PPCC: Pisitófilos Creditófagos. Primavera 2025

[Saturio]

No son viejos, es que están muertos en vida 

Creo que era "enterrados en vida"

Josp, acabo de mirar 1989.

[gregorsamesa]

Pues si, queda demostrado... Demasiados Enemigos

[Saturio]

Este es un foro intergeneracional 

(Hasta 4 generaciones distintas, diría)

Mi estimación de los supercinuentones del foro (además del menda lerenda).

Chosen, RGCIM, Saturno, Urbanismo, Mpt (que no sé si ya se pasa o no), Shudden, Bendita, Cadavre (posiblemente).
Hay otros sospechosos y bastantes más entre los que ya no están o casi no se pasan como Visi.

[Derby]

https://www.ft.com/content/847ae380-b4b1-4223-9158-a9ca08039dc8

Regulators warn of hidden vulnerabilities in $12tn commercial property market

Financial Stability Board flags high debt, liquidity mismatches and lack of data on banks’ exposure


The watchdog warned that non-performing loans on commercial real estate lending for office buildings by US and Australian banks had been ‘increasing significantly’ in 2023 © Bloomberg

The world’s financial stability watchdog has called for regulators to tackle “vulnerabilities” in the $12tn commercial property market stemming from high levels of debt, liquidity mismatches and a lack of data on banks’ exposure to the sector.

The Financial Stability Board said the commercial property market was more volatile than other assets and could be hit by further declines in demand for offices and retail space, as well as by extreme weather and energy efficiency regulations.

The warning by the FSB on Thursday comes after commercial property investors went through a period of stress, with demand for offices hit by an increase in remote working in the pandemic and pressure on financing structures from higher interest rates.

The watchdog’s report concluded that commercial real estate had so far “weathered the recent adverse developments”. It attributed this “benign outcome” to the fact that the downturn has only hit parts of the market, some distressed borrowers have refinanced and leverage levels are lower than in previous crises.

But it warned that non-performing loans on commercial real estate lending for office buildings by US and Australian banks had been “increasing significantly” in 2023.

Interest rates for commercial real estate-backed mortgage securities (CMBS) which package up loans in the sector, had risen sharply compared to other corporate loans, the FSB said.

“Distress was evident in multiple segments” of the CMBS market “with office and retail segments having the highest rate at 12.6 per cent and 11.2 per cent respectively, as of September 2024,” it said.

Financial leverage among commercial real estate investors seems larger than at other kinds of non-bank entities, the report found, estimating the aggregate debt in the sector globally was 45 per cent of total assets.

It warned there was “a tail” of real estate investment funds and other property funds in the US, Canada, Singapore and Germany that have “large levels of leverage with debt being at least three times equity”.

Banks still have the most exposure to commercial real estate, worth about $8.5tn globally, the report said. It said banks had “complex interlinkages” with non-bank commercial property investors, raising the risk of property shocks “spilling over to the banking system”.

But it said there were still “considerable data gaps” on the links between banks and such non-bank investors in commercial property and called on regulators to close such gaps.

The FSB has no legally binding powers of its own but brings together the world’s top central bankers, finance ministers and regulators to agree on a common global framework for financial regulation.

When the pandemic hit, a number of open-ended property funds were forced to prevent investors from cashing out by introducing “gates” or suspending redemptions because they could not sell illiquid property assets in time.

The FSB said some funds still “show significant liquidity mismatches and may therefore be vulnerable to runs”. It called for regulators to implement measures to address such issues, citing how Germany introduced minimum holding periods for property fund investors and Italy made all property funds closed-ended.

“Ongoing monitoring of the market is warranted given the more volatile performance” of commercial property compared to other assets, the FSB said.

Bank of England governor Andrew Bailey is due to take over as FSB chair next month from Klaas Knot, who is also stepping down as president of the Dutch central bank.

https://www.fsb.org/2025/06/vulnerabilities-in-non-bank-commercial-real-estate-investors/

[conejo]

Este es un foro intergeneracional 

(Hasta 4 generaciones distintas, diría)

Mi estimación de los supercinuentones del foro (además del menda lerenda).

Chosen, RGCIM, Saturno, Urbanismo, Mpt (que no sé si ya se pasa o no), Shudden, Bendita, Cadavre (posiblemente).
Hay otros sospechosos y bastantes más entre los que ya no están o casi no se pasan como Visi.

  

[Derby]

Realmente es un fracaso total y absoluto del sistema...que en Canadá tengan problemas con la cantidad de espacio disponible para construir, es muy significativo.

https://www.bloomberg.com/news/articles/2025-06-19/canada-s-cmhc-slashes-forecast-for-making-housing-more-affordable

Canada Slashes Forecast for Making Housing More Affordable


A residential building under construction in Toronto.Photographer: Chloe Ellingson/Bloomberg

Doubling the pace of homebuilding in Canada will only bring affordability back to levels seen right before the Covid-19 pandemic, according to a new government report that lowers expectations for the impact of construction on housing costs.

The country must boost building to as much as 480,000 housing units a year by 2035 just to bring affordability back to where it was in 2019, the report from the Canada Mortgage & Housing Corp. said Thursday. The current rate of homebuilding is about 250,000 units, the agency said.

Earlier estimates from the national housing agency called for a similar boost in home construction and targeted 2030 as the year it could be achieved. That previous forecast suggested that a rapid boost in housing supply would bring affordability back to 2004 levels.

“Restoring affordability to levels last seen two decades ago isn’t realistic, especially after the post-pandemic price surge,” CMHC said. The change in forecast “highlights how widespread the housing affordability challenge has become across Canada.”

While a lack of affordable housing has long plagued major Canadian cities like Toronto and Vancouver, the low interest rates of 2020 and 2021, along with rapid population growth after the pandemic eased, drove a home-buying frenzy. Prices surged in many cities and regions.

Prime Minister Mark Carney was elected in April in part on promises to boost home building to address what many see as a housing crisis.

Economists surveyed by Bloomberg expect Canada’s housing starts to average 230,000 units between 2025 and 2027, a significant deceleration in construction because interest rates and economic uncertainty have weighed on the industry.

Canada’s housing agency explained its revised timeline in part because of how long it takes to get new housing built. The new estimates now take into account rezoning processes that often add years to construction times, the agency said.

These projections aren’t official government targets, the report said, but estimates of the scale of the problem. Carney’s election platform nevertheless promised to ramp up home building activity over the next decade to eventually reach 500,000 homes per year.

Last year, all the costs of home with a typical mortgage would have eaten up about 54% of the average Canadian household’s income, the CMHC report shows. The current rate of home construction would result in almost no improvement in that ratio over the next 10 years.

By doubling the rate of home construction, that ratio would drop to 41% by 2035, according to the CMHC report.

Of all Canada’s major cities, Montreal, its second largest, faces the biggest housing supply gap, with affordability set to deteriorate if this is not addressed, the report said. Toronto, the largest city, must boost annual homebuilding by 70% to improve affordability.

“For many years, housing prices and rents in Vancouver and Toronto attracted attention from all over the world,” the report said. “Over time, these increases came to burden many Canadians and their children. Low-income and some middle-class households struggle to even find a place to live, let alone at a price they can afford.”

[Derby]

https://abcnews.go.com/Business/wireStory/spanish-court-rejects-airbnb-appeal-order-block-66000-123016469

Spanish court rejects Airbnb appeal and keeps order to block nearly 66,000 listings

A Spanish court has rejected an appeal by Airbnb and left in place an order to block almost 66,000 rental listings that the government says violated local rules

MADRID -- A Spanish court on Thursday rejected an appeal by Airbnb and left in place an order to block almost 66,000 rental listings that the government said violated local rules.

The government has said the platform's short-term rentals exacerbate Spain’s housing crunch while the country welcomes record numbers of tourists.

Last month, Spain's government ordered Airbnb to block 65,935 listings in the country after the Consumer Rights Ministry flagged them for violations. It said Airbnb had to immediately take down 5,800.

An Airbnb spokesperson could not be immediately reached for comment on the Madrid’s High Court's decision.

The ministry has said the listings it flagged did not include their license number or specify whether the owner was an individual or a company. It said others listed numbers that didn’t match what authorities had.

Last month, Consumer Rights Minister Pablo Bustinduy told The Associated Press that the tourism sector could not "jeopardize the constitutional rights of the Spanish people,” including their right to housing and well-being.

Carlos Cuerpo, the economy minister, said in a separate interview that the government had to tackle the unwanted side effects of mass tourism.

[Derby]

https://truthsocial.com/@realDonaldTrump/posts/114710405985383754

[Derby]

https://www.foxbusiness.com/economy/top-economist-warns-america-heading-toward-economic-disaster-fed-cant-fix

Top economist warns America is heading toward economic disaster the Fed can't fix

Top economist argues low interest rates caused America's economic problems, not Trump's tariffs

(...)According to Schiff, the "big problem" for inflation is "all of the inflation chickens that the Fed has been releasing for more than a decade are coming home to roost" rather than the Trump administration’s recent spate of tariffs on imports from foreign countries.

"We have a lot of dollars sloshing around the world thanks to years and years of artificially low interest rates and quantitative easing, and more of those dollars are going to be coming home as foreigners get out of U.S. financial asset," Schiff told Claman.

"You’re seeing a global exodus out of U.S. stocks, out of U.S. bonds, and all that cash is going to come back home, bidding up prices."

Schiff predicted the U.S. will experience stagflation "with a recession and much higher inflation happening at the same time, really complicating the defense ability to try to do something about either problem."

Lower interest rates will not help the U.S. economy, he also argued, labeling them as the "cause."

"The solution involves much higher interest rates," he said. "Now, I understand that’s going to be very painful, given the economy that we’ve created, built on a foundation of cheap money."

"It means stock prices come down, real estate prices go down, companies fail," he added. "There’s going to be bankruptcies. There’s going to be defaults. There’s going to be a protracted recession, probably a much worse financial crisis than 2008, but all that has to happen because the alternative to that is even worse."

The U.S. is on the path to "runaway inflation" that could become "hyperinflation," Schiff predicted. (...)

[Saturio]

https://truthsocial.com/@realDonaldTrump/posts/114710405985383754

Pero...los bonos de Biden ya tienen su cupón establecido, ¿no?.

[asustadísimos]

[https://www.transicionestructural.net/index.php?topic=2625.msg244541#msg244541

No va a ser una «recesión prolongada», es decir, una depresión. Es tres crisis cíclicas superpuestas:
• recesión (coyuntura)
• nuevo modelo o patrón Producción-Renta-Gasto (estructura)
• metamorfosis del sistema (planificación central y multipolaridad)

No va a haber ni inflación galopante ni estanflación ni hiperinflación (eso quisieran los endeudados). Hay una nueva era, la era cero.

¡Hala, a disfrutar de lo votado!]


[El belicismo estadounidense —en territorio ajeno— tiene que ver con su renuencia a considerar la triple crisis (coyuntura, estructura y sistema) y las cuatro correcciones valorativas que conlleva (inmuebles, Bolsa, Deuda y dólar).

El Gobierno de España ha dicho formalmente al de EE. UU. que no al gasto del 5% del PIB en Defensa. También se lo han dicho, aunque menos categóricamente, los Gobiernos de Alemania y de Bélgica. Y los de Eslovaquia, Italia, Suecia, Estonia, Lituania y Polonia han mostrado públicamente dudas y reticencias. ¡Es una acción coordinada de la UE! Es más, la inmensa mayoría de países de la OTAN respaldaría solo un incremento del gasto en Defensa —el que permite la ingeniería contable pública—.

El anglo está dando la nota. Primero, el BR-exit. Ahora, el US-exit. Cree que la iniciativa es suya. En realidad, se les está echando. El anglocapitalismo ya no es lo que fue.

El tigre de papel

El anglo ha sido un imperio crematocrático opresor. Está en llamas. Se ahoga con el telón de fondo del —muy suyo— juego piramidal de dinero sin trabajar de El Ladrillo, 2/3 de la 'riquepobreza' mundial. Y tiene miedo.]

[asustadísimos]

[El anglo, como todo imperio opresor, teme a los judíos.

Los judíos fueron los esclavos que se rebelaron contra el faraón. Saben cómo se vence la opresión. Poseen esa tecnología ancestral. Desde entonces, todos los sistemas de opresión del mundo han querido erradicarlos o, si no, controlarlos.

Jesús, salvando las distancias, sería un sabio de Sion. Entiéndaseme. El imperio intentó 'retirarlo'... ¡y mira!

A mediados del s. XIX, otro 'sabio de Sion', con sus protocolos —los tres tomos de El Capital— desquició al imperio anglo. Marx lleva casi dos siglos intentando ser 'retirado'... ¡y lo que le queda!

Si hubiera un incendio y solo se pudiera salvar un capítulo de El Capital, un servidor se quedaría con el 25.º del Tomo III: «Crédito y capital ficticio».

El capítulo empieza con el reconocimiento del concepto central de la Economía, el dinero crediticio o financiero: «No entra en nuestro propósito proceder a un análisis detallado del crédito y de los instrumentos de que se vale (dinero crediticio, etc.)».

La Economía nace en la noche de los tiempos con el Derecho de Obligaciones. Nace en el sinalagma, el 'do ut des'. De los conceptos de derecho de crédito y correlativa obligación de pago cuelgan los de equivalencia de prestaciones, enriquecimiento injusto, condición resolutoria tácita, injusticia conmutativa, estafa, Ladrillo. Su poesía ripiosa: oferta, demanda, 'mercao'.

La primera relación sinalagmática de la historia tuvo por objeto una manzana (las donaciones son negocios jurídicos bilaterales —han de ser aceptadas—).

El anglo, judipócrita, cree que lamiéndole el trasero al Gobierno del Estado de Israel —anglo quintaesenciado— domina al judío. Pero el judío lo ha acabado enfrentando consigo mismo: el islam material contra el islam formal.

Que el capitalismo popularcapitalista es islam material está clarísimo en su economía de mercadillos.

Lo dejo ahí. Me voy a ver cómo han sido los bombardeos de hoy en el intraholocausto anglo, 'shoah' inversa.

La clase revolucionaria no era proletariado, sino el propietariado.

El tardopopularcapitalismo se ha infestado de trolls abrazafarolas con cuernos.]