“Silver lining? China’s property market, and by extension the debt carried by this sector, could be exactly what sparks the wildfire of debt implosion worldwide…”
China’s housing market is still struggling. Outstanding loans to the property sector fell on a yearly basis for the first time on record as consumers opt against buying homes.
The all-important sector clearly needs more support. But Beijing’s strategy is to shift resources from speculative sectors to more productive industries. In that sense, the difficult rebalancing is going according to the plan.
‘If ever again our nation stumbles upon unfunded paper, it shall surely be like death to our body politic. This country will crash.’ George Washington. (1732-1799).
Bill’s commentary:
“Is it possible there can actually be a cold day in hell? It doesn’t matter, the world already knows that Western central banks are insolvent. This is fact as interest rates have destroyed their balance sheets…”
Alright, before we get into why this shit is surprising to me, I wanna lay the groundwork for the responsibilities of the US Central Command. From the government website:
Mission: USCENTCOM directs and enables military operations and activities with allies and partners to increase regional security and stability in support of enduring U.S. interests.
Command Priorities:
1. Deter Iran
2. Counter Violent Extremist Organizations
3. Compete Strategically
– Regional Constructs
– Integrated Air and Missile Defense/ Counter Unmanned Aerial systems
All those things sound relevant given the disasters that are dominating the news and the globe.
The area that CENTCOM polices is one that is at high alert right now and well, kinda always. Check out some of the countries listed here.
“How funny, I just recently decided to name my new dog ‘Karma’?”
Alameda County District Attorney Pamela Price is no stranger to controversy. She raised eyebrows after she received at least $130,000 from George Soros during her failed 2018 election bid, then won in 2022 on a campaign of radical criminal reforms for the Oakland area. Her primary position? That minorities are disproportionately targeted by law enforcement and the criminal court system and that “equity” policies would stop the rising crime rate.
“That last picture truly puts the shitter to good use! The charts are pretty good too…”
‘Experience is simply the name we give our mistakes.’ Oscar Wilde. (1854-1900).
Bill’s commentary:
“A well done article and worth your time to read and understand.”
Our classics teacher at Groton reminded us daily that every μεν has its δε. The first of these ancient Greek words means “on one hand” and the latter “on the other hand.” Especially in later, philosophical texts, quite a number of words could pass between those two words, but there could never be one without the other. The instruction was both a linguistic law and life lesson, one that the Greeks knew well.
“Whether they do care or don’t, it doesn’t matter …because they WILL!”
How many of you out there have experienced this? You are having a conversation with a normie friend (if any of you have any of those left, friends who are normies) and you are doing really well with all the evidence you have gathered about the New World Order, the WEF, the bent on transhumanism from the global-wannabe-world-leader-technocrats, and all of the other things that are clearly obvious. And then whomever you are talking too really can’t come up with any sort of viable counterpoints and they just shake their head and say, “So what?”
“The latest is called ‘CV19 mRNA Vaccines Were Meant to Harm & Kill People’ – Dr. Michael Palmer.”
Dr. Michael Palmer MD was a biochemistry professor at University of Waterloo, Ontario, Canada, and was fired from his job in 2022 when he refused the CV19 so-called “vaccine.” He now helps run Doctors4CovidEthics.org.
“Do you remember 2 years ago when you pushed back against the jab …and all you could hear was ‘just do the right thing’? Guess what …YOU DID! “
New Zealand is a small country yet it often serves as a useful microcosm of events in other parts of the world.
At present men and women are being slaughtered.
Within the last few days Liz Gunn, head of NZ Loyal, one of the few political parties willing to speak out revealed leaked documents indicating that tens of thousands of the population have died from the experimental gene therapy. If you appreciate that the population of New Zealand is just 5 million it gives some idea of the scale of the slaughter. In one clinic in one day 30 people were given the jab. All 30 are now dead.
‘I can see now that my main trouble was my failure to grasp the vital difference between stock gambling and stock speculation.’ Jesse Livermore.
– note:
Bit of a heads-up, folks. Whilst my pale, undernourished body continues to heal gradually, a certain significant event looms large; my birthday! Y’see, on Wed. week, I will attain a significant personal milestone; on that day, I will reach a perfect cricket score…80 not out! (fingers crossed!)
Starting tomorrow, the family begins to assemble and the celebrations will begin. Woo Hoo!
I mention all this because it will probably have a detrimental affect on my dismal output! Sorry.
However, feel free to raise a glass, or two, in acknowledgement of the event.
Sooo envious, given my alcohol-free restrictions at the moment @#$%.
FYI…
Quite right!
Bill’s commentary:
“Erik with today’s ‘normal’ reality that would have been total science fiction just a few short years ago.”
Bill’s commentary:
“In today’s world, anywhere that credit does not flow freely will fail with real world ramifications …”
Access to financing has become more complicated for oil refiners as banks are increasingly looking to reduce their exposure to fossil fuel projects, according to refining executives.
“If you have the word ‘refinery’ anywhere in your title, you’re not going to get finance,” Alwyn Bowden, chief executive officer of Malaysia’s Pengerang Energy Complex, said at an industry conference, as quoted by Bloomberg.
Banks are also increasingly demanding emission-cutting targets from the oil refiners seeking financing, Bowden noted.
“The real question is, “who” bails out the central banks? Then of course, who bails out the ‘bailers’?”
Two weeks ago we reminded the world that thanks to soaring interest rates, which will only keep rising until the Fed figures out what “big-enough” crisis it uses to trigger QEx+1, the staggering losses on global fixed income securities which according to the IIF amount to $307 trillion – as calculated by DB’s Jim Reid – have risen to a staggering $107 trillion. And while thanks to such facilities as the BTFP much of the MTM risk has been transferred (if only for the time being) away from commercial banks and to the Fed, the cumulative losses at central banks are now absolutely staggering, starting with the biggest and baddest one of all, where the Fed operating loss is now $111 billion and rising with every day that the Fed pays out more in interest to banks (excess reserves) and money markets (reverse repos) than it collects on its bond portfolio…
Last Friday, the Federal Reserve published its Financial Stability Report, which takes a detailed look at U.S. financial stability through the second quarter of this year. Although the Fed does its best to put a rosy glow on the outlook, it’s not a pretty picture.
‘Most successful investors, in fact, do nothing most of the time.’ Jim Rogers. (read much, Jim?)
Bill’s commentary:
“The commercial real estate market has already crashed and the housing market has frozen solid. Your 401k/brokerage statements don’t show this …yet, just wait a short time!”
Soaring interest rates and a slide in bank lending following March’s regional banking meltdown have pressured the commercial real estate sector, especially office towers nationwide. But the stress might be spreading as a new report warns one of San Francisco’s largest apartment buildings has sustained a near 50% collapse in valuation in just five years, with risks of imminent default.
“And you thought banking problems were over? Naw, just temporarily swept under the rug…”
As the chart above indicates, Friday was not a good day to own regional bank stocks. The percentage declines are just for the one day of trading on Friday — not the year-to-date percentage losses. After the bank runs this past spring at regional banks brought on the second, third and fourth largest bank failures in U.S. history, things had quieted down in recent months. Then, along came earnings announcements last week, showing renewed struggles among the regional banks.
“20 minutes with Michael Oliver, well worth your time! The man has had a very impressive track record…”
J. Michael Oliver: Founder of MSA – Michael Oliver entered the financial services industry in 1975 on the Futures side, joining E.F. Hutton’s International Commodity Division, headquartered in New York City’s Battery Park. He studied under David Johnston, head of Hutton’s Commodity Division and Chairman of the COMEX.
Geologists and resources economists have confirmed that the occupied Palestinian territory (oPt) lies above sizeable reservoirs of oil and natural gas wealth, in Area C of the West Bank and the Mediterranean coast off the Gaza Strip, according to a recent UNCTAD study.
“At least we have come full circle? Your home is now a place to live, NOT an investment…”
Sales of previously owned homes dropped 2% in September from August to a seasonally adjusted, annualized rate of 3.96 million units, according to the National Association of Realtors. Sales were 15.4% lower compared with September 2022.
This is the slowest sales pace since October 2010, during the Great Recession, when the market was in the midst of a foreclosure crisis. As a comparison, just two years ago, when mortgage rates hovered around 3%, home sales were running at a 6.6 million pace. The average rate on the 30-year fixed today is right around 8%, according to Mortgage News Daily.
“Careful, this could turn into a credit event in a hurry!”
Israeli media is reporting that the United States is currently in talks to establish ‘safe zones’ in Gaza after it was widely reported that the IDF has been given the green light by the Netanyahu government to go into the Gaza Strip. There are also emerging reports that an Orthodox Church in Gaza has suffered attack by an Israeli strike, via Times of Israel:
BillHolter.com 