Ripped From The Headlines, April 18, 2023
$161 Million Dollar Default, Cash To Become Unusable, "Buy Now, Pay Later" For Everything - Read, Share, & Subscribe - SherlocExposes.com
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“Brookfield Corp. funds have defaulted on a $161.4 million mortgage for a dozen office buildings, mostly around Washington, DC, as rising vacancies hit property values.
Some landlords are defaulting on debt as borrowing costs surge and the prospects of filling up office towers wanes given the rise in remote and hybrid work. Those trends have weighed on values, with prices on office properties falling about 25% in the past year, according to Green Street. About 4.8% of office properties with CMBS were managed by special servicers in March, up from 3.2% a year ago, according to Trepp.
Brookfield, a major office owner, previously defaulted on debt tied to two Los Angeles buildings, the Gas Company Tower and the 777 Tower. Landlords including Columbia Property Trust, owned by funds managed by Pacific Investment Management Co., and a venture started by WeWork Inc. and Rhone Group have also defaulted on office debt.
“Cash is to become ‘less useable’ as shoppers embrace the internet and high street stores increasingly reject bank notes, the deputy governor of the Bank of England has warned.
Sir Jon Cunliffe said that it will become harder to spend physical money in coming years owing to the rise of online shopping and contactless payments.
He added that it is therefore essential for Threadneedle Street to press ahead with developing an electronic version of sterling – the so-called digital pound – which can underpin future confidence in the financial system.
Speaking at the Innovate Finance Global Summit on Monday, Sir Jon said: ‘Cash is likely to decline further and cash itself will become less useable in everyday transactions, for example if internet commerce grows and if merchants increasingly accept only digital payment.’
The mass shift away from physical cash to electronic payments has been ‘very clear’ and is set to continue, he added.”
“Faith Smith was already stretching her $500 monthly grocery budget as far as it could go. Then her phone lit up with an imperfect solution.
She got a notification that Target Corp. would allow her to use ‘buy now, pay later’ apps, which let consumers pay for goods in chunks over the course of several weeks or months.
Smith was all too familiar with the BNPL process: The 34-year-old administrative assistant was already using it to buy clothes and school supplies for her young daughter. ‘I can’t just buy groceries out of pocket like I used to,’ says Smith, who maxes out her credit on BNPL providers such as Afterpay, Klarna and PayPal. ‘It helps for a week or two, but then you’re stuck with a grocery bill for a couple months.’
US consumers are increasingly using such installment loans to pay for everyday items like groceries, highlighting the financial pain wrought by the worst inflation outbreak in four decades.
Grocery prices jumped 8.4% in the year through March, according to the Bureau of Labor Statistics. Almost half of Americans have used BNPL apps, and of those, about 1 in 5 rely on such apps to buy groceries, according to a recent survey from LendingTree Inc. Some 27% of users use the loans as a bridge to their next paycheck.”
“Feel The Squeeze” Tuesday, Ripped From The Headlines. Things To Ponder:
“Hey, So We Don’t Really Need That Building… See Ya!”
Just when you thought it was only average people who walked away from things…
With enough stress on a system, you’ll start to see the cracks in it…
Enter Brookfield Corp.
As we shared with you yesterday (Click Here to read,) there’s a BIG issue with commercial real estate…
And now, you see a major player just walk away from A $161 MILLION DOLLAR MORTGAGE, IN ADDITION TO WHAT THEY’VE WALKED AWAY FROM IN LOS ANGELES.
Need more proof of how bad it’s going to get? Check this out:
Brace for impact friends.
“You Won’t Be Able To Spend That Cash, Peasant! Bow To Your Digital Overlords!!!”
Just in case you didn’t get the message, people like Sir Jon Cunliffe hate you, by design…
Because they need you to conform to a centralized digital currency system, and you keep fighting them…
BAD PEASANT… BAD!
While they will still try to force it on you, the classic art of persuasion is also an option for them to go with…
So, Sir Jon is basically telling you that you won’t be able to use cash… because no one will take it.
This is a similar narrative that the US is using for the “FedNow” program…
The short version is: The banking system takes forever to get you your money, so we (the US government) will step in and make bank transfers and checks clear instantly.
Now, the government is a savior… and can totally be trusted with everything!
Then, there’s no need for cash…
Sounds good, except once they get you into a centralized digital currency, your life looks like this:
Don’t let it happen! EVER!
Know. Your. Foe.
“I’ll Gladly Pay You Tuesday For A Hamburger Today…”
Remember this?
Well, that’s life for many Americans today…
While you’re being led to believe that “everything is fine” with the economy…
People are buying now and paying later for all types of things, including groceries.
Looks just fine to us!
Seriously though, it’s not…
And it hasn’t been for a long time…
You’re just seeing the cracks in the surface now, which is scary…
But, if you want to see a glimpse further into the future… and a conversation you’ll be having every day, here it is:
“I can’t just buy groceries out of pocket like I used to,” says Smith, who maxes out her credit on BNPL (Buy Now, Pay Later) providers such as Afterpay, Klarna and PayPal.
‘It helps for a week or two, but then you’re stuck with a grocery bill for a couple months.’
We’re in for a bumpy ride. Get prepared, now.
Brace for impact.
You need to be prepared… there’s just too much crazy stuff happening.
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What does this mean?
Things aren’t going to end well if you don’t take action.
But, here’s what’s different this time… multiple people are saying that exact same thing from a number of different angles, and in different places.
One of the things we often say is to watch what successful people do, & do what they do, AND then watch what unsuccessful people do, and don’t do what they do…
Most of them are already out of the line of fire for social unrest or economic collapse…
How do you think they see things ending up?
Why should I care?
When was the last time you checked on your “go-to’s”:
*Your go-to investment?
*Your go-to safety net?
*Your go-to emergency plan?
If it’s been a while, here’s some bad news: They probably might not work anymore.
That means you’re behind in planning for rough times.
You should care.
What should I do?
Take a moment… right now if you can… to take inventory of what you’re seeing in this newsletter each day.
Have you ever seen a time quite like this?
Ok good, you’re paying attention. That’s the point.
If you’re not paying attention and trapped in the hustle and bustle of a busy world (with a ton of useless stuff, by the way), this stuff will come up on you like a thief in the night.
You need to take the time to prepare as best you can for a time when good supplies, strong communities, and strong connections are the difference between surviving and thriving or being in bad shape.
GET MOVING ASAP.
Also, please share what you get from this newsletter.
It’s OK if you don’t understand it all.
Tell them to ask us.
Your future, and theirs, depends on it.
James Wesley, Rawles, publisher of SurvivalBlog.com has put together a “bookshelf” list of key things you should have. CLICK HERE to access the list.
Plus a recap of the 50 things you should have handy to barter.
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