It’s The Lowest The Price Has Been In The Last 10 Years, But We Want To Sell… That’s Just How It Is
A report from the Wall Street Journal. “Board members of the Highland Park Community Association in Mission Viejo, Calif., braced last year for a rise in insurance costs. Yet they were still shocked to receive a quote for over $170,000, which was more than four times what the association paid in 2022. In the case of wildfire damage, the maximum coverage would be $2 million, said Mark Speros, the board’s president. ‘It was like a bombshell,” he said. The board raised residents’ dues by 20%, the most the association allows per year, to $474 a month. ‘This is not the direction any of us wanted to go, but there is simply no choice,’ Speros wrote to homeowners.”
“Some condo owners are looking to move rather than absorb higher fees. Mindy and John Dunbar, who are retired and live in a community of duplexes in Aurora, Colo., are paying $399 a month to their homeowner association, but they expect the cost to keep rising because of higher insurance premiums and maintenance needs. They plan to list their home for sale soon and rent instead. ‘The increased costs are driving us nuts,’ Mindy Dunbar said. ‘Obviously the HOA dues are going to continue to go up.'”
“The Pines at Keystone struggled to find insurance for 2023. The community of 144 condos and townhomes in Keystone, Colo., ended up with a $960,000 policy, up from about $110,000 the previous year, said Gretchen Davis, the board’s president. The association approved a special assessment of several thousand dollars a household to pay for it. ‘Basically we said, ‘If you do not pass this, we do not have insurance,’ she said.”
The Idaho Statesman. “If you’ve spent any time driving around neighborhoods in Boise, Meridian, Nampa or Caldwell recently, you might have seen a deluge of yard signs. No, not political signs — yet. ‘Home for sale’ signs. Much of the increase in supply comes from existing homes going back on the market. ‘If we look at inventories for resale homes we are up dramatically,’ said Mike Pennington, a long-time agent with John L. Scott Real Estate in Boise. ‘This tells us that there is a desire for homeowners to sell and relocate, but they are having difficulty in doing so.’ The new-house inventory is rising too. Ada County had 554 available homes in May, up by 166 units or 43% over May 2023, Pennington said. Canyon County had 373, up by 168 units or 82%.”
“Homeowners who bought their houses in 2020 or 2021 when mortgage rates were closer to 3% don’t want to lose those low rates and can’t afford to move up and purchase more expensive houses with rates now around 7% since their monthly payments could go up much higher, said Brett Hughes, the designated broker of Boise Premier Real Estate.. ‘You have a segment of people that feel trapped by a very good mortgage,’ Hughes said. Since people aren’t moving up or selling homes as much, homeowners are getting squeezed on both sides. ‘They’re super stuck,’ Hughes said. ‘There’s no good options.'”
The Star Tribune. “It seems everyone likes Airbnb until there’s one next door in Lake Country. Neighbors living next to vacation home rentals in Minnesota’s most lake-rich county are hoping a new ordinance will bring some reprieve after years of large, loud parties, but some vacation homeowners say the regulations are an overreach. Franci and Dan Gleason rent out their Paul Lake cabin just west of Perham and live down the street. Under the ordinance, only seven guests are allowed at their two-bedroom Airbnb. They are concerned about the broad wording of the ordinance that says owners can be held liable for any civil or criminal penalties incurred on behalf of renters. ‘Somehow or another I’m going to be responsible and someone can come sue me and take my property because of some stupid frisbee or that the dog got loose,’ Franci said.”
KENS 5 in Texas. “As part of an effort to rein in ‘party houses’ and increase the amount of money funneled directly to the city’s coffers, San Antonio City Council on Thursday approved a laundry list of changes to its six-year-old law regulating short-term rentals like Airbnb and Vrbo. At least one local host had reservations. ‘If I rent out my house to a guest that comes from a neighbor house – sometimes within the city – and they throw a party, it is not my responsibility,’ said Ruben Uribe. ‘I’m not the one who threw the party. So I don’t know why these people are attacking us hosts.'”
From Fortune. “There are unaffordable housing markets, and then there are ‘”impossibly unaffordable’ markets, four of which are in California, according to the annual Demographia International Housing Affordability report, which was produced by Chapman University in California and the Frontier Center for Public Policy in Canada. ‘High housing prices, relative to incomes, are having a distinctly feudalizing impact on our home state of California, where the primary victims are young people, minorities, and immigrants,’ wrote Chapman’s Joel Kotkin. ‘Restrictive housing policies may be packaged as progressive, but in social terms their impact could be better characterized as regressive.'”
“A price-to-income ratio of 3 and below was deemed affordable, with higher ratios corresponding to worsening levels of unaffordability. A ratio of 9 or above was labeled “impossibly unaffordable.” Of the 11 cities in that category, four of them are in California. 1. Hong Kong (16.7). 2. Sydney (13.8). 3. Vancouver (12.3). 4. San Jose (11.9). 5. Los Angeles (10.9). 6. Honolulu (10.5). 7. Melbourne (9.8). 8. San Francisco (9.7). 9. Adelaide (9.7). 10. San Diego (9.5). 11. Toronto (9.3).”
Kelowna Now in Canada. “May saw a decrease of 3.55% on the average price of a home, while the median price dropped from $990,000 to $985,000. ‘We’re up to about 20% more listings this year compared to last year, which I think is great for the buyer coming into the market … you’re not having to battle for everything as you did a few years ago,’ said Jerry Redman, managing director of RE/MAX Kelowna. ‘ Pre-approvals are really important when you’re out shopping too because it’s actually quite surprising how many offers in the last while have been collapsing because of financing.'”
Radio New Zealand. “Rental listings across New Zealand are up 40 percent in the three months to May with some property managers warning landlords they may need to lower expectations to meet the market. the website’s data shows Auckland listings were up 40 percent, Wellington 56 percent, and Canterbury 35 percent, over the last quarter. Trade Me data showed Auckland had 1450 additional homes for rent between 28 February and 28 May – a 41 percent increase in stock. An Auckland Ray White property manager, Shane Ryder, said it had been noticeably harder to rent out homes since April.”
“‘Back in February, to rent a property you just do one viewing, and then it will be rented, you would have quite a few people lined up at the door and you’d have a number of applications to choose from. And now is, you may only get one or two people coming to the viewing and you may get no applications, so you do another viewing, and then you do another view…so it could be four or five viewings, there are houses that are gonna take longer than that,’ he said. ‘We’ve actually already introduced some properties where we’ve reduced the rent already to meet the market.'”
“Realestate.co.nz’s spokesperson Vanessa Williams said they had noticed a trend in landlords shifting to longer term rentals. ‘It is a significant increase in rental stock, and anecdotally what we’re hearing is that people are shifting away from shorter term rentals like Airbnbs and book-a-bach, and they’re moving to longer term rentals due to the economic climate that we’re in at the moment,’ she said.”
ABC News in Australia. “When Siddarth Prakash and Chetna Mahadik’s builder went bust and fled the country in 2020, they were confident Victoria’s state-run domestic building insurer would guide them through the stressful situation. But they say it turned into a nightmare. Their inner-city dream home remains unfinished, five years after work began. ‘It’s been very, very difficult,’ Mr Prakash told the ABC inside the building. ‘It’s been very trying and it’s really taken me to places which I had never expected to go just for making an insurance claim and building an ordinary family home.'”
“Following the collapse, Jared and Shontel Ford’s incomplete home was riddled with defects, including warped walls and uneven floorboards. When the ABC visited, Ms Ford was able to bounce on the floor of the master bedroom like a trampoline. Mr Ford said the VMIA’s offer does not cover all the defects — the couple are legally challenging the VMIA but feel let down by the insurance process, saying it had been adversarial throughout. ‘I feel sick, it’s frustrating. I feel the system has completely turned its back on us,’ Mr Ford said. The impasse is costing the family money and heartache. ‘What’s the point of having insurance if they’re not going to help you when you’re in trouble? Isn’t that the whole point?’ Ms Ford said.”
9 News in Australia. “Collapses within the building industry are all too common these days, leaving subcontractors out of pocket. One group of small business owners is pleading for help after the company it was contracted to went bust on a state government project, owing them more than $1 million. Rork Projects was contracted by Transport for NSW to refurbish one building at a depot in Yennora, in Western Sydney, and extend another one. The subcontractors did the work – completing the first building – and were about to start on the second. Rork then went into liquidation. Electrical contractor Nikolai Pavlovic is owed $200,000 for work done and another $160,000 for lighting and switchboards that can only be used on that second stage – meaning he can’t return any of it.”
“‘There’s been no contact from Transport (for NSW),’ he said. ‘No contact from anyone, with bills to pay. These days in the construction industry you’re working on tiny margins so it’s a massive hit. It’s a kick in the guts.’ Concreter Tony Habib is owed $560,000. ‘We bought lots of concrete and steel. We have our houses under guarantor,’ he said. ‘So, if I don’t pay these companies, I will be losing my houses and my family will be living on the street. It’s a government job. They should look after the trades.'”
From AFP. “Rows and rows of partially inhabited high-rises sprawl into the suburbs of the northern Chinese metropolis of Tianjin, their empty balconies emblematic of a slowing economy that has not kept pace with the country’s ambitions. In Tianjin, grandmother Wang Dongmei told AFP that in 2016, she and her daughter purchased a house near a riverside promenade for 870,000 yuan ($120,000). It was now worth just over 600,000 yuan, she said. ‘It’s the lowest the price has been in the last 10 years,’ she sighed, but ‘we want to sell… that’s just how it is.'”
“At a housing estate in Tianjin, customer manager Zhao Xin said there were signs of a slight recovery in the market, driven in part by the new measures. ‘But it is not realistic to say that it will reach the same high level as before,’ warned Zhao. The job market’s problems stretch deeper than just China’s young people, though. One employer told AFP it was ‘very difficult’ for people over 30 in the current climate. The issue, said a graduate surnamed Shen, was simply that ‘there are too many jobseekers relative to positions available.’ Top candidates who might once have nabbed a job paying 30,000 yuan a month would probably get a third of that now, said Shen.”
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You will own nothing.
You will own nothing
‘You have a segment of people that feel trapped by a very good mortgage,’ Hughes said. Since people aren’t moving up or selling homes as much, homeowners are getting squeezed on both sides. ‘They’re super stuck,’ Hughes said. ‘There’s no good options’
That’s some red hotcakes right there Brett.
‘They are concerned about the broad wording of the ordinance that says owners can be held liable for any civil or criminal penalties incurred on behalf of renters. ‘Somehow or another I’m going to be responsible and someone can come sue me and take my property because of some stupid frisbee or that the dog got loose’
That’s on top of all the toilet scrubbing Franci.
‘they had noticed a trend in landlords shifting to longer term rentals. ‘It is a significant increase in rental stock, and anecdotally what we’re hearing is that people are shifting away from shorter term rentals like Airbnbs and book-a-bach, and they’re moving to longer term rentals due to the economic climate that we’re in at the moment’
STR rentals in places they aren’t established always collapse Vanessa.
‘A ratio of 9 or above was labeled “impossibly unaffordable.” Of the 11 cities in that category, four of them are in California. 1. Hong Kong (16.7). 2. Sydney (13.8). 3. Vancouver (12.3). 4. San Jose (11.9). 5. Los Angeles (10.9). 6. Honolulu (10.5). 7. Melbourne (9.8). 8. San Francisco (9.7). 9. Adelaide (9.7). 10. San Diego (9.5). 11. Toronto (9.3)’
One the other hand, every one of these sh$holes has rock solid lending!
“Of the 11 cities in that category, four of them are in California.”
Notably, this is a global ranking. One US state has nearly half the ‘impossibly unaffordable’ cities! No wonder we feel poor, despite having a decent household income on paper. There’s no way that typical household income growth can keep pace with the parabolic price blowout in the waning days of an epic mania.
“…Board members of the Highland Park Community Association in Mission Viejo, Calif., braced last year for a rise in insurance costs. Yet they were still shocked to receive a quote for over $170,000, which was more than four times what the association paid in 2022. …”
Another Monday, another out-of-control holding costs story.
California is finished
Here in California, its not inconceivable that for a typical property, total average monthly holding costs will exceed total average monthly mortgage costs.
What’s really hideous about holding costs is that in principle, unlike a mortgage which can be paid down to zero over time, they could go to infinity without the homeowner having any recourse.
Particularly property taxes of all types, which are set by the whimsy of government, insurance and utility costs, set by quasi-monopolies.
Its going to be really interesting to see how the REIConplex spins this one.
Particularly property taxes of all types, which are set by the whimsy of government, insurance and utility costs, set by quasi-monopolies.
Doesn’t Prop 13 shield homeowner + corporate owners from uncontrollable property tax creep?
Looking at my dad’s block, some of the elderly people pay something like less than $1,000 per year in property taxes on houses that sell for $1-2 million.
Correct.
Prop 13 is currently in force in California. Was considering the general case for all of the USA.
However, even in California, there are all sorts of under the radar specialty taxes related to property values such as Mello-Roos and special assessments.
“Particularly property taxes of all types, which are set by the whimsy of government, insurance and utility costs, set by quasi-monopolies.”
Gavin Newsom also wants you to pay reparations because a formal apology isn’t good enough.
Gavin Newsom also wants you to pay reparations because a formal apology isn’t good enough.
Even though there were no slaves in CA as it was a free state
Another Monday, another out-of-control holding costs story.
Boomtown Rats – I Don’t Like Mondays
https://www.youtube.com/watch?v=8yteMugRAc0
Day JA vooo
The blaze, named the Post fire, started on Saturday afternoon near Interstate 5 about 45 miles outside of Los Angeles, the authorities said. It forced the evacuation of about 1,200 people from the Hungry Valley campground,
https://www.breitbart.com/environment/2024/06/17/major-wildfires-in-california-southbound-5-freeway-near-l-a-closed/
In the case of wildfire damage, the maximum coverage would be $2 million, said Mark Speros, the board’s president. ‘It was like a bombshell
You are being replaced.
CNBC — How immigrants are helping to keep job growth hot while inflation cools (6/17/2024):
“The immigration surge poses lots of challenges to communities across the country, but it came at a very fortuitous time to help ease the labor market pressure, when the Fed was working hard to do it by interest rate hikes,” Moody’s Chief Economist Mark Zandi told CNBC.”
Challenges to communities? That’s a reluctant admission, because these “economists” view your country as an economic zone, not as a sovereign nation.
“Zandi also credited immigration with helping the United States maintain a positive GDP. “It has reduced the need for more rate hikes, and probably has been critical to ensuring that the economy has avoided a recession,” he said.
While Biden’s critics have focused on the high-profile political liabilities of the humanitarian crisis caused by migration spikes at the southern border, the picture that economists paint of immigration is very different.
In short, immigrants may be safeguarding the U.S. economic recovery.”
https://www.cnbc.com/2024/06/17/immigrants-help-economy-job-growth-inflation.html
40 students in a classroom (paid for by your property taxes) half of which don’t speak English? Economists won’t “paint that picture” but you’ll be paying for it, all of it.
And as soon as the first anchor sprog gets dropped on U.S. soil, that starts the welfare gravy train (you are paying for all of it) Section 8, food stamps, WIC, Obamaphones, preloaded debit cards.
In the construction world, the unskilled labor Mexicans getting $15 an hour for demolition work get replaced by unskilled labor Venezuelans who will do it for $10. No OSHA, no taxes, no insurance needed.
40 students in a classroom (paid for by your property taxes) half of which don’t speak English? Economists won’t “paint that picture” but you’ll be paying for it, all of it.
The American economy has always run on cheap labor/capital. In the past, it was slaves; eventually, it shifted to easily exploited immigrants in the late 19th century. Today, back to easily exploited immigrants.
“the late 19th century”
If you showed up at Ellis Island then and didn’t have a job or sponsor, and were deemed to become a drain on public welfare, they put you on the boat and sent you back.
No comparison to today, not even close.
Lots of the illegals stay with family. That is why they end up far from the border in places like the Northeast and Midwest.
And BS, lots of immigrants during major inflows during the 1800s got off the boat and were only employed because of political machines. They were not applying via mail for manual labor work from the old country. So same as today with the Democrats as political machine.
“And as soon as the first anchor sprog gets dropped on U.S. soil, that starts the welfare gravy train (you are paying for all of it) Section 8, food stamps, WIC, Obamaphones, preloaded debit cards.”
Where’s muh Medicaid?
‘The increased costs are driving us nuts,’ Mindy Dunbar said. ‘Obviously the HOA dues are going to continue to go up.’”
Gosh, Mindy, that’s quite the selling point for any would-be buyer. To get to “compelling value,” I foresee some serious sawin’ and slashin’ if you expect to divest yourselves of that alligator.
The community of 144 condos and townhomes in Keystone, Colo., ended up with a $960,000 policy, up from about $110,000 the previous year, said Gretchen Davis, the board’s president.
This is un-possible. Our Soviet-style CPI stats says inflation is “only” 3.4%. Oh, and that medical insurances costs have dropped by 5%.
Toronto Condo flipper losing $385,950
Precondo
11 hours ago
Toronto Condo Flippers are currently in a pickle getting their units sold on the assignment market
https://www.youtube.com/watch?v=HSjriUm751A
15:21.
I don’t want a pickle.
Just wanna ride on my motor-cicle.
https://www.youtube.com/watch?v=6Y0VPHDlvts
Toronto Condo flipper losing $385,950
Man that’s gotta suck. It could ruin the rest of his life, depending on his age, Net worth and skill set. Oh well, you can’t win big if you don’t play big. Go big or go home. (guessing he will be going home Alone.)
its like Vegas – knowbody know when to take their winnings and go home.
They probably made money on previous precon sales. And instead of putting it into a safe investment for 20+ years, they doubled down on the gambling and invested $180K in deposits on a new precon.
Since people aren’t moving up or selling homes as much, homeowners are getting squeezed on both sides. ‘They’re super stuck,’ Hughes said. ‘There’s no good options.’”
I’ve been month-to-month in my comfy rental shack for several years now. If I deem it advantageous to move, I’ll up & move. My rent is about half what my mortgage would be had I been stupid enough to buy during the scamdemic run-up. Aren’t you happy for me, stuck “homeowners”?
I am extremely happy you are ever-so-comfy in that rental house. I don’t intend to get wealthy owning that rental, but on a 15 year mortgage
( which you have paid for ) my grand-son will have a leg up on entering the home ownership part of his life. Life is good if you play the long term
and not the buy and flip that so many people are doing today.
Picapoi plays the long-game! Good on you helping out family so they can also start their own family.
Florida Land
https://www.zillow.com/homedetails/LOT-1-Kensara-Dr-Milton-FL-32583/352259878_zpid/
“Avalon is a community known for its vibrant culture, rich history, and diverse amenities.”
Well, as multi-year residents of Avalon, we had no idea we had all of the above going for us. However, we do have a McDonald’s, bait shop, boat launch, motel, gas station, and an out of business bowling alley. The bait shop is for sale, but my wife won’t let me submit an offer. Something about not wanting to dig worms to make a living.
Be sure to get an acceptable wetlands study as a condition of purchase on this property, its in a flood zone.
Yes but do you have a Chipotle?
Avalon doesn’t need no stinkin’ Chipotle. They inspired a classic Roxy Music hit.
https://www.youtube.com/watch?v=bpA_5a0miWk
Vibrant and diverse in the same sentence. It must be a lovely place.🙄
Leave your Rolex at home.
‘Somehow or another I’m going to be responsible and someone can come sue me and take my property because of some stupid frisbee or that the dog got loose,’ Franci said.”
It’s called accountability, Franci. Neighbors shouldn’t be subjected to errant gunfire because of Amish Rumspringa antics among your STR party guests.
At least one local host had reservations. ‘If I rent out my house to a guest that comes from a neighbor house – sometimes within the city – and they throw a party, it is not my responsibility,’ said Ruben Uribe.
Your days of shirking responsibility for your “guests” ends now, Ruben. Did your STR business model include fines and lawsuits?
A ratio of 9 or above was labeled “impossibly unaffordable.” Of the 11 cities in that category, four of them are in California.
Ah, but as #Bidenomics ushers in a new era of prosperity and fiscal rectitude, wages, purchasing power, and property values will all increase, while the municipal and state governance remain models of excellence that will cause the productive and successful to see these well-run cities as their lifelong homes. So you see, frens, overpriced shacks in those socialist utopias are actually excellent long-term investments!
I slay me….
“Rows and rows of partially inhabited high-rises sprawl into the suburbs of the northern Chinese metropolis of Tianjin, their empty balconies emblematic of a slowing economy that has not kept pace with the country’s ambitions.
I would love to stand out on the balcony of a skybox thrown up with tofu construction. What could possibly go wrong?
Russia Today — Will Fauci and his ilk answer for damage caused by Covid policies? (6/16/2024):
“In a press release published this week, the subcommittee underscored that “Dr. Fauci showed no remorse for the millions of lives affected by his divisive rhetoric and his unscientific policies. He did not apologize to the thousands of Americans who lost their jobs because they refused the novel vaccine, nor did he apologize to children experiencing learning loss as a result of actions he promoted.”
The hearing referred to a clip of Fauci in the summer of 2021 in which he suggested that the choice of refusing the Covid jab was ideologically-driven. “I have to say that I don’t see a big solution, other than some sort of mandatory vaccination. I know federal officials don’t like to use that term. Once people feel empowered and protected legally, you’re going to have schools, universities, and colleges are going to say, ‘you want to come to this college buddy, you’re going to get vaccinated. Lady, you’re going to get vaccinated.’ Yeah, big corporations, like Amazon and Facebook and all of those others, are going to say ‘you want to work for us, you get vaccinated.’ And it’s been proven that when you make it difficult for people in their lives, they lose their ideological bulls**t and they get vaccinated,” Fauci said, apparently failing to consider that the choice is a personal one based on individual circumstances and a scientific risk/benefit analysis which may or may not have been made in consultation with one’s personal physician.
Speaking of ideology, it emerged at the hearing that the House Judiciary Committee found evidence that Facebook founder Mark Zuckerberg himself acknowledged pressure on the social media platform’s executives from the Biden administration to crackdown on content suggesting that Covid emerged from a lab.
So what about that Covid jab, anyway? Well, it may not have stopped folks from getting or passing on the virus, but at least it’s benign, right? No harm, no foul? Earlier this week, Britain’s Telegraph reported that “Covid vaccines may have helped fuel rise in excess deaths,” citing scientists. Wow, that sounds super “safe and effective,” just like all the bureaucratic white coats promised! Dutch researchers have looked at data from 47 Western nations and concluded that “side effects linked to the Covid vaccine had included ischemic stroke, acute coronary syndrome and brain haemorrhage, cardiovascular diseases, coagulation, haemorrhages, gastrointestinal events and blood clotting.” Is that “ideological bulls**t,” too, Dr. Fauci? Asking for the entire global community.
https://www.rt.com/news/599343-fauci-covid-vaccine-pandemic/
Scripting the narrative.
Politico — Avian flu spread in cows not being tracked, posing greater risk of human transmission (6/17/2024):
“The biggest challenge for the federal response, agriculture and public health officials told POLITICO, is that the more the virus spreads among dairy cows, the more opportunity it has to mutate and become easier to jump to additional humans. The number of documented infected dairy herds in recent weeks has risen rapidly — and several other states have confirmed initial infections in cows.
But many dairy farmers are declining to test their cows, leaving the nation vulnerable to a situation in which federal officials won’t have adequate warning if the virus evolves and poses a greater risk of infection to people.
Jerome Adams, former surgeon general under President Donald Trump, said more testing is needed to understand how widespread avian influenza is — a threat he described as rapidly growing and potentially catastrophic despite the limited human infections detected to date. But farmers and workers must be reassured that they will not face legal penalties by allowing government officials onto farms and there should be financial incentives to participate in testing, he added.
“We failed — through two administrations — to develop and implement an effective surveillance strategy with Covid, and we are repeating the same mistakes with [this virus],” Adams said. “Farmers are reticent to test for many reasons. Fear of financial harm is a major factor.”
https://www.politico.com/news/2024/06/17/avian-flu-spread-response-00163294
Financial incentives, did you say?
This is how it’s all gonna go down: the PCR “testing” threshold is tweaked so the whole herd tests positive, Uncle Sugar gives your taxpayer money to Rancher Bob to cull the herd.
Multiply this by 10,000 and that means no more dairy products. If you liked $6 eggs, you’re gonna love paying $20 for a gallon of milk.
And it WILL spread into beef cattle herds, it can’t not spread into them. All the herds will be culled. The poors can eat the bugs, but there will be beef available for All The Right People, of whom you are not.
Scripting the narrative.
New York Times — A Bird-Flu Pandemic in People? Here’s What It Might Look Like (6/17/2024):
“The worry now is that as H5N1 continues to infect mammals and evolve, it may pick up the mutations needed to spread efficiently among people, setting off another pandemic.
The incubation period for flu is two to four days, and a human-to-human version could spread far before cases were detected, said Erin Sorrell, a virologist and a senior scholar at the Johns Hopkins Center for Health Security.
“If it goes into the general public, it’s too late,” she said. “We’ve missed the boat.”
Infected people generally have fever and respiratory symptoms; some cases advance quickly to pneumonia or death. If the bird flu virus were to adapt to people, the world would need billions of doses of vaccines and antivirals to stave off these outcomes.
Vaccines are a better bet to stem a pandemic, but enough doses are not likely to be available for many months, at the least. Even if global production of seasonal flu vaccines were entirely shifted to vaccines against H5N1, the number of doses manufactured would be enough for fewer than two billion people, assuming two doses were needed for each person.
Since H5N1’s first appearance, it has branched into many forms, and scientists have created a library of 40 so-called candidate vaccine viruses to match. Having them ready to go saves crucial time, because creating a new candidate can take three months, said Todd Davis, a virologist at the Centers for Disease Control and Prevention.”
https://archive.ph/fzZRR
Three months?
We cooked this up in a lab in three months, but it’s 100% safe and effective. If you don’t get injected with it, we’ll get you fired from your job, excluded from participating in society, and de-banked from all of your financial institutions.
See also: Canada 2022, that was the model.
“The worry now is that as H5N1 continues to infect mammals and evolve”
Interesting as they were trying to do that very thing around the time they were working on combing horseshoe bat corona viruses with SARS to make them transmittable to humans.
“Controversy over GOF research was first sparked in late 2011 when the NSABB attempted to stop the publication of the full results of two studies in which the H5N1 avian flu virus had been engineered to become transmissible in mammals”
https://www.nature.com/articles/514403a
but there will be beef available for All The Right People, of whom you are not
There is a reason our betters are buying up all that farmland. Their herds will miraculously test negative.
The New York Times and Washington Post, in lockstep, have pivoted to the annual “climate crisis” narrative.
Last I checked, it’s the last week of spring going into the beginning of summer in the Northern Hemisphere.
Climate “emergency” declaration coming soon from the Unelected Occupant. Combine that with bird flu, culling all the cattle, pre-emptive shutdowns of the electrical grid, with a little World War III for some spice, and that’s how the rest of 2024 will play out.
And don’t forget there’s an alleged election this year, the results of which have already been determined.
You’ve been warned…
As long as the PCR test is used to determine Panademics in food supply and jumping to Humans, than the Panademic fraud continues.
The evidence shows that the PCR test was used to defraud the World that a Covid 19 panademic required lockdowns, masks, social distancing, and the countermeasures of a EUA expiermental fake vaccine using a failed mRNA technology.
The PCR test is the biggest diagnosis fraud in history , and its as fraudulent as the fake harmful vaccines that were administered to billions of people.
Seriously , never has there been a greater testing fraud than the PCR test , that was used to justify the biggest global implementation of fake killer vaccines dispersed by global governments.
Likewise, the Climate Change Doomsday model is based on Scientific fraud and bizarre and fake solutions of Zero carbons by 2050, that would cause epic harm to humans, animals, plants and the earth.
These Fraudsters are in control of Media, and have destroyed the US first amendment by censorship of any dispute to their fraudulent fear mongering narratives.
They use bribery, extortion, threat of job loss , law attack , censorship, etc. , to accomplish their goals.
They intend to create a One World Order dictorship that partners with global government to enslave humanity , deprive humanity, and control all resources and consumption. You will own nothing eat bugs, mandated vaccines, no cars, no rights ,is the end game intent of this criminal and genocidal power grab .
They are out in open about their One World Order dictorship and genocidal attack on humanity.
They are setting up for the next manufactured panademic, probably Bird Flu.
BBC — Howard Springs: Australia police arrest quarantine escapees (11/30/2021):
“Australian police have arrested three people who broke out of a Covid quarantine compound in the middle of the night.
The Howard Springs centre near Darwin in the Northern Territory is one of Australia’s main quarantine facilities for people returning to the country.
Police said the trio scaled a fence to break out of the facility.
Officers found them after a manhunt on Wednesday. All had tested negative to Covid the day before.
Police had set up checkpoints around the compound on Wednesday and inspected cars moving through the area.”
https://www.bbc.com/news/world-australia-59486285
Papers, please.
That was Australia, staying true to its roots as a prison island.
Here in USA, millions did vote, and will vote again, for implementation of this tyranny. They voted for it, and they will never stop voting for it. Govern me harder, Daddy.
Re-post of some local tyranny.
Westword — COVID-19: In Conservative Colorado Town, Mask Wearing Gets Worse (12/2/2020):
“The scenario was very different on Saturday, November 28, the date of our most recent stop. Because the center was bustling with customers, people were regularly in the position of passing each other closely — and while most weren’t stopping to chat face to uncovered face with strangers for ten to fifteen minutes (a high-risk infection scenario cited by public-health officials), their proximity definitely raised concerns.
So, too, did the number of customers who ditched their masks as soon as they left stores. Probably three out of ten shoppers did so — roughly double the percentage we observed back in July.
Polis and Fauci, among others, have also warned about the dangers of multi-generational mixing — often relatives from different households, including older individuals who are more susceptible to the disease. Such scenarios happened frequently on November 28, and in those cases, unmasked individuals did indeed stand or sit next to older family members for long periods of time. This included folks who purchased a beverage or a snack, which they appeared to see as giving them license to sit around bare-faced for considerable stretches even when they weren’t drinking or eating.”
https://www.westword.com/news/covid-19-conservative-colorado-town-where-mask-use-is-getting-worse-11854240
Giving them license?
This is how the communists who control Denver view their evil Drumpf grandma killer super spreader neighbors to the south.
Security theater, as correctly observed by Sen. Rand Paul. But more importantly, a humiliation ritual for those somehow resistant to the Mass Formation Psychosis.
When you see someone wearing a mask, know that they are an NPC, or non-player character as the term derives from gaming. NPC’s do not have an inner monologue, they are incapable of critical thought.
This, however, does not prevent them from voting. Just enough functioning synapses to fill out a mail in ballot, to vote for permanent mask mandates, and vote in absolute unanimity, because Mass Formation Psychosis is one hell of a drug.
Shanghai, China’s financial hub, has fallen largely silent after the city imposed harsh movement restrictions to stem the spread of COVID.
April 07, 2022
Locals in Shanghai, which is under extreme lockdown due to COVID-19, are living a very tough life. Glimpses from the city keep emerging on social media, which show how people are handling day-to-day tasks like walking their dogs.
Shanghai is the hotspot of the current COVID-19 outbreak in China. Though the daily infection tally has fallen in the last few days, it is still significantly high as compared to other countries. This all the 26 million residents in the city have been asked to stay a home.
Now, videos posted by Shanghai residents on Twitter show announcements being made by drones. The drones appeared in the sky after residents were found singing and protesting lack of supplies in their balconies.
The video was first shared on Weibo, and made its way to Twitter after some Chinese journalists picked it up. According to the translation provided by the locals, the drones asked people to comply with COVID-19 restrictions and “control your desire for freedom”.
They have been asked not to open the window or sing.
Another such video shows healthcare workers using megaphones to make public announcements on streets of Shanghai. “From tonight, couples should sleep separately, don’t kiss, hug is not allowed, and eat separately. Thank you for your corporation,” the workers tell the residents of a housing society.
A week ago, videos surfaced on social media which showed four-legged robots patrolling the streets of Shanghai and making health announcements.
There is growing discontent among residents over distribution of food and essential goods due to COVID curbs. The city administration has acknowledged the problem and vowed to improve the situation.
“Shanghai has sufficient reserves of staples such as rice and meat, but issues have cropped up in distribution and last-mile deliveries because of epidemic control measures,” Shanghai’s vice mayor Chen Tong said at a news conference on Thursday.
He said the city would try to reopen some wholesale markets and food stores and allow more delivery personnel out of locked-down areas. Officials will also crack down on price gouging, he added.
China’s financial hub has fallen largely silent after the city imposed harsh movement restrictions to stem the spread of COVID, with only healthcare workers, volunteers, delivery personnel or people with special permission allowed on the streets.
https://www.ndtv.com/world-news/covid-19-dont-sleep-together-hugs-and-kisses-not-allowed-residents-of-locked-down-shanghai-warned-2867888
Sounds about right.
And remember, the World Economic Forum cites communist China as the “model” for its response to the alleged pandemic.
Perhaps the most absurd part of China’s COVID lockdowns was how it never impacted the entire country, especially smaller cities.
Many Tier-2 and Tier-3 cities foreigners have never heard of did not have lockdowns. These are not tiny cities — they are often larger than NYC. But for some reason, no need for a lockdown.
A reader sent these in:
I remember a time when @CNBC pumped GoPro shares every day.
https://x.com/RudyHavenstein/status/1801684388805230720
The world we live in:
https://x.com/ibisredibis0/status/1801912831421399191
Wow, these numbers are mind-blowing!
Another $754 billion and these two will be as big as the Fed’s balance sheet!
https://x.com/RudyHavenstein/status/1801669395485442333
400 years of Historical market bubbles.🫧
BUT
the current generation of cattle 🐄 have informed me that this time it’s different.
https://x.com/great_martis/status/1802109500041945174
Zero.
That was monthly inflation in May.
There’s more to do still, but this is welcome progress.
https://x.com/JoeBiden/status/1802034338394960347
The cost of living is up over 50% since you took office. When the price level moves up like this and stays flat for one year, you victory lap a ‘zero’?! We need prices to drop at least 30% for housing to be even close to affordable. Here’s the FHFA index since you began:
https://x.com/Jkylebass/status/1802360575789252976
🇨🇦 Canada bankruptcies 532 companies.
𝗛𝗶𝗴𝗵𝗲𝘀𝘁 𝘀𝗶𝗻𝗰𝗲 𝘁𝗵𝗲 𝗚𝗹𝗼𝗯𝗮𝗹 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗖𝗿𝗶𝘀𝗶𝘀!
https://x.com/joosteninvestor/status/1801814376497684549
You just know the goat is the mastermind behind the escape 😂
https://x.com/AMAZlNGNATURE/status/1802077630570590263
Where in cycle?
https://x.com/DonMiami3/status/1802464357164474416
Loan default on 636 apartments in Austin.
– $103mm loan ($162K per unit).
– Lender pushing for court to appoint receiver
– Lender claims sponsor is unwilling or unable to pay property manager and other operating expenses.
– Missed April and May loan payments
– Rate cap expired; sponsor has not obtained a new rate cap
– $350K of liens
Asset: Tides on Copper Creek
Sounds like a nightmare for the lender.
https://x.com/aryal1994/status/1802039033259815117
This is what happens when rents fall below your costs.
No one believes this can happen.
“Just raise rents” they say
That’s not how it works.
https://x.com/StealthQE4/status/1802159774353477987
“Stuck Between a Rock and a New 🏡 ”
Homeowner Fears Financial Ruin as Sale Stalls Ahead of Closing Date! 👇🏽
https://x.com/ShaziGoalie/status/1802358347540172809
The tide is turning – market is flooded with inventory. Buyers finally done with the nonsense of bidding wars. Price adjustments coming in weekly. Price adjustments eases the pain for sellers instead of Price Reduction. The next six to eight months will be very telling. ⚠️
https://x.com/REWoman/status/1802003980568129661
All bubbles have three things in common:
1. This time it’s different
2. They go much higher than one would ever assume
3. They eventually painfully burst
What did I miss?
https://x.com/MichaelAArouet/status/1802243823864566051
Reminder that true price discovery happens via the sellers who are most determined to sell:
https://x.com/texasrunnerDFW/status/1801785411624173803
Banking crisis ⚠️
Bank runs in 3..2…
https://x.com/great_martis/status/1801630369114165346
Biden froze again last night and had to get escorted out by Obama. Is this normal?
https://x.com/EndWokeness/status/1802380110458151329
“The cost of living is up over 50% since you took office. When the price level moves up like this and stays flat for one year, you victory lap a ‘zero’?!”
Paul Krugman approves this narrative.
stays flat for one year
Flat? Maybe prices haven’t gone up as much as before, but they are most definitely still going up.
“The cost of living is up over 50% since you took office.”
Talked to a hard working 38 year-old neighbor the other day, a fisherman. I asked him how he and his family were doing and he replied…
Good, but I wish I had some money, when Trump was president we had money to spend and save, now we’ve got nothing left over.
Does anyone know what happened to @GRomePow’s Twitter/X account? I get the following message: This account’s tweets are protected. Only confirmed followers have access to @GRomePow’s tweets.
The DNC is using its kickbacks from Zelensky to fund an army of internet trolls to shill the virtues of the Dear Leader Biden and attempt to disrupt non-Narrative Compliant social media sites with large anti-Biden followings. I’m guessing this had something to do with the new site restrictions.
“Loan default on 636 apartments in Austin.”
“$103mm loan”
“sponsor is unwilling or unable to pay”
So Tides Equities isn’t paying it’s bills, but the owner was able to drop $15 million on a mansion in February.
https://www.tidesequities.com/leadership
‘
‘Tides principal linked to purchase of $15M Brentwood manse’
https://therealdeal.com/la/2023/02/28/tides-principal-sean-kia-buys-15m-brentwood-mansion/
Biden froze again last night and had to get escorted out by Obama. Is this normal?
It is for Joe.
It’s just a glitch.
That’s just…..wow….
“Biden froze again last night and had to get escorted out by Obama.”
The lights are on, but nobody is home.
for the Demo guys……Walking Through 16 Condos To Be Removed on Fort Myers Beach. Watch as we search for hidden treasures and reusable items to repurpose before demolition. 20 min
https://www.youtube.com/watch?v=SdbhAFumW5I
Ok, just thought I would mention that a group of Doctors/Scientists think they have gene therapy that will deactivate the spike protein production caused by the mRNA vaccines.
My thoughts are that not likely FDA is going to approve a countermeasure to their safe and effective vaccine, even if it existed. Also , who would fund the expensive trials that would be required?
And with people now being afraid of gene therapy, would they be afraid of taking a gene therapy counter measure to the Covid Vaccines?
This groups believes this therapy would deactivate the spike protein production, that seems to be the cause of all this death and adverse affects from the vaccines.
Also ,time is of the essence to implement a so called cure to the harm of the vaccines. Our Government won’t yet take the fake poison vaccines off market and mRNA technology is being put in numerous more products.
This Group is saying that this remedy works in deactivating the vaccine induced spike protein , but countless hurdles to it becoming available.
Problem is a great deal of people think the Med system , science ,big Pharmacy regulatory agencies , etc are so corrupt that that med system needs to be decomposed as much as the lethal spike protein does.
I’m happy that a group might have something that deactivate the spike protein, but the corrupt system isn’t going to allow a cure, I predict.
“the corrupt system isn’t going to allow a cure”
There’s no continuing revenue in curing anything.
Remember how all the gyms were closed during CCP Flu, but all the fast food drive thrus stayed open?
Maybe if the people demanded the cure, or Drs and Scientists in the thousands demanded the cure, if they have one like they are saying.
“A Republic, If You Can Keep It”
Breaking news,
Kansas filed lawsuit against Plizer for Covid 19 vaccines.
Looks like a lawsuit addressing the Pharmaceutical Companies fraud in the marketing of the vaccines and oppressing the adverse side effects.
I , myself would like to see a criminal indictment .
Ontario Real Estate Market CRASH! Buyers Vanishing (2024)
Mark Turcotte
3 hours ago
In this video, we delve into the current state of the Ontario real estate market in 2024, where a sudden crash has left buyers disappearing from transactions. Join us as we explore the reasons behind this shift and what it means for both buyers and sellers in the Ontario real estate market. Stay informed and watch till the end for valuable insights and analysis.
Are you looking to sell or buy Innisfil, Barrie , ESSA, Springwater Township real estate. Understanding the correlation between price and days on the market may be crucial to your success. In this video, we discuss how many property sellers in Barrie are now associating price with how long their property has been listed for sale. This allows them to price their property competitively and attract more potential buyers. Selling your home can be a daunting task, but with proper strategies and insights, you can achieve your goals with ease.
https://www.youtube.com/watch?v=h0aqRjEn5aw
15 minutes.
I never heard of this sh$thole before:
https://www.essatownship.on.ca/
“Selling your home can be a daunting task, but with proper strategies and insights, you can achieve your goals with ease.”
C’mon, tell ’em they’ll have to really drop their price.
Benny Johnson
@bennyjohnson
YIKES: Watch Joe Biden incoherently babble at his Hollywood fundraiser as Obama looks on in SHOCK.
This is so bad…
12:42 PM · Jun 17, 2024
https://x.com/bennyjohnson/status/1802743522895749456
Message to Democrat voters
All Is Well!
https://youtu.be/zDAmPIq29ro?si=PzwdEj93cB5efuH4
Jeebus!
Wonder what the world thinks is going on here?
Trump — Everything Woke Turns To Sh*t (0m33s):
https://www.bitchute.com/video/hVqoWfI1r4ZS/
🙂
70% of Unionized Daily Beast Staffers Take Buyouts as Layoffs Loom | Exclusive
“We’re currently watching the collapse of The Beast,” an individual with knowledge of the situation tells TheWrap
https://www.thewrap.com/daily-beast-union-staffers-buyout-layoffs/
‘It was like a bombshell’…The board raised residents’ dues by 20%, the most the association allows per year, to $474 a month. ‘This is not the direction any of us wanted to go, but there is simply no choice’
Mark is right homeowners. This is what it takes to be a winnah!
‘retired and live in a community of duplexes in Aurora, Colo., are paying $399 a month to their homeowner association, but they expect the cost to keep rising because of higher insurance premiums and maintenance needs. They plan to list their home for sale soon and rent instead. ‘The increased costs are driving us nuts’
That’s OK Mindy, we all know you really need to sell. But don’t screw up the comps!
“paying $399 a month to their homeowner association, but they expect the cost to keep rising because of higher insurance premiums and maintenance needs.”
Eaten by the monster HOA
Don’t let it get me, Don’t let it get me, Don’t let it get me, Don’t let it get me, Don’t let it get me…
https://youtu.be/NIpQB3W2Zaw?si=HWpAIGvUOi63vc-s
‘If we look at inventories for resale homes we are up dramatically…This tells us that there is a desire for homeowners to sell and relocate, but they are having difficulty in doing so’
How the mighty have fallen.
‘If I rent out my house to a guest that comes from a neighbor house – sometimes within the city – and they throw a party, it is not my responsibility…I’m not the one who threw the party. So I don’t know why these people are attacking us hosts’
It’s a long sorry road to where people get sick of yer sh$t and kick yer a$$ out Ruben.
‘Pre-approvals are really important when you’re out shopping too because it’s actually quite surprising how many offers in the last while have been collapsing because of financing’
Don’t you hate that Jerry? You think, finally, I can eat! And that knife catchers finances were as stinky as yer igloo!
‘Back in February, to rent a property you just do one viewing, and then it will be rented, you would have quite a few people lined up at the door and you’d have a number of applications to choose from. And now is, you may only get one or two people coming to the viewing and you may get no applications, so you do another viewing, and then you do another view…so it could be four or five viewings, there are houses that are gonna take longer than that’
It was like somebody flipped a light switch Shane. All those extra hours and yer not getting paid a penny for it.
‘We’ve actually already introduced some properties where we’ve reduced the rent already to meet the market’
Sacré bleu!
‘they say it turned into a nightmare. Their inner-city dream home remains unfinished, five years after work began. ‘It’s been very, very difficult…It’s been very trying and it’s really taken me to places which I had never expected to go just for making an insurance claim and building an ordinary family home’
But you did go to those scary places Siddarth, cuz yer a winnah!
‘I feel sick, it’s frustrating. I feel the system has completely turned its back on us,’ Mr Ford said. The impasse is costing the family money and heartache. ‘What’s the point of having insurance if they’re not going to help you when you’re in trouble? Isn’t that the whole point?’
I’ve come to the conclusion Jared, that with insurance, the money is supposed to flow from us to them. It doesn’t really work when that’s not the case.
‘We bought lots of concrete and steel. We have our houses under guarantor,’ he said. ‘So, if I don’t pay these companies, I will be losing my houses and my family will be living on the street’
You were a high roller too Tony.
‘It’s a government job. They should look after the trades’
Since yer looking for a job, how about politics?
You were a high roller too Tony.
As mentioned above in the comments. Ya gotta Go big or go home! I guess you will be going home, alone.
‘It’s the lowest the price has been in the last 10 years,’ she sighed, but ‘we want to sell… that’s just how it is’
Acceptance <- Wang, you are here.
‘The job market’s problems stretch deeper than just China’s young people, though. One employer told AFP it was ‘very difficult’ for people over 30 in the current climate. The issue, said a graduate surnamed Shen, was simply that ‘there are too many jobseekers relative to positions available.’ Top candidates who might once have nabbed a job paying 30,000 yuan a month would probably get a third of that now’
Dan:
via GIPHY
Traffic — Shouldn’t Have Took More Than You Gave:
https://www.youtube.com/watch?v=Um1Qn0CBE4s
Anastasiia Tiurina (7 years) “Valenki” balalaika
5 years ago
Shalov Concert variations on the theme of the Russian folk song “Valenki” Concert Hall named after PI Tchaikovsky Moscow Philharmonic. Accompanied by the National Academic Orchestra of Russian Folk Instruments Osipova.
https://www.youtube.com/watch?v=UAfuMol1e-0
4:12.
Does it seem like almost everyone in California is trying to figure out another state to live in?
California’s Exodus Could Get Even Worse
Published Jun 17, 2024 at 5:00 AM EDT
Updated Jun 17, 2024 at 7:07 AM EDT
By James Bickerton
US News Reporter
An ongoing population transfer from California to other American states looks set to continue according to data shared with Newsweek by relocation tech company moveBuddha.
Of the ten most popular relocation routes searched by the firm’s customers in 2024 five involved moving from a California metro area to a different state, while one involved a move in the opposite direction.
In March the U.S. Census Bureau reported the population of California was 38,965,000 as of July 2023, a fall of 573,000 from 39,500,000 three years earlier. This decline occurred despite the U.S. population growing as a whole, with Florida, Texas and South Carolina recording increases of 1.9 percent, 1.6 percent and 1.7 percent respectively in the year to July 2022.
U.S. Census Bureau figures showed 74,000 people moved from California to Arizona alone in 2022, following 69,000 the previous year.
Los Angeles to New York was the most searched for moveBuddha relocation route in 2024 according to the company, while San Francisco to New York came in at fourth place.
Los Angeles occupied three more spots on the top ten with relocation to Dallas, Las Vegas and Seattle being the 5th, 6th and 8th most searched for moves, respectively. Of the ten most searched routes only one involved a move to California. This was the third most popular route from New York to Los Angeles.
…
https://www.newsweek.com/californias-exodus-could-get-even-worse-1912942
They need to remember that they are refugees, not missionaries.
They need to remember that they are refugees, not missionaries.
Amen
Housing Market May Hit ‘Breaking Point,’ Economist Warns
Published Jun 17, 2024 at 10:34 AM EDT
Updated Jun 17, 2024 at 11:13 AM EDT
By Omar Mohammed
Reporter, Economy & Finance
High borrowing costs for home loans and rising home prices have made homebuying out of reach for huge swathes of Americans and is bringing the issue of housing affordability to a breaking point, according to a housing economist.
Mortgage rates have soared to two-decade highs at the same time that house prices are at record levels, pushing a number of Americans out of the market while many others appear willing to wait it out.
Price increases have outpaced the growth of incomes, limiting the ability of potential buyers from being able to dedicate enough of their earnings to purchase a property.
“Long term, people can’t just keep spending more of their income on their housing payment,” Danielle Hale, chief economist at Realtor.com, told Newsweek. “It’s going to crowd out everything else in their budget.”
The housing market is still in the grip of high prices contributing to low sales and tepid demand, a dynamic that has yet to shift.
…
https://www.newsweek.com/www-newsweek-com-housing-market-may-hit-breaking-point-economist-warns-1913688
Is it true that bubbles which inflate larger for longer end in bigger busts?
Top economist makes harrowing prediction set to happen within months
Updated 16:59 16 Jun 2024 GMT+1
Published 17:00 16 Jun 2024 GMT+1
Top economist makes harrowing prediction set to happen within months
Harry Dent, a financial author and economist, has grave predictions for the future of our economy
Callum Jones
With the ongoing cost of living crisis, millions of Americans are still impacted by financial woes.
And while you’d like to think the economy may be turning the corner, a top economist has some pretty bleak predictions.
Speaking in an interview with Fox News Digital, Harry Dent, a financial author and economist, has warned we could be in for a bigger financial crash than the Great Recession.
He said: “In 1925 to ‘29, it was a natural bubble. There was no stimulus behind that, artificial stimulus per se. So this is new. This has never happened.
“What do you do if you want to cure a hangover? You drink more. And that’s what they’ve been doing.”
The financial expert added: “Flooding the economy with extra money forever might actually enhance the overall economy long-term. But we’ll only see when we see this bubble burst.
“And again, this bubble has been going 14 years. Instead of most bubbles [going] five to six, it’s been stretched higher, longer. So you’d have to expect a bigger crash than we got in 2008 to ’09.”
…
https://www.unilad.com/news/money/economist-prediction-future-months-680304-20240616
Markets
A famed economist who called the 2008 recession shares 3 ways stocks resemble some of the biggest bubbles in history — and warns 2 ‘bona fide’ recession signals showed up in May’s jobs data
William Edwards
Jun 15, 2024, 1:31 AM PDT
trader worried nervous hands on head
Scott Olson/Getty
– The S&P 500 has surged 31.8% in an eight-month rally, hitting new highs this week.
– David Rosenberg warns the market is historically overextended, comparing it to past bubbles.
– On top of that, the labor market is signaling a recession, Rosenberg warns.
…
https://www.businessinsider.com/stock-market-crash-biggest-bubbles-in-history-recession-unemployment-rosenberg-2024-6
The almighty dollar? Gold still outshines dollars as inflation erodes purchasing power
Pittsburgh Post-Gazette logo
Tim Grant
Pittsburgh Post-Gazette
Jun 17, 2024
2:30 AM
In a world where the almighty dollar buckles under the weight of inflation, gold stands tall.
Gold can still buy just about anything — including consumer goods and financial assets — in pretty much the same quantity it did five years ago. But the dollar has a different story.
It takes twice as many dollars to buy a share of the S&P 500 index today as it would have five years ago, yet the gold price hasn’t changed. It cost about two ounces of gold then and it still takes around two ounces of gold now to buy a share of the S&P 500 index.
Even though homeowners in the past five years have seen their home’s prices skyrocket in dollar terms, it actually takes fewer gold coins to purchase the average home in Pittsburgh today.
“Part of the illusion is that assets are growing in value when, in fact, our dollar has less purchasing power,” said Paul Brahim, managing director of Wealth Enhancement Group, Downtown.
“The dollar as a store of value is an absolute loser against inflation,” he said. “A bank account after taxes is a guaranteed loser. You can preserve the dollar. You just can’t buy as much with it.”
…
https://www.post-gazette.com/business/money/2024/06/17/gold-dollar-inflation-purchasing-power/stories/202406120077
Saudi Arabia Drifts Away from Washington and the Dollar
06/15/2024
Ryan McMaken
Earlier this week, those of us who follow news about the US dollar’s global status noticed numerous claims that the US-Saudi petrodollar agreement had “expired” and that the Saudis would now sell oil for many currencies other than dollars. Some versions of the story even claimed the Chinese yuan would replace the dollar.
The reports appear to have originated either in India or in publications that cater to crypto investors. Fervor over the story was large enough that economist Paul Donovan at UBS felt the need to clarify that there have not actually been any big, new developments in Saudi-US currency relations.
It now seems clear that these reports of an alleged formal petrodollar “contract” did indeed get several key facts wrong. First of all, the Saudis’ turn toward embracing currencies other than dollars is not new. Moreover, there is no known formal treaty or contract between the US and Saudi Arabia—least of all one with an expiration date.
https://mises.org/mises-wire/saudi-arabia-drifts-away-washington-and-dollar