PPCC: Pisitófilos Creditófagos. Primavera 2024

[Cadavre Exquis]

https://www.eleconomista.es/economia/noticias/12862701/06/24/el-ipc-repunta-al-36-en-mayo-pero-los-alimentos-siguen-la-via-de-la-moderacion-y-avanzan-un-44.html

https://www.eleconomista.es/economia/noticias/12862807/06/24/el-gobierno-extendera-la-rebaja-del-iva-de-los-alimentos-al-menos-tres-meses-mas.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/actualidad/noticias/12863395/06/24/los-agricultores-escriben-a-von-der-leyen-para-evitar-el-nombramiento-de-ribera-es-sectaria-y-nos-perjudica.html

https://www.europapress.es/economia/noticia-gobierno-realizara-convocatoria-200-millones-creditos-ventajosos-perte-agro-20240613163640.html

Saludos.

[Cadavre Exquis]

https://efe.com/economia/2024-06-13/congreso-desahucios-hipotecarios/

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/legal/noticias/12862872/06/24/varapalo-del-tjue-al-estado-insiste-en-hacer-fijos-a-los-interinos-que-acumulen-anos-de-contratos-temporales.html

Saludos.

[berberecho]

LA FIESTA SE ESTÁ ACABANDO.—

...

El BCE ha podido bajar los tipos de interés de intervención porque el ortograma capitalista no dicta poner caro al antagonista de la vivienda, sino meterle a esta directamente un –60%, quiero decir, que las autoridades saben que tienen todo el margen del mundo para bajar unos tipos que han subido 'contra natura'.

No quiero decir que las autoridades se porten mal, sino que el BCE es un engranaje del motor gripado. Sus responsables han optado por engrasar con rentas financieras de un motor que, cuanto más se intente que funcione, más daño hará. Y ellos lo saben, como lo sabemos nosotros —¡es que nosotros lo sabemos porque ellos nos lo dicen entre líneas!—. Ahora bien, era una fase que había que cumplir antes del Hostión-2025. En ello estamos.

...

Estoy esencialmente de acuerdo en todo lo dicho, pero algún matiz me gustaría añadir respecto al banco central.

El BCE (y la FED) tienen las herramientas que tienen. Aquí no hay nadie que pueda cambiar el destino final del sectorcito, como ya se ha dicho muchas veces. Otra cosa es el camino, que sea un poquito más rápido, o más o menos incómodo para según qué sectores.

Ahora bien, si el BCE ya ha elegido una estrategia, con sus problemas (lógicamente, como todas las estrategias) lo que no puede hacer es tener un ataque de cobardía en mitad de la operación. Puede salir el tiro por la culata tranquilamente. ¡Que estamos en 2024!! La FED parece tenerlo más claro (y un panorama quizás más intranquilizador: fijaos dónde están los mercaos, a ver quien es el listo que se pone ahora a bajar tipos)

A la caza y derribo de la "inflación de activos", cueste lo que cueste. Radioterapia de la dura para el cáncer. Mejor nos habría ido a todos (incluso a los comemierdas) si se hubiese hecho antes.

[sudden and sharp]

[...] ¿Acaso es autoritario que Dios eche a Adán y Eva del paraíso? ¿O no habrían ganado 2 a 1, de haberlo votado?

Tres, tres a uno.

[R.G.C.I.M.]

3a3.
Dios es trino.
Y el presidente voto cualificado.
Expulsados.

Por cierto, la democracia formal ya no mola? Puedo volverme autoritario?
Cómo sé si voy con los autoritarios buenos o con los malos?

Yo lo sé, pero hay muchos confundidos.



Sds.

[asustadísimos]

[Aviso de 2.ª reedición del comentario...
https://www.transicionestructural.net/index.php?topic=2604.msg229824#msg229824
... para aclarar lo que quería decir. Pero adelanto que veo demasiados nuevos matices en la situación monetaria 'posterminal' y en los 4 grandes frentes bélicos actuales del anglo (Ucrania, Israel, Argentina y EEUU). En España, hemos tenido la mala suerte de que esta nueva inflexión del proceso transicional coincida con el fin del mandato de H. de Cos, que no oculta la alegría que tiene por poder seguir su brillante carrera dejando un trabajo tan bien hecho.]

[Derby]

LA FIESTA SE ESTÁ ACABANDO.—

Si no fuera por la Vivienda, habría deflación de dos dígitos, porque no solo es ella directamente; también lo es anidada en los demás precios vía salarios.

https://www.govexec.com/pay-benefits/2024/06/fbi-agents-say-they-need-more-money-stay-bureau/397333/

FBI agents say they need more money to stay in the bureau

Agents in high-cost cities say they cannot support their elevated expenses on their current salaries.

FBI agents are warning they cannot afford to continue working in the nation’s highest-cost cities, with many saying they may seek out careers outside the bureau as daily expenses grow and their pay remains relatively stagnant.

Nearly 70% of agents assigned to high-cost areas find it difficult to live there with their current salaries, according to a recent survey of its membership conducted by the FBI Agents Association. Much of their membership is reassigned at management’s whim and have little say over where they work, which the group said is exacerbating the problem. The issue has become particularly trying in recent years as housing costs have increased dramatically with inflation.

FBI agents in cities like New York, Boston, Washington and Honolulu are speaking out to warn bureau leadership that they may pursue other careers.

“We are constantly considering moving and changing jobs, even leaving the FBI,” said an FBIAA member living in Boston. “It is getting to the point where we are deciding, ‘What is the point of this?’”

FBI boasts that its agents earn between $81,000 and $129,000 per year on average, though starting salaries are typically slightly lower. Supervisory agents can earn up to $170,000 annually.

FBIAA is particularly concerned that employees could lose their security clearances if they are unable to demonstrate financial solvency. They said turnover has increased to problematic levels in expensive areas and retention is getting more difficult as agents ask to be reassigned to lower-cost regions.

“As FBI agents, we dedicate our lives to protecting our country,” said Natalie Bara, FBIAA president. “The high cost of living in many major cities affects our work today as well as our ability to recruit and retain the talented people we need.”

Many agents said they have difficulty saving for retirement or their kids’ education.

“[We have] lots of anxiety induced by financial stressors and fear of never being able to retire,” said an agent in San Francisco. “Unforeseen events like a car accident or medical emergency can be financially devastating.”

A Brooklyn-based agent said rising costs without commensurate pay adjustments are making the FBI a short-term stopover for many of his colleagues.

“For agents wanting to stay long term and raise a family, it is almost impossible due to costs and availability of housing [and] daycare,” the agent said.

Many agents suggested they could earn significantly more in the private sector, as they maintain specialized skill sets and their FBI experience is valued in security and other fields.

“I question daily if my dream career working as an agent in the FBI was a poor decision in the sense that I cannot provide enough financially for my family,” an agent in New York City said.

To alleviate the situation, FBIAA is working with FBI headquarters, the Justice Department and members of Congress to provide boosted pay for employees in high-cost areas to help offset housing costs. The bureau and Justice have received the proposal warmly, FBIAA said, and some members of Congress are working to identify funding for a pilot program as part of the appropriations process. Those conversations have been ongoing for more than a year, however, and there is no guarantee extra spending will be approved.

In the most recent round of funding, Republicans boasted they cut FBI funding by 6% and the party has derided the bureau after alleging it has conducted politically motivated work. Neither House Republicans nor Senate Democrats have unveiled their proposed funding levels for FBI for fiscal 2025.

The FBI did not respond to a request for comment.

[Derby]

https://www.france24.com/en/live-news/20240612-zelensky-lands-in-saudi-on-unannounced-visit-state-media

Zelensky lands in Saudi Arabia for unannounced visit

Ukrainian President Volodymyr Zelensky travelled to Saudi Arabia on Wednesday, Saudi state media reported, his latest visit to the Gulf kingdom which has sought to stay neutral in Ukraine's war with Russia.

[el malo]

A mí me da la risa floja cuando se habla de dominar la inflación, tanto aquí como en EEUU. Como diría el Sr. Lobo, hemos empezado a chuparnos las ..... porque no se qué índice dice que los alimentos sólo suben un 2% ó un 3%, y nos olvidamos de todo lo que ha pasado hasta la fecha, como si la Historia empezara hoy.

Cuando el aceite de oliva vuelva a estar a 5€/litro, me creeré que se ha vencido a la inflación. Cuando un currito que gane 1960€ mensuales (que es lo que se considera un "buen sueldo en Madrid"*) pueda permitirse mantener una familia de 4 miembros sin pasar estrecheces volveré a confiar en el sistema.

A ver cuándo ese currito "con buen sueldo" puede permitirse al menos 3 habitaciones en un bloque con garaje y piscina (que para eso tiene "un buen sueldo"). 


* https://es.jooble.org/salary/buen-sueldo/Madrid#:~:text=%C2%BFCu%C3%A1nto%20gana%20Buen%20sueldo%20en,o%2014%20%E2%82%AC%20por%20hora.

[Derby]

https://www.asiafinancial.com/russia-halts-trade-on-main-bourse-after-latest-us-sanctions

Russia Halts Trade on Main Bourse After Latest US Sanctions

The new sanctions caused stocks and the ruble to plunge initially, and led to former president Dmitry Medvedev calling for citizens to “inflict maximum harm” on Western societies

Russia was forced on Thursday to suspend trading in dollars and euro on the Moscow Exchange, its top financial bourse, after a further round of US sanctions.

The escalation in sanctions by the US Treasury led to former Russian president Dmitry Medvedev, who is now a senior security official, to call on the population to “inflict maximum harm” on Western societies and infrastructure in retaliation.

“Every day we should try to do maximum harm to those countries that have imposed these restrictions. Harm their economies, their institutions and their rulers. Harm the well-being of their citizens, their confidence in the future,” Medvedev wrote on his official Telegram channel*, which has over 1.3 million followers. Critics say he has become a  “scaremonger, whose job is to deter Western action over Ukraine.”

The latest US move targeted 300 entities and individuals – including dozens of Chinese components suppliers – in a bid to cut off Russian access to products and services needed to sustain military production for its war in Ukraine.

Secondary sanctions target entities doing business with Russian companies or individuals who have been put under sanction. They apply to entities working with Russia’s defence industry or any sanctioned Russian business or individual, including Russia’s biggest banks.

US officials timed the move so that sanctions were in place ahead of G7 summit of world leaders in Italy.

It led to several leading Russian banks and brokerages blocking access to corporate hard-currency accounts.

Stocks on the Moscow exchange sank initially on Thursday, but recovered later. The ruble, which was under 90 to the US dollar on Wednesday, shot up to 200 to the dollar, Kommersant newspaper said.

Economists said the ban on trading in dollars and euros would significantly raise the cost of doing business with Russia and may stoke inflation, which is already about 8%.

The exchange and the central bank rushed out statements on Wednesday, a public holiday in Russia, within an hour of Washington announcing the new sanctions.

“Due to the introduction of restrictive measures by the United States against the Moscow Exchange Group, exchange trading and settlements of deliverable instruments in US dollars and euros are suspended,” the central bank said.

Businesses forced to do over-the-counter deals

The move means banks, companies and investors will no longer be able to trade either currency via a central exchange, which offers advantages in terms of liquidity, clearing and oversight.

Instead, they will have to trade over-the-counter (OTC), where deals are conducted directly between two parties. The central bank said it would use OTC data to set official exchange rates.

Many Russians hold part of their savings in dollars or euros, mindful of periodic crises in recent decades when the rouble has crashed in value. The central bank reassured people that these deposits were secure.

“Companies and individuals can continue to buy and sell US dollars and euros through Russian banks. All funds in US dollars and euros in the accounts and deposits of citizens and companies remain safe,” it said.

One person at a large, non-sanctioned Russian commodities exporter said: “We don’t care, we have yuan. Getting dollars and euros in Russia is practically impossible.”

With Moscow pursuing closer trade and political ties with Beijing, China’s yuan has ousted the dollar to become MOEX’s most traded currency, accounting for 53.6% of all foreign currency traded in May.

Dollar-rouble trading volume on MOEX tends to be around 1 billion roubles ($11 million) a day, according to LSEG data, while euro-rouble trading hovers at around 300 million roubles daily. For yuan-rouble trading, daily volumes now regularly top 8 billion roubles.

Central bank prepared for sanctions 2 years ago

On the eve of the national holiday, the rouble closed at 89.10 to the dollar and at 95.62 against the euro. But following the sanctions news, some banks immediately jacked up their dollar rates.

Norvik Bank said it was offering to buy dollars for just 50 roubles but sell for 200 roubles, though it later adjusted the rates to 88.20/97.80. Tsifra Bank was buying dollars at 89 roubles and selling at 120.

Other major banks were quoting narrower spreads of 6-7 roubles between their buy and sell rates.

The US Treasury said it was “targeting the architecture of Russia’s financial system, which has been reoriented to facilitate investment into its defence industry and acquisition of goods needed to further its aggression against Ukraine”.

Russia’s central bank has been bracing for such sanctions for around two years. In July 2022, the bank said it was modelling various sanctions scenarios with forex market participants and infrastructure organisations.

“This is bad, but expected news,” Russian broker T-Investments said on Telegram.

Forbes Russia had reported in 2022 that the central bank was discussing a mechanism for managing the rouble-dollar exchange rate should exchange trading be halted in the event of sanctions against MOEX and its National Clearing Centre, which was also hit by the new sanctions.

Dollar and euro trades cease

MOEX said share trading and money market trades settled in dollars and euros would also cease.

The sanctions will hit the exchange’s profits by slashing trading volumes. In May, total volume on MOEX was 126.7 trillion roubles ($1.43 trillion), up more than a third on the same month of the previous year.

In 2023, MOEX recorded net profit of 60.8 billion roubles, a year-on-year increase of 67.5%.

Yevegeny Kogan, an investment banker and professor at Russia’s Higher School of Economics, urged people against panicking.

“You know, it’s genetic for us – if we’re scared, we run to buy currency. And it doesn’t matter whether it’s 100, 120 or 150. You mustn’t rush,” he warned people on Telegram, saying things could get very serious if people ignored that advice.

“Friends, it looks like tomorrow will be a very nervy day.”

*

[Urederra]

En los últimos meses la oferta de vivienda en idealista.com se ha reducido en Madrid un 25 %.

Menos vivienda y cada vez menos accesible.

Todo. Hoy en día chirría todo.

[Derby]

https://edition.cnn.com/2024/06/14/business/house-prices-impossibly-unaffordable-intl-hnk/index.html

These cities are now so expensive they’re considered ‘impossibly unaffordable’

CNN — Anyone with half an eye on the housing market over the last two decades will know that in many countries, not least the United States, it’s become much more difficult to buy a home.

But a new report sums up the feeling of many potential home buyers by creating a category that labels some major cities as “impossibly unaffordable.”

US cities on the West Coast and Hawaii occupied five of the top 10 most unaffordable places, according to the annual Demographic International Housing Affordability report, which has been tracking house prices for 20 years.

Perhaps unsurprisingly, the most expensive US cities to buy home are in California, where San Jose, Los Angeles, San Francisco and San Diego have all made the top 10.

The Hawaiian capital of Honolulu also rates a mention in sixth place of 94 major markets surveyed in eight countries.

Australia is the only other country besides the US to dominate the “impossibly unaffordable” list, led by Sydney and the southern cities of Melbourne in Victoria and Adelaide in South Australia.

But topping the global leaderboard is Hong Kong, the compact Asian financial hub known for its tiny apartments and sky-high rents. Notably, it’s the only Chinese market covered in the report.

A regular entrant on the “most expensive” tables, Hong Kong has the lowest home ownership rate of all the cities surveyed, at just 51%, compared to its Asian rival Singapore where home ownership tops 89% due to the government’s decades-long commitment to public housing.

Hong Kong may be the least affordable city worldwide, but potential home buyers may be encouraged to know that it’s not as unaffordable as it once was.

House prices slipped during the pandemic in 2020, when the government closed the city’s borders and imposed a zero-Covid policy — that’s on top of new national security laws that have had a chilling effect on the city.

Why so high?

The report measures affordability using a price-to-income ratio of the median house price divided by the gross median household income.

It links the rise in working from home during the pandemic to a “demand shock” for houses outside city centers, which have more outside space. But it also blames soaring house prices on land use policies, including “urban containment,” a kind of planning designed to stop urban sprawl.

“The middle-class is under siege principally due to the escalation of land costs. As land has been rationed in an effort to curb urban sprawl, the excess of demand over supply has driven prices up,” the report said.

Prices were driven up even further as investors jumped into the market to make a profit.

One solution, the report’s author wrote, is to look to New Zealand.

In an opinion piece for Canada’s Financial Post, Wendell Cox, a senior fellow at the Frontier Centre for Public Policy, advocated for Canada, in particular, to follow New Zealand’s lead and free up more land for immediate development.

Both Vancouver and Toronto made the list of the cities that are “impossibly unaffordable.”

Cox points to a policy, “Going for Housing Growth,” introduced by New Zealand’s coalition government that requires local authorities to immediately zone for 30 years of housing growth.

“Toronto and Vancouver show that the cost of taming expansion is unacceptably high: inflated house prices, higher rents and, for increasing numbers of people, poverty,” Cox wrote.

For those who can’t wait for a change in policy or for demand to fall, the report also identifies the most affordable cities of the 94 surveyed worldwide.

They are Pittsburgh, Rochester and St Louis in the US; Edmonton and Calgary in Canada; Blackpool, Lancashire and Glasgow in the United Kingdom; and Perth and Brisbane in Australia.

The report was compiled by researchers from the Center for Demographics and Policy at Chapman University in California and the Frontier Centre for Public Policy, an independent public policy think tank in Canada.

Top 10 “impossibly unaffordable” cities

1 Hong Kong
2 Sydney
3 Vancouver
4 San Jose
5 Los Angeles
6 Honolulu
7 Melbourne
8 San Francisco/Adelaide
9 San Diego
10 Toronto

[Derby]

https://www.asiafinancial.com/evergrande-liquidators-probing-pwc-others-to-recoup-losses

Evergrande Liquidators ‘Probing PwC, Others to Recoup Losses’

A Hong Kong law firm is working with court-appointed liquidators to see if they can recoup creditor losses from its auditor PwC or other firms that provided services to the developer