Ripped From The Headlines, August 29, 2023
The "Urban Doom Loop" Overtakes The US, BRICS Wake-Up Call For The US, Interest Rates Killing Businesses - Read, Share, & Subscribe - SherlocExposes.com
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“In Indianapolis, the technology giant Salesforce is paring back a quarter of its office space in the tallest building in Indiana, where it has been a key tenant for the past six years.
In Atlanta, the private investment giant Starwood Capital defaulted on a $212 million mortgage on a 29-story office tower. And in Baltimore, a landmark building sold for $24 million last month, roughly $42 million less than it fetched in 2015.
All across the country, downtowns, office spaces and shopping centers are at risk of becoming ground zero for a new economic hazard: the urban doom loop.
The fear is that a commercial real estate apocalypse could spiral out and slow commerce, wrecking local tax revenue in the process. Ever since the pandemic drove a boom in remote work, hubs such as New York and San Francisco have drawn attention for their empty offices in previously bustling skyscrapers. But many economists are even more worried about midsize cities that have fewer ways to offset the blow when a major company slashes office space, the sale price of a building craters, or a downtown turns into a ghost town.
The worst-case scenario would go like this: With more people working from home, companies from Milwaukee to Memphis are rethinking their leases or pulling out of them altogether. That drives vacancy rates up and makes it harder for landlords to attract new tenants or sell buildings for a healthy price.
Then property owners might struggle to pay off their mortgages or clear other debt. Business districts would dry up, stifling tax revenue from commercial properties or employee wages. Shoppers and tourists would have fewer reasons to venture downtown to eat or shop, choking off spending and forcing layoffs at restaurants and retail stores.
‘Once those offices are empty, there are few alternatives and not a lot of life after hours,’ said Stijn Van Nieuwerburgh, a professor of real estate and finance at Columbia University's Graduate School of Business who is one of the authors of a paper that coined the ‘urban doom loop’ phrase.
Midsize cities ‘have a much bigger chasm to cross than what New York City has to go through. The situation is worse in those places with so little else in place.’ He added, ‘It is a train wreck in slow motion.’”
THINGS TO PONDER:
“It is a train wreck in slow motion…”
That’s a very fitting description for not only commercial real estate in the US but also the economic health of the nation as well.
But, this article is incorrect… most likely on purpose.
The media has a vested interest in not upsetting their masters so, they still have to put lipstick on the pig…
But let’s be honest: the “urban doom loop” is actually in full effect all around you…
You can see it - decay (in places and people), empty buildings, dirty stores and restaurants, bad service…
Those are doop loops too... regardless of how little the media talks about them.
Remember, if the bomb diffuser lady is running, you should try and keep up.
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“The United States is racing to improve its messaging to the developing world as the BRICS group grows, although few in Washington view an immediate threat from the Chinese-backed club.
The BRICS — Brazil, China, India, Russia, and South Africa — agreed at a summit last week to add six more members, in what Chinese President Xi Jinping billed as a historic moment among large emerging economies contesting the Western-led order.
As the BRICS leaders met in Johannesburg, President Joe Biden’s administration renewed promises to step up funding for the developing world through the World Bank and International Monetary Fund.
Biden’s national security advisor, Jake Sullivan, vowed to fight to reform the Washington-based lenders at an upcoming summit in New Delhi of the Group of 20 — boosting the roles both of the US-backed organization, which brings together both rich and poor nations, and of India, a key member of both clubs.
The United States has also been highlighting Russia’s withdrawal from a UN-backed deal to allow grain exports from Ukraine to the developing world, where some countries have questioned the Western priority of sending billions of dollars in weapons to Kyiv.
Publicly, Washington played down the BRICS expansion, saying only that countries can choose their own partners.
Sullivan, noting the wide policy differences among the countries, earlier told reporters, ‘We are not looking at the BRICS as evolving into some kind of geopolitical rival to the United States or anyone else.’
But experts said the BRICS expansion at least showed demand for a new way to address unmet needs, on the economic if not security front.
Emerging nations are ‘looking for alternatives, not replacements’ to the US-led order, said Sarang Shidore, director of the Global South program at the Quincy Institute, which advocates a less military-focused US foreign policy.
‘It’s a message to the United States that these gaps are hurting and our countries are not just complaining about them or carping from the sidelines, but actually taking action to try and fill these gaps,’” he said.
THINGS TO PONDER:
They still don’t get it…
As the BRICS nations figure out how to not only NOT use the dollar, but also make it a museum relic and weaken the nation, the US burns, and the Biden administration fiddles…
And this is the best that Washington DC can come up with:
Sullivan, noting the wide policy differences among the countries, earlier told reporters, ‘We are not looking at the BRICS as evolving into some kind of geopolitical rival to the United States or anyone else.’
When the patients are running the asylum, this is what you get.
Know Your Foe.
Click Here to read the full article.
“The Federal Reserve's aggressive interest rate hikes over the past year and a half are having a negative impact on the economy, according to the most recent Dallas Fed's Texas Manufacturing survey.
The August survey found that the production index, which helps measure factory activity in the state, fell again in August, dropping 6 points to -11.2, the lowest level since May 2020. Weakness has also been seen in the new orders index, which has been in negative territory for more than a year.
‘Perceptions of broader business conditions continued to worsen in August. The general business activity index stayed negative but ticked up,’ the report said. ‘Uncertainty regarding outlooks continued to rise, with the corresponding index remaining positive, though it fell eight points in August to its lowest reading in more than two years.’
The comments from respondents of the survey paint a mostly negative picture when it comes to the Federal Reserve's monetary tightening policy and its impact on business.
‘High-interest rates are affecting industrial production like never before... interest rates have placed an inverted incentive to grow due to a major slowdown in capital equipment expenditures. This is the time to stop raising interest rates,’ one survey respondent in the computer and electronic product manufacturing industry said.
Other survey respondents from the same industry said, ‘For the first time in a long time, we are seeing customers reduce or cancel orders due to softening end-use demand. We expect this trend to continue over the next few months’ and ‘Customer orders came to a sudden halt. The overall volume dropped 51% year-over-year.’"
THINGS TO PONDER:
There’s that “great economy” in the US showing itself again…
When you see statements like “Interest rates are killing our businesses…,” you’re in pretty rough shape.
Yet, you’re still being fed a lie about “how everything is OK!” and “The stock market is at record highs!”
The problem is, the people feeding you that BS can’t smell what they’re shoveling…
But you can…
Believe your lyin’ “truthful” 20/20 vision. Things ain’t good…
Know. Your. Foe.
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What does this mean?
Things continue to deteriorate at a more rapid pace economically. Every warning bell is ringing, but many aren’t listening.
Things are actually worse than you were thinking.
This is one of the big reasons we chose to do Ripped From The Headlines… so you can be out in front of what’s coming.
Note the perfect storm of issues, combined with ongoing infrastructure challenges, supply shortages, high prices, and “climate activism” looking to kill natural gas.
None of this is good.
Why should I care?
This stuff is accelerating, fast, and you stand to lose a lot, quickly.
We’re noticing a rapid spike in scams of all kinds. Be vigilant.
You should REALLY care.
They are after you... and everything you have.
What should I do?
Think about the basics that people need, and look at those things as potential avenues to protect yourself.
Do you know why Berkshire Hathaway’s stock is so expensive?
They touch 90% of your life every day, and you don’t even realize it.
You should also tell as many people as you can about what’s happening. Don’t leave people behind, while we still have a window to help them.
A quick way to do that: Share this newsletter… heck, take from it, and do your own. We give you permission…
Take the time to learn more about Parallel Economies, and find alternatives to the things you use today… food, money, and transportation.
GET MOVING ASAP.
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