What Are Older Office Towers Worth? Here’s the First Sale in San Francisco’s New Era of Office CRE

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May 10, 2023

by Wolf Richter, Wolf Street:

Union Bank made a deal to sell its tower at 75% off original listing price, setting the first new benchmark. Other towers waiting in the wings.

We have been tracking what older office towers, many of them from the 1980s and 1990s, are worth when they finally do sell, either in a foreclosure auction or in a regular transaction. Two towers in Houston sold at a foreclosure auction at a price where the lenders – holders of Commercial Mortgage-Backed Securities (CMB) – lost 80% and 88% respectively. In the foreclosure sale of the vacant 46-story 1980s “One AT&T Center” in downtown St. Louis, CMBS holders took a 100% loss.

It Could Happen To You

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May 10, 2023

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by Michael Snyder, The Economic Collapse Blog:

Those that are wrecking our economy don’t seem to have much empathy for the millions upon millions of people that they are hurting. As you will see below, one Fed official is actually suggesting that interest rates may need to go even higher even though the interest rate hikes that we have already seen are turning lives upside down all over the country. Everywhere you look people are in severe pain, but this is only just the beginning. And I would encourage you not to ever look down on those that have had a run of bad fortune, because it could happen to you too.

VINCE LANCI: AT 3 AM, CHINA JUST MADE GOLD MONEY AGAIN

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May 9, 2023

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from Arcadia Economics:

TRUTH LIVES on at https://sgtreport.tv/

Deposits at JPMorgan Chase, Bank of America and Wells Fargo Shrank by $465 Billion Y-O-Y; More than Twice the Total of 4,000 Small Banks

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May 9, 2023

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by Pam Martens and Russ Martens, Wall St On Parade:

Since the banking crisis began making headlines at expensive media real estate, the narrative has been that deposits are fleeing the small commercial banks and flooding into the biggest banks that are perceived as too-big-to-fail and thus offer a safer venue for deposits.

Because these mega banks are the same ones that the Fed has been bailing out since the financial crisis of 2008, that narrative requires believing that our fellow Americans are dumber than a stump.

Economic Despair Is Rapidly Spreading As The Cost Of Living Rises To Extremely Oppressive Levels

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May 9, 2023

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by Michael Snyder, The Economic Collapse Blog:

This new economic downturn is starting to bite, and we are starting to see signs of severe pain all over the nation. In fact, unless you are independently wealthy, you are likely feeling pain too. The cost of living has risen to extreme oppressive levels, and this has happened at a time when close to two-thirds of the country was already living paycheck to paycheck. As a result, many Americans are having their finances stretched to the breaking point, and millions of them are reaching out for help. For example, on Saturday morning the line of people waiting for assistance at one of Boston’s largest food pantries “stretched the length of two football fields”…

UKRAINE VS RUSSIA: THE CRAZY UKRANIANS ARE FIRING ON THEIR NUCLEAR FACILITY

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May 9, 2023

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by Harvey Organ, Harvey Organ Blog:

GOLD CLOSED UP $8.70 TO $2025.60 AS INVESTORS DEMAND PHYSICAL DELIVERY FROM THE MASSIVE SHORTS ON FRIDAY//SILVER WAS DOWN 7 CENTS TO $25.57//PLATINUM CLOSED UP $17.10 TO $1079.30//PALLADIUM CLOSED UP $51.10 TO $1555.50//ANDREW MAGUIRE: A MUST VIEW TAPE//ALSO DR DANIEL LACALLE: A MUST READ!//UKRAINE VS RUSSIA: THE CRAZY UKRANIANS ARE FIRING ON THEIR NUCLEAR FACILITY//COVID UPDATES//DR PAUL ALEXANDER/VACCINE IMPACT/SLAY NEWS/EVOLE NEWS//IN USA: HUGE RUN ON THE BANKS WITH 360 BILLION DOLLARS LEAVING BANK DEPOSITS FOR MONEY MARKETS//CREDIT CARD USE INCREASE AGAIN IN DRAMATIC FASHION AS MANY AS MAXED OUT//CALIFORNIA DEFAULTS ON PANDEMIC FUNDS ISSUED BY THE FEDS//TYSON FOODS, LARGEST FOOD PRODUCER IN THE USA SHOWS A LOSS IN LASTEST QUARTER/

GREAT RESET: Burger King FAILS! – They’re PREPARING For Government Food Rations!

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May 8, 2023

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from World Alternative Media:

TRUTH LIVES on at https://sgtreport.tv/

PROGRAMMABLE CURRENCIES — The Pathway To Your Enslavement

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May 8, 2023

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by TheDarkMan, The Duran:

Cheques (or checks in American parlance) have been with us a long time. Although they take a while to clear, they are safer to use than cash, especially for large purchases. At one time, ordinary people, especially women, would not be issued with chequebooks by their banks. Cheques have two big advantages over cash. If you sign a cheque for a thousand dollars then lose it or it is stolen, you simply put a stop on it with your bank whereas if you lose cash, it’s usually gone forever. Cheque payments can also be traced, so again, they are safer than cash.

CBDC – The Real Target

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May 8, 2023

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by Martin Armstrong, Armstrong Economics:

A lot of people somehow think that the move to Digital Currency is a completely new monetary system, It is targeted to eliminate cash transactions so everything is taxable and nothing can be hidden from our overlords. If we look at commerce in the United States during 2022, 82% of all transactions were digital – Debit cards (20 percent), credit cards (30 percent), and digital wallets 32 percent. That was e-commerce.

RIGGED [AGAINST YOU]- US Dollar Imploding

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May 8, 2023

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from Stew Peters Network:

TRUTH LIVES on at https://sgtreport.tv/

🔴 Economic Data Confirms Entrenched Inflation- Ep 893

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May 8, 2023

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from Peter Schiff:

TRUTH LIVES on at https://sgtreport.tv/

Central Bank Gold Buying Off To A Record-Breaking Start In 2023, Led By Singapore

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May 8, 2023

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from ZeroHedge:

It may not be the off the charts gold buying observed in the second half of 2022, but central bank Central bank gold buying made a blistering start to 2023 when according to the latest report from the World Gold Council, demand for the hard currency by the world’s money-printing authorities reached 228 tonnes in Q1, a 176% increase compared to the 82.7 tonnes one year ago. While lower than the figures seen in the previous two quarters this was nonetheless the strongest first quarter on record. According to the WGC, “this is all the more impressive considering it follows the record-breaking pace of demand last year.”

More Troubled Banks

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May 8, 2023

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by Paul Craig Roberts, Paul Craig Roberts:

As I reported at the time, the banking crisis is not limited to Silicon Valley Bank. Silicon Valley Bank’s failure was followed by the failures of New York Signature Bank and First Republic Bank of San Francisco. Now three more banks have had their stock prices collapse–Western Alliance, PacWest Bankcorp, and Metropolitan Bank.

As I have emphasized, the Federal Reserve’s higher interest rates are the cause of the bank troubles. The decade of zero interest rates left banks with portfolios of low interest rate assets on their balance sheets. As the Federal Reserve raised rates, these assets declined in value. Depositors saw that the banks were technically insolvent and withdrew funds. Others withdrew funds because they can now get higher interest rates from money market funds.

Where Not to Be in a Crisis

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May 8, 2023

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by Jeff Thomas, International Man:

For many years, there have been those who have been prognosticating an economic crisis – not just a recession lasting a year or two, but a full-blown Greater Depression that would eclipse any major event we’ve seen in our lifetimes.

That may appear to be an overstatement, but historically, it’s the norm for a time of major upheaval to occur every eighty years or so. And although some of us began analysing and commenting on the Greater Depression many years ago, it’s clear to all of us that we’ve now entered the leading edge of the crisis.