• 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 Prices

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Millennials Flee "Three-Alarm" Blaze In Vancouver's "Insane" Housing Market





“Housing in Vancouver is insane — it was insane when I left and it’s more insane now. If you’re trying to do the startup thing full-time, it would have been really difficult with all the expenses.”

 
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Norway’s Interest Rate Conundrum





We are experiencing 1970’s style stagflation, coming from the supply side, not demand. Prices are going up because Norges Bank continues to destroy the Norwegian Krone, turning it into the Nordic Peso. This is where they are “hiding” the damage to save rest of the economy. For example, housing prices will rise in NOK but fall in USD or gold (universal commodity) terms. It’s a shell game, leading to long term decline or even worse, an unexpected period of elevated inflation, requiring a rapid rise in interest rates. 

 
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How China Is About To Unleash A Monster Housing Bubble, In Six Easy Steps





What is worrisome is that since this trick can be applied basically anywhere in China, it will be and the elite in Shanghai and Beijing will catch on as will tier 2-4 cities, whose governments are even more desperate to rescue the housing market. With the elite and smart money milking the existing banking system in this way and moving money out, China's 3.2 Trillion (and declining for 4 consecutive months) official reserves doesn't look all that impressive.

 
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Canadian Oil Companies Have Stopped Paying The Rent





We’ve covered Alberta’s demise extensively over the past twelve months, documenting everything from soaring food bank usage to the alarming spike in property crime in Calgary where vacant office space sits collecting dust and condos go unsold even as housing prices soar in British Columbia and Ontario. Now, in the latest sign that the seemingly inexorable decline in crude will continue to weigh on Alberta's flagging economy, we learn that O&G companies have simply stopped paying rent for surface access to private property.

 
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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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What Markets Are Telling Us





There are many Wall Street cheerleaders who are trying to say that this is just a technical correction, that the bottom is near, and that everything will be getting better soon. They are ignoring the real message the markets are trying to send: you cannot print your way to prosperity.

 
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"A Market Collapse Is On The Horizon"





The increasingly interconnected worlds of debt, energy, and economic growth are about to cause a very substantial disruption to the economy, as oil limits, as well as other energy limits, cause a rapid shift from the benevolent version of the economic supercycle to the portion of the economic supercycle reflecting contraction. Many people have talked about Peak Oil, the Limits to Growth, and the Debt Supercycle without realizing that the underlying problem is really the same - the fact the we are reaching the limits of a finite world.

 
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Could China's Housing Bubble Bring Down The Global Economy?





Following a comprehensive review of China's housing market, we now realize it's much worse than the consensus understands.

 
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Cheap Oil Hits Housing In North Dakota, Texas, & Others





Most Americans will still welcome low prices at the pump. But in the oil boom towns of yesterday, the slowdown is very much being felt - "The jobs are leaving, and if an area gets depopulated, they can't take the houses with them and that's dangerous for the housing market."

 
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Guest Post: 2016 - Year Of The 'Epocalypse'





As the towering forces that are prevailing against failing global economic architecture and the pit of debt beneath that structure, as laid out below, it is clear that the 'Epocalypse' - encompassing the roots "economic, epoch, collapse" and "apocalypse" - is here, and it is everywhere. The Great Collapse has already begun. What follows are the megatrends that will increasingly gang up in the first part of 2016 to stomp the deeply flawed global economy down into its own hole of debt.

 
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2016: Oil Limits & The End Of The Debt Supercycle





The problem of reaching limits in a finite world manifests itself in an unexpected way: slowing wage growth for non-elite workers. Lower wages mean that these workers become less able to afford the output of the system. These problems first lead to commodity oversupply and very low commodity prices. Eventually these problems lead to falling asset prices and widespread debt defaults. These problems are the opposite of what many expect, namely oil shortages and high prices. This strange situation exists because the economy is a networked system. Feedback loops in a networked system don’t necessarily work in the way people expect.

 
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Time For Torches & Pitchforks: The Little Guy Is About To Get Monkey-Hammered Again





The prospect that the leaders of our monetary politburo are about to be tarred and feathered by economic reality might be satisfying enough if it led to the repudiation of Keynesian central planning and a thorough housecleaning at the Fed. Unfortunately, it will also mean that tens of millions of retail investors and 401k holders will be taken to the slaughterhouse for the third time this century. And this time the Fed is out of dry powder, meaning retail investors will never recover as they did after 2002 and 2009.

 
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