules find their ability to buy a train or airline ticket has been rescinded, or they get a friendly invitation from the local police to “come by for tea” to receive a suggestion to clean up one’s act lest life becomes much less pleasant and much more difficult.

    Where rudely cutting in line once generated no real consequence, now it does. So cutting in line now offers a very poor risk-return ratio: the gain is minimal compared to the potential costs / consequences. Given humans’ keen alertness to windfalls, gains and losses, cutting in line is no longer a common transgression.

    It is thus unsurprising that the public broadly approves of the Surveillance State’s social credit system penalizing anti-social behavior. Bad behavior diminishing benefits everyone, and it provides employment to all those public servants staffing local police stations, monitoring video, screening social media, and so on. What’s not to like?

    The tricky part, of course, is who gets to define anti-social behavior? Those in charge of the Total Surveillance State tend to view criticism of their efforts as undeserved ingratitude, and so criticism of the Surveillance State becomes a form of anti-social behavior that must be stamped out.

    Other potential threats to those in charge slide easily into the programming of automation and surveillance, and so dissatisfaction is no longer expressed in action (protests, etc.) but inaction: people drop out of being productively employed, marrying and having children.

    There are many reasons for the collapse of marriage and birth rates in East Asia and elsewhere, but courteous public behavior, automation, EVs, cleaner skies, factory-to-consumer supply chains and a well-ordered society don’t seem to have the power to reverse this mass opting out.

    So the Deep State is good, but the Total Surveillance State is even better. Everyone obeys the rules, society becomes harmonious, and for reasons that escape those in charge, people give up on work, marriage and having children. Other than that, it’s all blue skies for Deep States and Total Surveillance States.

    1. “A recent attempt to cast a favorable light on the Deep State breezily conflates public/civil service with the Deep State, a purposeful misdirection of the definition of the Deep State:”

      I recently saw one of those propaganda pieces and got a good belly laugh out of it.

      1. New York Times opinion video declares ‘deep state’ is ‘kind of awesome’

        By Gabriel Hays Fox News
        Published March 19, 2024 3:54pm EDT

        The New York Times video opinion team took a cross-country trip for a project to humanize the “deep state,” declaring it to be “kind of awesome” in its new report.

        The piece, which is part article, part video essay, took aim at former President Trump’s constant rhetorical attacks against the “deep state,” the phrase, often derogatory, employed for unelected bureaucrats he and his supporters believe work to stymie his agenda.

        To paint Trump’s claims as paranoid, the authors traveled to meet various federal government workers throughout the country and put a spotlight on how normal and down to earth they are.

        https://www.foxnews.com/media/new-york-times-opinion-video-declares-deep-state-kind-awesome

        1. Breaking Down the ‘Deep State Is Awesome’ Corporate Media Rebrand

          https://www.zerohedge.com/news/2024-03-29/breaking-down-deep-state-awesome-corporate-media-rebrand

          [A snip …]

          Yesterday the Deep State was a domestic terrorist Deplorable fantasy, probably racist or transphobic or whatever; today, it’s established fact, re-defined as something totally different from its original meaning, and it’s awesome.

          This is how these narrative rollouts generally work:

          First, the corporate state media simply ignores inconvenient narratives/facts that don’t comport with its own tall tales. The vast, vast majority of official narrative-setting is comprised of what the media doesn’t cover; if it doesn’t get reported on, it simply doesn’t exist in the minds of loyal viewers.

          Failing that, if the genie can’t be kept in the bottle, the corporate state media moves on to censorship. This includes, as we learned definitively from The Twitter Files reporting, explicitly or implicitly threatening social media and independent media platforms to comply with demands to suppress or eliminate verboten information — which often, in the case of social media, means threatening to invoke the “nuclear option” of revoking Section 230, which would make these platforms legally liable as “publishers” for all information users disseminate through these media, effectively mandating censorship as a tool of survival.

          The next step on the escalation ladder is targeting and smearing individuals and organizations that propagate verboten narratives with civil lawfare, de-platforming, de-banking, and even criminal prosecution. We saw this with the Canadian truckers, the leaders of which had their access to the banking system cut off indefinitely by the state.

          The last step is capitulation and reframing in the service of damage control. This is reserved for narratives that won’t die because they are too patently true and the disseminators of them are too many and too dedicated to ever suppress in totality — as also happened in the case of COVID-19 and the so-called “pandemic amnesty” pleas that the Public Health™ authorities began issuing once the damage of lockdowns, forced masking, and forced injections became undeniable.

        2. Breaking Down the ‘Deep State Is Awesome’ Corporate Media Rebrand

          https://www.zerohedge.com/news/2024-03-29/breaking-down-deep-state-awesome-corporate-media-rebrand

          [A snip …]

          Yesterday the Deep State was a domestic terrorist Deplorable fantasy, probably racist or transphobic or whatever; today, it’s established fact, re-defined as something totally different from its original meaning, and it’s awesome.

          This is how these narrative rollouts generally work:

          First, the corporate state media simply ignores inconvenient narratives/facts that don’t comport with its own tall tales. The vast, vast majority of official narrative-setting is comprised of what the media doesn’t cover; if it doesn’t get reported on, it simply doesn’t exist in the minds of loyal viewers.

          Failing that, if the genie can’t be kept in the bottle, the corporate state media moves on to censorship. This includes, as we learned definitively from The Twitter Files reporting, explicitly or implicitly threatening social media and independent media platforms to comply with demands to suppress or eliminate verboten information — which often, in the case of social media, means threatening to invoke the “nuclear option” of revoking Section 230, which would make these platforms legally liable as “publishers” for all information users disseminate through these media, effectively mandating censorship as a tool of survival.

          The next step on the escalation ladder is targeting and smearing individuals and organizations that propagate verboten narratives with civil lawfare, de-platforming, de-banking, and even criminal prosecution. We saw this with the Canadian truckers, the leaders of which had their access to the banking system cut off indefinitely by the state.

          The last step is capitulation and reframing in the service of damage control. This is reserved for narratives that won’t die because they are too patently true and the disseminators of them are too many and too dedicated to ever suppress in totality — as also happened in the case of COVID-19 and the so-called “pandemic amnesty” pleas that the Public Health™ authorities began issuing once the damage of lockdowns, forced masking, and forced injections became undeniable.

  10. Why the Department of Justice Wants to Take Down Apple

    https://brownstone.org/articles/the-white-house-makes-good-on-its-antitrust-threats/

    On May 5, 2021, White House press secretary Jen Psaki issued a mob-like warning to social-media companies and information distributors generally. They need to get with the program and start censoring critics of Covid policy. They need to amplify government propaganda. After all, it would be a shame if something would happen to these companies.

    These were her exact words:

    “The president’s view is that the major platforms have a responsibility related to the health and safety of all Americans to stop amplifying untrustworthy content, disinformation and misinformation, especially related to Covid-19 vaccinations and elections. And we’ve seen that over the past several months. Broadly speaking, I’m not placing any blame on any individual or group. We’ve seen it from a number of sources. He also supports better privacy protections and a robust antitrust program. So, his view is that there’s more that needs to be done to ensure that this type of misinformation, disinformation, damaging, sometimes life threatening information is not going out to the American public.”

    On the face of it, the antitrust action against Apple is about their secure communications network. The Justice Department wants the company to share their services with other networks. As with so many other antitrust actions in history, this is really about the government’s taking sides in competitive disputes between companies, in this case Samsung and other smartphone providers. They resent the way Apple products all work together. They want that changed.

    The very notion that the government is trying to protect consumers in this case is preposterous. Apple is a success not because they are exploitative but because they make products that users like, and they like them so much that they buy ever more. It’s not uncommon that a person gets an iPhone and then a Macbook, an iPad, and then AirPods. All play well together.

    The Justice Department calls this anticompetitive even though competing is exactly the source of Apple’s market strength. That has always been true. Yes, there is every reason to be annoyed at the company’s hammer-and-tongs enforcement of its intellectual property. But their IP is not the driving force of the company’s success. Its products and services are.

    Beyond that, there is a darker agenda here. It’s about bringing new media into the government propaganda fold, exactly as Psaki threatened. Apple is a main distributor of podcasts in the country and world, just behind Spotify (which is foreign controlled). There are 120 million podcast listeners in the US, far more than pay attention to regime media in total.

    If the ambition is to control the public mind, something must be done to get those under control. It’s not enough just to nationalize Facebook and Google. If the purpose is to end free speech as we know it, they have to go after podcasting too, using every tool that is available.

    Antitrust is one tool they have. The other is the implicit threat to take away Section 230 that grants legal liability to social networks that immunize them against what would otherwise be a torrent of litigation. These are the two main guns that government can hold to the head of these private communications companies. Apple is the target in order to make the company more compliant.

    All of which gets us to the issue of the First Amendment. There are many ways to violate laws on free speech. It’s not just about sending a direct note with a built-in threat. You can use third parties. You can invoke implicit threats. You can depend on the awareness that, after all, you are the government so it is hardly a level playing field. You can embed employees and pay their salaries (as was the case with Twitter). Or, in the case of Psaki above, you can deploy the mob tactic of reminding companies that bad things may or may not happen if they persist in non-compliance.

    Over the last 4 to 6 years, governments have used all these methods to violate free speech rights. We are sitting on tens of thousands of pages of proof of this. What seemed like spotty takedowns of true information has been revealed as a vast machinery now called the Censorship Industrial Complex involving dozens of agencies, nearly one hundred universities, and many foundations and nonprofit organizations directly or indirectly funded by government.

    You would have to be willfully blind not to see the long-run ambition. The goal is a mass reversion to the past, a world like we had in the 1970s with three networks and limited information sources about anything going on in government. Back then, people did not know what they did not know. That’s how effective the system was. It came about not entirely because of active censorship but because of technological limitations.

    The information age is called that because it blew up the old system, offering hope of a new world of universal distribution of ever more information about everything, and promising to empower billions of users themselves to become distributors. That’s how the company YouTube got its name: everyone could be a TV producer.

    That dream was hatched in the 1980s, gained great progress in the 1990s and 2000s, and began fundamentally to upend government structures in the 2010s. Following Brexit and the election of Donald Trump in 2016 – two major events that were not supposed to happen – a deep establishment said that’s enough. They scapegoated the new systems of information for disrupting the plans of decades and reversing the planned course of history.

    The ambition to control every nook and cranny of the Internet sounds far-flung but what choice do they have? This is why this machinery of censorship has been constructed and why there is such a push to have artificial intelligence take over the job of content curation. In this case, machines alone do the job without human intervention, making litigation nearly impossible.

    The Supreme Court has the chance to do something to stop this but it’s not clear that many Justices even understand the scale of the problem or the Constitutional strictures against it. Some seem to think that this is only about the right of government officials to pick up the phone and complain to reporters about their coverage. That is absolutely not the issue: content curation affects hundreds of millions of people, not just those posting but those reading too.

    Still, if there is some concern about the supposed rights of government actors, there is a clear solution offered by David Friedman: post all information and exhortations about topics and content in a public forum. If the Biden or Trump administration has a preference for how social media should behave, it is free to file a ticket like everyone else and the recipient can and should make it and the response public.

    This is not an unreasonable suggestion, and it should certainly figure into any judgment made by the Supreme Court. The federal government has always put out press releases. That’s a normal part of functioning. Bombarding private companies with secret takedown notices and otherwise deploying a huge plethora of intimidation tactics should not even be permitted.

    Is there muscle behind the growing push for censorship? Certainly there is. This reality is underscored by the Justice Department’s antitrust actions against Apple. The mask of such official actions is now removed.

    Just as the FDA and CDC became marketing and enforcement arms of Pfizer and Moderna, so too the Justice Department is now revealed as a censor and industrial promoter of Samsung. This is how captured agencies with hegemonic ambitions operate, not in the public interest but in the private interest of some industries over others and always with the goal of reducing the freedom of the people.

  11. NYC’s mayor giving debit cards to migrants a ‘clear incentive’: council member

    https://www.yahoo.com/news/nycs-mayor-giving-debit-cards-080053031.html

    New York City Mayor Eric Adams’ new program to give prepaid debit cards to migrants in the city risks incentivizing more people to settle in the city despite the mayor’s claim the city is full, a New York council member argued.

    “Regardless of our rhetoric about how ‘full’ the city has become, if we’re handing out free money it’s a clear incentive,” Council Member Vickie Paladino told Fox News Digital. “We hear it from many of the migrants themselves — they’re coming here because they know New York will give them welfare. It’s as simple as that. And that is absolutely the opposite message we should be sending now.”

    Paladino’s comments come after Adams unveiled the new program Tuesday, a $53 million plan that will see migrants in the city receive prepaid debit cards for items such as food and baby supplies.

    According to a report from the New York Post, a family with two parents and kids under five can receive $350 per week with the debit cards, which will be replenished weekly.

    The city will first run a pilot version of the program, giving the cards to about 460 of the over 64,000 migrants in the city’s care, according to the report.

    The program comes despite Adams’ own admission that the city cannot take on any more migrants, arguing as early as July of last year that there was “no more room in this city” for continued migrant settlement, according to a report from Bloomberg.

    But the new program flies in the face of that claim, Paladino argued, noting that even migrants already in the city will face the negative consequences of the continued flow.

    Paladino also pointed to rising crime the city’s residents have seen as migrants have flooded the city, declaring that her constituents “are sick of the invasion.”

    “In districts like mine, which spans both low-income working-class neighborhoods to some of the wealthiest communities in NYC, migrant crime is a top concern for everyone,” Paladino said. “Whether it’s scooter bandits snatching purses in front of a deli or an upscale home getting broken into, we’re seeing a massive increase in crimes attributable to migrants. It’s becoming absolutely third-world.”

    Nevertheless, Adams has defended the plan, with a spokesperson for the mayor’s office telling Fox News Digital Tuesday that the administration is working to “find new ways to better serve the hundreds of individuals and families arriving every single day, as well as the longtime New Yorkers experiencing homelessness who are already in our care.”

    Adams also touted the program as a potential “cost-saving measure,” arguing that the cost of feeding migrants in the city will be roughly $600,000 a month under the new system.

    Council member Joseph Borelli told Fox News Digital that he doesn’t doubt that the program will be cheaper for the city, but argued that the debit cards are still “fundamentally unfair” to the city’s working poor, who don’t receive similar benefits.

    “New Yorkers get frustrated when they see migrants getting free debit cards at the same time we’re all going to be charged $15 to go into Manhattan,” Borelli said, referring to the borough’s new congestion pricing toll.

    Like Borelli, Paladino acknowledged the cost-savings of the plan but echoed a similar sentiment when it comes to the fairness of offering illegal migrants free services.

    “It assumes that we’re somehow obligated to provide illegals with welfare to begin with. We are not,” Paladino said. “We all know they were throwing away the food being provided at the shelters. OK, so what? It really puts the lie to the ‘desperate refugees’ narrative — people hungry and desperate don’t throw food away. Clearly, they found a way to eat and fend for themselves for months without our free meals. But suddenly we have to give them millions of taxpayer dollars for food?”

    Instead, Paladino argued in favor of deporting the migrants, arguing there are a host of unforeseen consequences that could arise from the debit cards.

    “Frankly, the whole program is a mess, from the completely inexperienced nonprofit issuing and distributing the debit cards, to the total lack of transparency in its implementation, to the nonexistent accountability for the users,” Paladino said. “This is untraceable free money being handed out to people who don’t belong here in the first place. It’s madness. It’s going to create a black market and all kinds of negative incentive structures.”

    Adams’ office did not immediately respond to a Fox News Digital request for comment.

    1. You are being replaced.

      Who is replacing you? The Southern Poverty Law Center and Anti Defamation League are, that’s who.

  12. A reader sent these in:

    Boardriders is laying off 590 employees in California

    https://twitter.com/MacroEdgeRes/status/1773486253649862994

    Illinois Senate considering UBI

    https://twitter.com/BankerWeimar/status/1773358537780916464

    What is Canada’s Deputy Prime Minister Chrystia Freeland on? 👀

    https://twitter.com/ClownWorld_/status/1773316014568030367

    Barry Sternlicht’s Starwood Capital surrenders 3 buildings in Oakland just 5 yrs after acquiring them

    Starwood defaulted on $365M in loans (from Deutsche Bank) tied to the properties w/ a combined footprint of ~1M sq ft

    They acquired the buildings for $494M in 2019 and are expected to be sold at significantly lower prices

    Oakland faces a critical situation w/ office vacancy at a record 30%+ surging from 9% in 2019

    https://twitter.com/TripleNetInvest/status/1773696373864718813

    UNDER NEW REGULATIONS TO BE ANNOUNCED MONDAY, THE BIDEN ADMINISTRATION WILL CAP YEARLY RENT INCREASES AT 10% – WASHINGTON POST.

    https://twitter.com/financialjuice/status/1773746482857857261

    General Electric will layoff 1,000 employees in its Wind Energy and Power division
    Get Greta on Line 3

    https://twitter.com/MacroEdgeRes/status/1773842031346852312

    Tupperware warns it could go out of business over liquidity problems, in an SEC filing made today, delays 10K filing for FY2023 “there can be no assurance with respect to the timing of completion of the filing.”
    Tupperware employs around 11,000 people.

    https://twitter.com/MacroEdgeRes/status/1773824801745842266

    The number of CEOs resigning rose 28% m/m, marking the highest number of CEO departures in a single month on record, per Challenger

    https://twitter.com/MacroEdgeRes/status/1773787441771454892

    Denialism to the very end

    https://twitter.com/INArteCarloDoss/status/1773710557096407379

    Unsurprisingly, Americans trust in their institutions is at an all-time low.

    There is a regular poll conducted and reported by Pew Research Centre, the US Public Trust in Government Poll.

    All time low.

    Next time you hear a moron bemoaning « conspiracy theories » remind them that the issue is not that the people are mad or illiterate or fanatics, but that their trust in the system has broken down.

    It’s not hard to understand the dynamics that led to this collapse in trust. Start with MSM and Social Media which combined turned from information providers to propaganda and coercitive censorship outlets.

    Of course, other dynamics are at play, like the collapse in safety in many cities, pervasive lack of criminal accountability, border crisis and unhinged migration policies, political instrumentalisation of justice, rampant wealth and social inequalities, COVID policies, and the list goes on and on….

    https://twitter.com/INArteCarloDoss/status/1773698584224915493

    This is a good illustration of what I was referring to in my previous tweet. Besides the ridiculous pomposity and the typical double faced hypocrisy that this turd elevates to a parodic paroxysm, what is the point of BBC other than propagating false narratives and propaganda? Who wastes anytime paying any attention to it and why would head of states even grant them the privilege of interviews?

    https://twitter.com/INArteCarloDoss/status/1773790159307198703

    Amazing how Biden’s BLS always seems to report inflation numbers perfectly inline with expectations….and then revise them higher the next month.

    https://twitter.com/RJRCapital/status/1773815501015130381

    “It’s not possible to rule a recession out” – Jerome Powell (1:09pm Mar 29)

    https://twitter.com/FinanceLancelot/status/1773761502631125230

    Went to the butcher and grocery store to get some things for the holiday weekend sure does look like 2.8% inflation to me

    https://twitter.com/GregCrennan/status/1773825419923599488

    Work from home was great for most (including myself) but many Americans in white collar laptop roles are absolutely at risk of being canned over the next 2-3 years because your competition is now the world.

    India, Poland, or Costa Rica will do your job for half off. Lots of this outsourcing is permanent & it’s accelerating.

    https://twitter.com/DonMiami3/status/1773822368885977269

    “I think the worst is behind us. You should know that, right now, prices are at their lowest point, in my belief.” – Barbara Corcoran 2007

    https://twitter.com/GRomePow/status/1773746831648079888

    Another great graphic from ResiClub.
    (And Texas was pretty much spared from the boom and bust in the 2000s.)

    https://twitter.com/JohnWake/status/1773812701808185356

    POWELL “We don’t need to be in a hurry to cut.”

    https://twitter.com/DiMartinoBooth/status/1773736060004053385

    Presented without comment

    https://twitter.com/Will_DeCotiis/status/1773737255279989129

    Oh but wait, it gets worse. Mortgage purchase applications lower than 2023
    2023 was the lowest home sales volume since 1995

    https://twitter.com/GRomePow/status/1773538211907928146

    Asking the real estate industry how to solve the ‘home inventory crisis’ they advocated for and created is like asking a drug dealer if you should buy more drugs.

    Sell the MBS! (Sadly this ‘roll off’ ruse is likely ending soon…)

    https://twitter.com/DonMiami3/status/1773715604530237510

    This reportedly happened yesterday in San Diego, CA. A boat carrying people illegally invading our country pulled up to shore and they all dispersed.

    Are any of them on the t*rror watch list or wanted for v*olent crime? Where did they go? We don’t know…

    https://twitter.com/libsoftiktok/status/1773367142852800815

    Not OP, but I feel like these are the states where I see people do the most speculating. I’m an accountant and it’s insane how many clients of ours buy 2nd homes in these states, retire there, etc.

    https://twitter.com/aarono2690/status/1773699052405666250

    “OK we totally f@cked over multiple generations so old people could get rich due to ZERO effort, achievement or success. They’re now catching on.

    Let’s hire some GenZer to TikTok the blame away from us.”

    – Federal Reserve and US Government

    https://twitter.com/GRomePow/status/1773415626822029380

    Things as a builder I am noticing slowdowns in:

    • Framers
    • Truss manufacturing
    • Windows
    • Countertops

    That means they are knocking at my door, lowering prices, and I can get materials/labor to the site much faster.

    Are you seeing similar?

    https://twitter.com/contractorkeith/status/1773653848592097760

    So basically anyone who bought a new house with 20% equity during the pandemic has lost almost his entire investment since then.

    https://twitter.com/MichaelAArouet/status/1772531391617515908

    Paul just started doing this.

    I feel like I’m making a difference.

    https://twitter.com/RudyHavenstein/status/1773892608051540256

    Number go up. #PCE

    https://twitter.com/RudyHavenstein/status/1773744762719547819

    Powell: “This economy doesn’t really feel like one that is struggling with current rates”

    So… why are you calling them restrictive?

    https://twitter.com/Geiger_Capital/status/1773738884578296243

    Finally, the safety and reliability all New Yorkers were waiting on

    https://twitter.com/ksarkat_/status/1773493831981572442

    The Top 1%: “Number go up”

    The Bottom 80%: “Where the hell did my future go??”

    https://twitter.com/menlobear/status/1773903573551886466

    Justin Trudeau finally admits failure … he can’t even hide it.

    🔊

    After 8 years of his Liberal government, Canadians will struggle to save money, pay bills, fuel their vehicles, and own a home.

    Canadians need to get rid of him. The only question now is which country he will flee to in exile.

    ⚠️⚠️⚠️

    https://twitter.com/WallStreetSilv/status/1773923190093251015

    Asking price has never been so high for the median home (b/c no one can afford to lose their 2-3% mortgage w/o getting a premium on the sale) and we’re not even at the season’s peak:

    https://twitter.com/RealEJAntoni/status/1773845689790775453

    In case you’ve still got money in a bank, Bloomberg is warning that defaults in commercial real estate loans could “topple” hundreds of U.S. banks.

    Leaving taxpayers on the hook for trillions in losses.

    To set the mood, a new study predicts that nearly half of downtown Pittsburgh office space could be vacant in four years. Major cities such as San Francisco are already sporting zombie-apocalypse downtowns, with abandoned office buildings baking in the sun.

    The Fed’s yo-yo interest rates first flooded real estate with low rates and cheap money. Which were overbuilt.

    Then came the lockdowns, which forced millions to figure out new workday patterns. People liked foregoing the long commute (not to mention the free money). Despite every effort, downtown businesses have not been able to get all workers back.

    These days, everyone talks about hybrid models of working, some in-person and some remote. But judging from observation, remote is winning. In any case, even a 30 percent reduction in the footprint of office space once the leases are renewed could topple the entire sector.

    https://twitter.com/Fxhedgers/status/1773850237234237817

    CALIFORNIA FAST FOOD WORKERS LAID OFF IN DROVES AS NEW MINIMUM WAGE REQUIREMENT TAKES EFFECT (MSN)

    California has one of the highest minimum wages in the country, and as of April 1, 2024 that minimum wage will be raised to $20 an hour. While this may appear to be an exciting prospect for food industry workers, the law is wreaking havoc on fast food industry chains who will no longer be able to afford to pay their employees without hiking up prices.

    https://twitter.com/Fxhedgers/status/1773830175257506214

    1. Canadians need to get rid of him. The only question now is which country he will flee to in exile.

      I expect Li’l Fidel will get a nice gig at an Ivy League think tank, just like horse facer Ardern did after being run out of Kiwiland.

    2. “I think the worst is behind us. You should know that, right now, prices are at their lowest point, in my belief.” …. Barbara Cornhole, 2007

      Anyone who is listening to these idiots when you can easily research what they were saying right up to and during the last collapse are just pathetic. I once posted here a bunch of Barbara quotes from that time period. What’s unbelievable is she is still considered credible. People amaze me.

  13. It’s the Monopoly model of destroying all competition, than infiltrate Global Governments to partner with WEF , UN, WHO CCP, etc., to form a One World Order dictorship.
    A blueprint called the UN 2030 Sustainable Earth Agenda, which is is end game of a One World Dictorship that controls all resources and consumption and enslaves humanity.
    False Narratives of Pandemics, and Climate Change Doomsday to justify a Great Reset of life for global populations.
    Fake Science to launch counter measures to gain of function viruses , and fraudulent Climate Change with ridiculous solutions like net zero co2 emissions by 2050 , if implemented would create epic disasters for earth and inhabitants.
    Taking of free speech globally to obstruct any dispute to fake expiermental vaccines and alleged Climate Change counter measures of removal of life giving co2 emissions.
    This attack on civilization was pre-planned by Entities that have openly now exposed their end game of enslaving humanity, you will own nothing, eat bugs, hacked and mandated vaccines with genocide and depopulation a objective.
    Every kind of attack is happening at once, to destroy current systems , including the fast including of AI without any meaningful regulation.
    Its who controls technology that controls the world, according to Klaus Schwab, leader of the WEF.

    These Entities are now very overt about the One World Order dictorship they have a timeline by 2030 to implement. John Kerry at recent Davos meeting said in summary that no Governments can stop the “market forces” of this agenda.
    So, market forces and technology are in Control and humans have no control over their fate.
    And their great fraudulent narratives of Panademics and Climate Change Doomsday, to justify their take over and bring on the Great Reset, cannot be disputed because they will control all information.
    The rigged 2020 election putting Biden and other puppets in , was to advance the New World Order, invasion of our Borders, and all the other attacks on humanity including a attack by fake expiermental vaccines, falsely marketed as “safe and effective” with censorship of dispute to the false vaccine marketing.
    Under no circumstances are they going to take this failed, deadly MNRA technology off the market. Instead they will put the deadly technology in more products, as a massive cover up is taking place on the death and injury from the Covid vaccines globally.
    Cutting off food production, energy production, etc,
    that would cause mass starvation , and global deprivation of needed resources cannot be anything but a warlike attack on human populations. To say that its saving the earth from Climate Change is fraud.
    So unbelievable and shocking that humanity has been attack like this by Entities that are psychopaths, genocidal killers,looters, parasites and fraudsters, that are dangerous to the World.

    1. Sounds about right.

      And remember, kidz, it’s okay to kill communists. It really is.

      1. When that starts happening it’s time to buy puts. You can always make money in stocks and options. I didn’t know these things during the last epic crash.

    1. Do you subscribe to the central banker religious belief that we should all be thankful for inflation because it is better than deflation, aka central banker kryptonite?

      1. Finance ·economy
        Economists say you’re wrong for wanting prices to start falling—and they point to the Great Depression of the 1930s
        BY Paul Wiseman and The Associated Press
        March 30, 2024 at 8:13 AM PDT
        Jerome Powell
        Federal Reserve chair Jerome Powell.
        Al Drago/Bloomberg via Getty Images

        Many Americans are in a sour mood about the economy for one main reason: Prices feel too high.

        Maybe they’re not rising as fast as they had been, but average prices are still painfully above where they were three years ago. And they’re mostly heading higher still.

        Consider a 2-liter bottle of soda: In February 2021, before inflation began heating up, it cost an average of $1.67 in supermarkets across America. Three years later? That bottle is going for $2.25 — a 35% increase.

        Or egg prices. They soared in 2022, then fell back down. Yet they’re still 43% higher than they were three years ago.

        Likewise, the average used-car price: It rocketed from roughly $23,000 in February 2021 to $31,000 in April 2022. By last month, the average was down to $26,752. But that’s still up 16% from February 2021.

        Wouldn’t it be great if prices actually fell — what economists call deflation? Who wouldn’t want to fire up a time machine and return to the days before the economy rocketed out of the pandemic recession and sent prices soaring?

        At least prices are now rising more slowly — what’s called disinflation. On Friday, for example, the government said a key price gauge rose 0.3% in February, down from a 0.4% gain in January. And compared with a year earlier, prices were up 2.5%, way down from a peak of 7.1% in mid-2022.

        But those incremental improvements are hardly enough to please the public, whose discontent over prices poses a risk to President Joe Biden’s re-election bid.

        “Most Americans are not just looking for disinflation,’’ Lisa Cook, a member of the Federal Reserve’s Board of Governors, said last year. “They’re looking for deflation. They want these prices to be back where they were before the pandemic.’’

        Many economists caution, though, that consumers should be careful what they wish for. Falling prices across the economy would actually be an unhealthy sign.

        “There are,’’ the Bank of England warns, “more consequences from falling prices than meets the eye.’’

        What could be so bad about lower prices?

        WHAT IS DEFLATION?

        Deflation is a widespread and sustained drop in prices across the economy. Occasional month-to-month drops in consumer prices don’t count. The United States hasn’t seen genuine deflation since the Great Depression of the 1930s.

        Japan has experienced a much more recent bout of deflation. It is only now emerging from decades of falling prices that began with the collapse of its property and financial markets in the early 1990s.

        WHAT’S WRONG WITH DEFLATION?

        “Although lower prices may seem like a good thing,’’ Banco de España, the Spanish central bank, says on its website, “deflation can in fact be highly damaging to the economy.’’

        How so? Mainly because falling prices tend to discourage consumers from spending. Why buy now, after all, if you can purchase what you want — cars, furniture, appliances, vacations — at a lower price later?

        The reality is that the economy’s health depends on steady consumer purchases. In the United States, household spending accounts for around 70% of the entire economy. If consumers were to pull back, en masse, to await lower prices, businesses would face intense pressure to cut prices even more to try to jump-start sales.

        In the meantime, employers might have to lay off waves of employees or cut pay — or both. Unemployed people, of course, are even less likely to spend, so prices would likely keep falling. All of which risks triggering a “deflationary spiral’’ of price cuts, layoffs, more price cuts, more layoffs. And on and on. Another recession could follow.

        It was to prevent that very kind of economic nastiness that explains why the Bank of Japan resorted to negative interest rates in 2016 and why the Fed kept U.S. rates near zero for seven straight years during and after the Great Recession of 2007-2009.

        Deflation exerts another painful effect, too: It hurts borrowers by making their inflation-adjusted loans more expensive.

        ARE THERE ANY BENEFITS OF DEFLATION?

        It’s certainly true that Americans can make their paychecks go further when prices are falling. If food or gasoline prices were to tumble, households would surely find it less painful to afford groceries or their commutes to work — as long as they remained employed.

        Some economists even question the notion that deflation poses a serious economic threat. In 2015, researchers at the Bank for International Settlements, a forum for the world’s central banks, reviewed 140 years of deflationary episodes in 38 economies and reached this conclusion: The correlation between falling prices and economic growth “is weak and derives mostly from the Great Depression.’’

        But the exception was a doozy: From 1929-1933, U.S. economic output plummeted by a third, prices sank by a quarter and the unemployment rate shot up from 3% to a crushing 25%.

        The bank’s researchers said the biggest economic risk came not from falling prices for goods and services but rather from a freefall in the price of assets — stocks, bonds and real estate. Those collapsing assets, in turn, can topple banks that hold crumbling investments or that made loans to struggling real estate developers and homebuyers.

        The damaged banks may then cut off credit — the lifeblood of the broader economy.

        The likely result? A painful recession.

        https://fortune.com/2024/03/30/inflation-why-deflation-is-bad-what-difference-with-disinflation/

  14. Leonel Moreno, ‘migrant influencer’ encouraging others to invade US and squat at homes, is now on the run from authorities

    By Social Links forJennie Taer
    Published March 27, 2024, 6:46 a.m. ET

    Moreno has become a TikTok influencer, encouraging “fellow Venezuelans” to squat in the homes of US citizens and calling President Biden “mi papa.”

    However, on Thursday it appeared his profile on the platform had been deleted, although he continued to post on Instagram, with a video of him flauting $100 bills from a huge wad.

    Moreno also frequently shows off supplies purchased using food stamps. He can also be seen on his Instagram waving a Social Security card while lying in bed with his baby.

    On social media, he frequently boasts of his earnings from begging for cash, claiming he makes roughly $1,000 a day.

    https://nypost.com/2024/03/27/us-news/migrant-influencer-was-waved-into-america/

    1. Venezuelan TikToker Who Went Viral Telling Illegal Aliens to ‘Invade’ US Homes Arrested by ICE

      by Jamie White
      March 30th 2024, 12:59 pm

      A Venezuelan illegal alien who went viral on TikTok urging fellow illegals to squat in U.S. homes has been arrested by Immigration and Customs Enforcement (ICE) officials.

      Leonel Moreno was arrested by ICE’s Detroit field office in Columbus, Ohio, on Friday, who confirmed Moreno was detained “pending further immigration proceedings.”

      “Leonel Moreno is an unlawfully present citizen of Venezuela, who illegally entered the country April 23, 2022,” ICE told the New York Post.

      “Moreno was placed into the Alternatives To Detention program by Border Patrol and was told to report to Enforcement and Removal Operations office within 60 days of arriving at his destination. Moreno did not report as required. On March 29, 2024, Moreno was arrested in Gahanna, Ohio by officers with ERO Detroit’s Columbus office and is currently detained pending further immigration proceedings.“

      The clout-chasing “migrant influencer” recently made headlines for his incendiary TikTok video calling on illegals to “invade” U.S. homes, claiming he and his African illegal migrant friends wanted to make a business out of it.

      https://www.infowars.com/posts/venezuelan-tiktoker-who-went-viral-telling-illegal-aliens-to-invade-us-homes-arrested-by-ice

      1. ICE got him first?

        I was hoping that some citizens / taxpayers would take matters into their own hands, and terminate this vermin.

        No court, no judge needed. Just good old fashioned frontier justice.

  15. As if it weren’t clear enough that Brandon was not at the helm of the ship.

    Joe Biden Declares Easter Sunday ‘Transgender Day of Visibility’

    BRADLEY JAYE
    30 Mar 2024

    President Joe Biden’s White House has declared the holiest of Christian holidays “Transgender Day of Visibility,” announcing that “transgender Americans are part of the fabric of our nation.”

    Biden issued an official proclamation on Good Friday, reading, “We honor the extraordinary courage and contributions of transgender Americans and reaffirm our Nation’s commitment to forming a more perfect Union — where all people are created equal and treated equally throughout their lives.”

    https://www.breitbart.com/politics/2024/03/30/joe-biden-declares-easter-sunday-transgender-day-of-visibility/

    1. There are only two genders.

      Two. God only made two, and if you believe yourself otherwise, you are an abomination.

    2. I don’t understand this one. Yeah, I guess whoever is behind Behind wants to “rip society apart” or some such notion, but this seems too obvious.

      1. It’s a “we can do anything we want and you can’t stop us” thing. They are flaunting their power. Plus they hate Christ.

      2. “I guess whoever is behind Behind wants to “rip society apart”

        BY BERNIE QUIGLEY – 09/24/08 8:25 AM ET

        Barack Obama’s first run for the Illinois state Senate was launched at a famous fundraiser and kickoff for the campaign at a 1995 gathering at the house of Bill Ayers and his wife, Bernadine Dohrn, says Kurtz.

        https://thehill.com/blogs/pundits-blog/presidential-campaign/32072-obama-and-bill-ayers-together-from-the-beginning/

        Bernardine Dohrn

        Students for a Democratic Society involvement

        Dohrn became one of the leaders of the Revolutionary Youth Movement (RYM), a radical wing of Students for a Democratic Society (SDS), in the late 1960s. Dohrn with ten other SDS members associated with the RYM issued, on June 18, 1969, a sixteen-thousand-word manifesto entitled “You Don’t Need a Weatherman to Know Which Way the Wind Blows”, in New Left Notes. The title came from Bob Dylan’s song, “Subterranean Homesick Blues.”[7] The manifesto stated that “the goal [of revolution] is the destruction of US imperialism and the achievement of a classless world: world communism.”[8]

        The manifesto also asserted that African-Americans were a “black colony” within a U.S. government that was doomed to overextend itself. And the RYM was needed to quicken this process. Dohrn said, “The best thing that we can be doing for ourselves, as well as for the [Black] Panthers and the revolutionary black liberation struggle, is to build a fucking white revolutionary movement.”[7]

        Weather Underground involvement

        We are building a communist organization to be part of the forces which build a revolutionary communist party to lead the working class to seize power and build socialism. … We must further the study of Marxism-Leninism within the WUO [Weather Underground Organization]. The struggle for Marxism-Leninism is the most significant development in our recent history. … We discovered thru our own experiences what revolutionaries all over the world have found — that Marxism-Leninism is the science of revolution, the revolutionary ideology of the working class, our guide to the struggle …

        Bernardine Dohrn and Bill Ayers in Occupy Wall Street, Zuccotti Park, 2012

        https://en.wikipedia.org/wiki/Bernardine_Dohrn

    3. “Joe Biden Declares Easter Sunday ‘Transgender Day of Visibility’”

      – This from an (allegedly) Catholic (Christian) president.
      – HBB blogger declares Joe Biden Brandon an abomination and notes special place in Hell reserved for him. The man is an affront to Christians and just plain Americans (citizens) everywhere.
      – We haven’t had an America hater and a Christian hater as President since, well, all the way back to Obama. Biden now continuing the tradition.
      – Leave it to America’s newspaper of record to nail the response. Twice.

      \\

      https://babylonbee.com/news/biden-condemns-jesus-for-rising-again-on-trans-day-of-visibility

      Biden Condemns Jesus For Rising Again On Trans Day Of Visibility

      Christian Living · Mar 30, 2024 · BabylonBee.com

      WASHINGTON, D.C. — President Biden issued a stern condemnation of Jesus Christ after learning that the Savior of mankind had the audacity to rise from the dead on Biden’s “Trans Day Of Visibility”.

      “Who does this Jesus think he is?” shouted an angry Biden. “Today is about dudes becoming chicks and chicks becoming dudes, not dead people becoming alive! Come on, man!”

      President Biden released the announcement for the “Trans Day Of Visibility” on Good Friday, moments after the memorial of Christ’s crucifixion. “It was bad enough Jesus stole my thunder by dying the day I announced it,” muttered Biden. “As if that wasn’t enough, then Jesus goes and rises from the dead — right on my day celebrating guys who want to use women’s showers! I’m starting to think this Jesus guy scheduled all of this on purpose!”

      According to sources, Jesus Christ’s resurrection bringing the hope of salvation and eternal life to mankind has, in fact, distracted from people looking at guys wearing skirts. “Admittedly, Biden is not wrong. In light of the risen Christ, everything else fades,” reported local man John Marshall. “What else can we do but look to Him?”

      At publishing time, Heavenly sources confirmed that the evil and silliness of all earthly powers were but mist in the light of Christ’s eternal kingdom.

      \\

      https://babylonbee.com/news/biden-grants-day-of-visibility-to-segment-of-population-with-most-visibility-in-all-of-human-history

      Biden Grants Day Of Visibility To Segment Of Population With Most Visibility In All Of Human History

      U.S. · Mar 30, 2024 · BabylonBee.com

      WASHINGTON, D.C. — President Biden has announced a much-needed “Day Of Visibility” for the most visible population in the entirety of human history.

      “For far too long, Americans have not seen the bearded men in dresses twerking in their faces,” said President Biden. “That ends on Easter.”

      President Biden’s declared day of visibility will bring awareness to the community plastered all over every media outlet, every government branch, every town parade, every corporate advertisement, and beamed through the internet to every device on planet earth.

      According to sources, this has created consternation amongst the Biden administration as aides are unsure how the transgender movement could possibly be any more visible.

      “What do we even do?” asked White House aide Shelly Marks. “There is literally no way to make them even more visible. Trans people nude on the White House lawn? Aw, shoot, we already did that. Think, think!”

      At publishing time, the White House had reportedly decided to put puberty blockers in the egss [eggs] for the White House egg hunt.

      \\

      – God bless America! May America bless God!
      – Happy Resurrection Day! He is risen!

      \\

      “O death, where is your victory?
      O death, where is your sting?”
      – 1 Corinthians 15:55, ESV

    4. “Transgender Day of Visibility,”

      Why not title it “Poke Jesus in the Eye Day”?

      1. One article said that this transgender day is “celebrated each March 31st.” AFAIK, this day of visibility has never been celebrated before — I guess this is the first one? And why didn’t they hold this celebration during Pride month, when it belongs?

  16. ‘It’s just the cost of things these days. You can’t build that $200,000 home they had six years ago anymore’…‘The supply chain and escalation budget concerns in 2022 when the GMP (guaranted maximum price) was executed have largely been avoided.’ It added, ‘We entered a market in the middle of ’23 and into ’24 where the vendors/subcontractors are hungry for work, and the 20% markups have all but disappeared’

    Yer gonna be bankrupt Randy.

  17. ‘After a drought of activity in the housing market, nobody is quite sure how to price their home,’ he explained. ‘Successful sellers are those who adopt [a home builder’s] strategy,’ which is a combination of price cuts and concessions’

    Recall that builder are selling 30% of the shacks and have been for a year or more. They usually sell 15%. So after a year or more of giving it away, yer advising used shack owenrs to follow suit Orphe, if that yer real name.

  18. ‘The lenders provide subprime lending to customers who typically would not qualify for loans at a bigger bank, such as business entrepreneurs, self-employed workers, and new immigrants who have yet to build a credit score. ‘They’re typically not served by the big banks,’ Mr. Smith said in an interview. ‘They may have other credit challenges and large banks aren’t suited to them. That’s our market – that’s the Fairstone market and that’s the Home Trust market’

    In K-da they don’t do the ‘don’t mention the S word’ thing.

  19. ‘In the London borough of Wandsworth, the average salary worker made just shy of £40,000 last year, but the average house cost £600,000, giving a ratio of 16.6. Meanwhile, in the borough of Richmond, the average worker also made around £40,000 and the average home cost over £700,000, giving a ratio of 18.4’

    It’s still cheaper than renting.

  20. USBP Chief Patrol Agent Gregory K. Bovino
    @USBPChiefELC

    BP agents responded to a call from the Marine Corp Base about a #Chinese national who entered the base w/o authorization, ignoring orders to leave. Subject was confirmed to be in the country illegally.

    His purpose & intent behind his actions are still being investigated.

    Mar 29, 2024

    https://x.com/USBPChiefELC/status/1773724071878074720?s=20

  21. I love me some open borders.

    Border Hawk
    @BorderHawkNews

    WATCH: Group of illegals stroll into Arizona near Nogales as their coyote surveils and photographs Border Hawk team

    They linked up with another group nearby and waited for Border Patrol to pick them up

    Mar 21, 2024

    https://x.com/BorderHawkNews/status/1770982404573782152?s=20

    Border Hawk
    @BorderHawkNews

    📍Nogales, AZ

    Group consisting primarily of Cubans exit a bank converted into a shelter for illegal aliens and head to a waiting coach bus to be transported deeper into the U.S.

    http://BorderHawk.news

    Mar 22, 2024

    https://x.com/BorderHawkNews/status/1771213260949168267?s=20

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