• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Housing Bubble

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Donald Trump Is Right: Here Are 100 Reasons Why We Need To Audit The Federal Reserve





When a leading nominee for President gets something exactly right, we should applaud them for it.  In this case, Donald Trump’s call to audit the Federal Reserve is dead on correct.  Most Americans don’t realize this, but the Federal Reserve has far more power over the economy than anyone else does – including Barack Obama.  The funny thing is that the Federal Reserve is not even part of the federal government.  It is an independent private central bank that was designed by very powerful Wall Street interests a little over 100 years ago.  It is at the heart of the debt-based financial system which is eating away at America like cancer, and it has no direct accountability to the American people whatsoever.

 
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The New "Big Short"? - Australia's Housing Bubble Is "In the Grip Of Insanity"





"The property bubble is everything to this economy and the country’s citizens, whether they know it or not, are 'all in'." Those who so to speak 'live inside the bubble' are no longer aware of its dangers. The mentality of Australians is generally well aligned with the country’s great weather – their outlook usually tends to be 'happy-go-lucky' and optimistic; but Australia’s citizens have far greater exposure to the bubble than is immediately obvious.

 
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Made-up Government Stats Inflame "Overweight Haters" Contempt for Britain's Obese





"We disapprove of your wasting NHS [National Health Service] money to treat your selfish greed... You are a fat, ugly human."

 
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Calgary's Housing Market Collapses While "Three-Alarm Blaze" Burns Next Door In Vancouver





It's a tale of two cities in Canada where Vancouver's home prices in Vancouver are literally off the charts, while condos sales in beleaguered Calgary fell by 38% last year, the largest decline since the crisis. 

 
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Hong Kong Real Estate Price Plunges 70% In Latest Government Land Sale





One place that provides some glimpse into true price discovery was the just completed government tender, in which a parcel of land sold by the government in the New Territories went for nearly 70% less per square foot than a similar transaction in September.

 
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Deranged Central Bankers Are Blowing Up The World





The fiat currency system, fractional reserve banking fraud, insane Keynesian fiscal policies, and consumer debt based consumption economy are mathematically unsustainable, so they won’t be sustained. The world is about to sit down to a banquet of consequences, served by deranged central bankers.

 
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It Was Never About Oil





What we do know is that the eurodollar system is failing and we know how it is failing. From negative swap spreads to the shrunken, depressed money and credit curves, they all spell out the death of the current standard. The money supply, for lack of a more appropriate term in the “dollar’s” universe, is in the long run converging with the shriveled economic baseline. The immediate problem for our current circumstances is that we don’t yet have any idea what that foundation might look like even now- how far is down.

 
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"Jingle Mail" Makes Comeback In Canada As Underwater Borrowers Mail Keys Back To Banks





"People [are] saying that we can't make a go of it and mail the keys to the bank. In the big cities, not so much because the average sale prices haven't really dropped much, we haven't seen the pain yet. But Calgary is getting pretty tight."

 
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Chinese Factory Worker Explains What "The Government Is Most Fearful Of"





At a printing factory in the western city of Chongqing, a Reuters reporter was present when a local official visited last week to make sure the boss paid his workers before the Year of the Monkey begins. The official declined to speak with Reuters, although the boss later said it was an attempt to prevent unrest"That's what the government is most fearful of," said the factory owner, who did not want to be named.

 
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Robust Job Growth Doesn't Make Sense And The Numbers Show Why





There is no productivity mystery, only a distinct and illegitimate lack of curiosity on the part of economists to simply take the Establishment Survey as gospel regardless of how little it fit the rest of the world. It also calls into question the legitimacy of the FOMC and monetary policy that was certainly subject to, and predicated upon, the same quackery. No matter how little the payroll reports described the economy as it was, including the relation to GDP, they held on to nothing else to instead deny everything.

 
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Bill Gross Trolls "Addled, Impotent" Central Bankers, Asks "How's It Workin' For Ya?"





"Why after several decades of 0% rates has the Japanese economy failed to respond? Why has the U.S. only averaged 2% real growth since the end of the Great Recession? “How’s it workin’ for ya?” – would be a curt, logical summary of the impotency of low interest rates to generate acceptable economic growth worldwide. "

 
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"Liar Loans" Are Back In 2007 Housing Bubble Redux





Don’t look now, but the infamous "Alt-As" are making a comeback thanks to “big money managers including Neuberger Berman, Pacific Investment Management Co. and an affiliate of Blackstone Group LP [who] are lobbying lenders to make more of these “liar’ loans—or even buying loan-origination companies to control more of the supply themselves,” WSJ reports.

 
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Wall Street Drops The 'C' Word: Proclaims Junk Bond Risks Are Contained





To an economist, the economy can bear no recession. In times of heavy central bank activity, an economy can never be in recession. Those appear to be the only dynamic factors that drive economic interpretation in the mainstream. And they become circular in the trap of just these kinds of circumstances – the economy looks like it might fall into recession, therefore a central bank acts, meaning the economy will avoid recession; thus there will never be recession. The risks are all still there, and economists are still determined to downplay if not miss them entirely.

 
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Hong Kong Housing Bubble Suffers Spectacular Collapse: Sales Plunge Most On Record, Prices Crash





Hong Kong home prices tumbled the most since July 2013, and after a 12 year upcycle, prices are now down a whopping 10% from the recent peak four short months ago. But not only has the Hong Kong housing bubble burst, it has done so in spectacular fashion: as quoted by the SCMP, the local Centaline Property Agency estimates that total Hong Kong property transactions in January were on track to register the worst month since 1991, when it started compiling monthly figures. In other words, the biggest drop in recorded history!

 
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