Is selling in Canadian real estate markets headed for a downward spiral? Economist David Rosenberg tells Bloomberg that “The momentum could build on itself, where the lower prices beget even lower prices because of the forced selling by these leveraged weak hands.” Bloomberg's Ari Altstedter reports on the Canadian real estate market, writing: At the tail end of a historic bull run in Canada’s housing market last year, investors came to comprise a fifth of the country’s homebuyers. Now, they are some of the first scrambling to unload properties in what some are already saying could be the … [Read more...]
Archives for July 2022
America Is Now the World’s LNG Superpower
In the first half of 2022, driven by increased exports to European nations, the United States became the world's largest exporter of liquified natural gas (LNG). The EIA reports: The United States became the world’s largest liquefied natural gas (LNG) exporter during the first half of 2022, according to data from CEDIGAZ. Compared with the second half of 2021, U.S. LNG exports increased by 12% in the first half of 2022, averaging 11.2 billion cubic feet per day (Bcf/d). U.S. LNG exports continued to grow for three reasons—increased LNG export capacity, increased international natural gas and … [Read more...]
Newport Folk Festival 2022: Surprise Appearances by Paul Simon and Joni Mitchell
For over six decades, the Newport Folk Festival has been a key point of Newport's summer festivities. There have been legendary performances given on its stage and memories made that last a lifetime. This year, Paul Simon made his Newport Folk Festival debut, joining Nathaniel Rateliff's American Tune Review to perform four songs, "Graceland," "American Tune," "The Boxer," and "Sound of Silence." According to StereoGum's James Rettig, "He was joined by Rhiannon Giddens on 'American Tune,' and a whole bunch of performers came out for 'The Boxer.' "What a joy working with Nathaniel and his … [Read more...]
Rich Tapping Low Cost Loans Unavailable to Others
Wealthy Americans are tapping into low-cost loans that others can't get, and they're using them even as the economy teeters on the edge of recession. Rachel Louise Ensign reports for The Wall Street Journal: Wealthy people ramped up borrowing in the first half of the year despite rising rates and a stock-market rout that hit the value of their portfolios. The wealth-management units at Morgan Stanley and Bank of America Corp. posted double-digit loan growth in the second quarter. The increase came from well-heeled clients taking out mortgages and loans backed by assets like stock-and-bond … [Read more...]
China Mining MORE Coal While the West Crusades for Climate Change
While America and other western powers continue to restrict the production and use of fossil fuels, China's National Energy Group increased its coal production by 58 million tons in the first half of the year. According to a translated version of the story from Xinhua News (Chinese state-owned media): The National Energy Group is currently the world's largest coal production company, thermal power generation company, wind power generation company and coal-to-oil coal chemical company. In April 2022, the executive meeting of the State Council deployed that it will add 300 million tons of coal … [Read more...]
LIFE IN REVERSE: Born with Savings, Your Entire Life in Front of You
Wouldn’t it be nice if you could live life in reverse? Imagine you’re born with a lifetime of savings and your entire life in front of you. Sounds kinda nice, doesn’t it? But I think after a couple of years—OK, maybe five or ten—you’d get bored. You wouldn’t have a reason to get out of bed. You wouldn’t have purpose. You’d simply be spending down your money. Reverse compounding is no way to live. Stick with me. Click here to sign up for my free monthly Survive & Thrive letter, and we'll weather this storm together. Now, compounding from a young age is a lifestyle. You have … [Read more...]
The Warehouse Industry Is Suffering in Amazon’s Wake
Americans aren't shopping online as much as they did during the pandemic lockdowns, and it's showing up in the results of e-commerce companies, most notably Amazon.com. After the company disappointed investors with its most recent earnings reports, businesses in industries that support Amazon were also hit with negative sentiment. One of those businesses is the warehouse business. The Wall Street Journal's Carol Ryan reports: Consumers have gone back to buying goods in stores, which is slowing the blistering growth in e-commerce seen during the pandemic. U.S. sales in brick and mortar shops … [Read more...]
Biden Talks: Poor Air Quality Warning and New Mask Mandates
Did you see the new mask mandate at the San Diego Unified School District in San Diego, CA? Ari Hoffman reports for The Post Millennial on a letter sent to parents by the district: The letter added, "If your student is participating in summer school or other summer enrichment program, please send them to school or their program with a mask. If they do not have one, masks will be provided. Students and staff will be required to wear their masks while indoors only." Mask mandates are back for @SDSchools students. For students who feel uncomfortable wearing a mask, SDUSD President Sharon … [Read more...]
Will Samsung Build 11 New Chip Plants in Texas?
These days it seems like every high-tech business is moving to Texas. Now, there is a possibility that Samsung will build up to eleven new chip-making facilities in the state. Jiyoung Sohn reports in The Wall Street Journal: Samsung Electronics Co. has floated the prospect of investing nearly $200 billion for 11 new chip-making plants in Texas over the next two decades, a mega splurge that if executed would dramatically boost its semiconductor foothold in the U.S. The South Korean tech giant’s proposed spending was divulged in recent filings submitted to the Texas Comptroller’s office and … [Read more...]
Economists List Biden’s 6 Favorite Lies About Inflation
In The Hill, economists Stephen Moore and EJ Antoni list the six favorite lies about inflation made by the Biden administration. They write: Nobody making under four hundred thousand bucks will have their taxes raised. Period. This one was reminiscent of the infamous George H.W. Bush claim in 1988 “read my lips: no new taxes.” Biden didn’t say he wouldn’t raise taxes on the middle class once or twice, but routinely throughout the campaign — and he even STILL says it. Except that inflation is a tax that hits the middle class and the poor hardest and over the past year, prices have … [Read more...]