Central planners at the Fed frequently speak glowingly of their record of providing price stability in the economy - even as the Fed blew a series of asset bubbles including sequential real estate bubbles.
Tent city's as total sqkm would be a good metric, it looks so tough in the USA it makes me feel very sad for the people caught up in this new version of homelessness. Australia is not suffering to the same extent, although we have seem substantial cost of living expenses increases. Our real estate still seems to be in an inflationary phase and with our open borders immigration policy it is hard to find accommodation to either buy or rent. Our four major banks have the highest ratio of residential real estate on their loan books in the world, its around 60%. We have a unique "negative gearing" structure where debt payments for "investment" (not primary residence) real estate becomes a tax deduction. People here love to get leveraged up with banks to buy homes, will be interesting if we hit a deflationary phase with real estate.
Homelessness in New Zealand seems to be manifesting in two or more families sharing a property -- house, garage, tent in the garden. Not a new phenomena but much much more widespread and it's not declining. I call these 'Ardernvilles'.
Russia and China realised decades ago that central planning doesn't work. What does our arrogance achieve? Apart from economic devastation, it's things like bioengineering (central planning) the weather so that hurricanes out at sea randomly change course to wipe out residential areas on land. American exceptionalism!
Tent city's as total sqkm would be a good metric, it looks so tough in the USA it makes me feel very sad for the people caught up in this new version of homelessness. Australia is not suffering to the same extent, although we have seem substantial cost of living expenses increases. Our real estate still seems to be in an inflationary phase and with our open borders immigration policy it is hard to find accommodation to either buy or rent. Our four major banks have the highest ratio of residential real estate on their loan books in the world, its around 60%. We have a unique "negative gearing" structure where debt payments for "investment" (not primary residence) real estate becomes a tax deduction. People here love to get leveraged up with banks to buy homes, will be interesting if we hit a deflationary phase with real estate.
Whisper number on actual illegals into the US is 20M.
Jobs have not gone to the native born who have been wiped out by cost of living and debt servicing costs.
https://www.zerohedge.com/economics/wall-street-admits-biggest-economic-shocker-all-jobs-past-year-have-gone-illegal-aliens
Homelessness in New Zealand seems to be manifesting in two or more families sharing a property -- house, garage, tent in the garden. Not a new phenomena but much much more widespread and it's not declining. I call these 'Ardernvilles'.
It's going to take a lot of cooperation and working together to get through what is coming.
Russia and China realised decades ago that central planning doesn't work. What does our arrogance achieve? Apart from economic devastation, it's things like bioengineering (central planning) the weather so that hurricanes out at sea randomly change course to wipe out residential areas on land. American exceptionalism!
But central planning of currency does work very well as a wealth extraction tool from the populace.
We're just told the goal is something else.
Shared it to X. Hope you come back to there.
Thanks!