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Monday, April 19, 2021

The market meltdown is coming

And it's probably going to make 2008 look like a walk in the park, if these valuations are any guide:

Hedge fund manager David Einhorn warned of dangers for retail investors that he sees in the market, and one of his main examples was a tiny New Jersey deli with a market capitalization of more than $100 million.

The Paulsboro, New Jersey-based Your Hometown Deli is the sole location for Hometown International, which has an eye-popping market value despite totaling $35,748 in sales in the last two years combined, according to securities filings.

“Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey ... HWIN reached a market cap of $113 million on February 8. The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli. The pastrami must be amazing,” Einhorn said in a letter to clients published Thursday.

Hometown, which appears to have begun trading in 2019, according to FactSet, has shares that trade over the counter and rarely has more than a few hundred shares change hands per day. Often, there are no trades logged in an entire trading day.

Still, the company’s market cap is just over $100 million, according to FactSet.

If $18k in annual sales is worth $100 million, then I'm a multibillionaire. On paper. In Clownworld. Sadly, what passes for Clownworld's money is observably less legitimate than Zimbabwe's. And there are already numerous TV ads for stock-investing apps, which should send shivers down the spine of anyone even vaguely familiar with socionomic theory.

UPDATE: It appears a credit crunch is already underway. If the banks aren't extending consumer credit, particularly to consumers with excellent credit scores, it's usually because they are having trouble selling or servicing their own debts.

Outraged customers have hit out at Barclaycard after thousands had their credit card limits slashed - some by as much as 99 per cent.  One longstanding customer, who has never missed a payment, said his credit limit was cut from £11,000 to £300, another saw theirs drop from £11,800 to £250, and in the biggest cut seen yet a 62-year-old said his limit dived from £25,000 to £300.

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90 Comments:

Blogger Gettimothy April 19, 2021 8:44 AM  

Buy the effing deli dip!

Blogger Mathias April 19, 2021 8:48 AM  

That's a meltdown, not a meltup, right? I recall some very interesting documents from the Bank of London being passed across this blog describing why deflationary/deleveraging collapse is inevitable. Of course, this can be just as destructive as hyper-inflationary collapse, but I'm wondering if Vox has changed positions on this, or if I was mistaken about the original position.

Blogger basementhomebrewer April 19, 2021 8:55 AM  

Can't help but think of the Sopranos deli. That makes me think money laundering. If it's not just stupid holes in the algorithms of big banks. It does expose how out of control the market and how obvious things like this don't get caught by SEC or questioned long before they reach 100 million. Its also a symptom of how much fake money is flying around as VD states above.

Blogger Stilicho April 19, 2021 9:00 AM  

Definitely time to read Prechter's book again

Blogger Silly but True April 19, 2021 9:01 AM  

“Jewish deli...” “Wrestling coach...”

Every. Single. Time.

Blogger SonyAD April 19, 2021 9:04 AM  

People try and use Venezuela's inflation as a club to beat anyone who objects to the neoliberal world order over the head with, pointing at that as if it were the sole alternative to neoliberalism. They're always ignorant that rampant inflation is everywhere, and has been for decades or centuries. It's just that neoliberal capitalist countries have, for decades, concentrated and sequestered most of their currencies' inflation in real estate asset prices, the stock market and the collectibles market. Inflation is also disguised or hidden by trading paper gold and silver.

However, eventually, the inflation always spills over and outside of those cauldrons and, as time passes, it spills over faster and faster. Because the people causing it can't help themselves, do it the wrong way and for the wrong reasons and can never bring themselves to stop in time.

Money is not wealth. Only that which you can and actually want to buy with money has intrinsic value and it grants money value indirectly, as a proxy.

Also, GDP is not an accurate indicator of a nation's prosperity or the strength of its economy. It would be if it were normalised to the M3 money supply and possibly its population size, which it never is. You cannot accurately gauge the economic strength and prosperity of a nation by its GDP. If you do, you end up believing a country has a weaker economy just because stuff is cheap, in foreign currencies over, there.

The only thing which can counter inflation caused by money supply expansion is expansion of the country's industrial, manufacturing, agricultural and energy producing base and its output. The money supply can and should grow when the country's industrial, manufacturing, agricultural and energy output grow. Or in order to enable and facilitate that growth.

The money supply should not grow in order to purchase consumer goods or services. Only to purchase means of production which will increase the country's industrial, manufacturing, agricultural or energy generation output.

Industrial, manufacturing, agricultural output and energy production and consumptions are much more accurate and important indicators of the strength of an economy than GDP.

Blogger Lee April 19, 2021 9:06 AM  

AC's take is that this is money laundering. The stock prices going up is the payoff to the owner.

So, if I open a deli, I won't become a multimillionaire? No ticket for me.

Blogger Harambe April 19, 2021 9:08 AM  

is it possible to learn this power?

Blogger Mr.MantraMan April 19, 2021 9:13 AM  

21 shares traded Friday, "Turn them machines back on!" Kind of a cool gig, the CEO has somebody swap a few stocks at a price and he stays a paper millionaire. His next venture should be biotech, I've made a few pennies trading those single patent scamsters in call options, but I ain't trading on pastrami, market is too thin.

Blogger Thomas Bateman April 19, 2021 9:14 AM  

*Googles socionomic theory*

"...oh... oh no...."

Blogger Unknown April 19, 2021 9:15 AM  

One of our local teaching hospital systems has a total of a little under 1800 beds and some ER/urgent cares including one level 1, and they run a lot of doc in the box type operations where they let the physician put his name on the door but they provide/run everything for him and he is just a billing unit.

So everyone knows most years they make 5-6 billion gross and a few million after they toss bonus money around to all the execs and board members.

This year they did a lot better because the feds threw them almost a billion in covid bonus money and the CEO laid off a bunch of people from voluntary surgery and recovery, and cancer, because admissions and treatments were way down.

But the CEO was trying to get them taken over to plus up his bonus get get that sweet IPO grant, and somehow they were floating market cap numbers for the new corp at 22 billion.

Their EBITA was about a 100 a year. Plus that up to account for existing patient loyalty and the physical plant and equipment, and your billing units being semi locked in. That still comes no where near a market cap of 10 billion worth of a 22-25 billion total company.

But they were going for it, until the state started asking questions about the CEO's bonus and grant plans.

Blogger Solon April 19, 2021 9:22 AM  

This is what happens when you have insane inflation combined with a severing of the stock market from anything actually resembling productive output.

The real question is: who is this guy who owns a single deli, how did he even manage to get ON the stock market with such a tiny business, and who does he know that greased palms to make it happen? Also, does he even realize that no legitimate source of financing would even touch those stocks, so his shares aren't actually worth whatever percent of $100 million he controls?

He's either an idiot, or a (((tribe member))) using his "corporation" as a hideaway for other tribesmens illicitly obtained money.

The whole thing stinks of money laundering. Think Breaking Bad and their "shockingly popular car wash."

Blogger RobbyIlluminknotty April 19, 2021 9:32 AM  

Hometown ... "has shares that trade over the counter"? Is that over the deli-counter?

Blogger The Propaganda Resort April 19, 2021 9:33 AM  

TV ads and to a large extent any positive media coverage encouraging investment are "avoid" signals to me. Recent examples:

QQQ was the "official ETF" of March Madness. BitCoin has been getting pushed for over 3 years at this point on CNBC. A couple of my "normie" friends started talking up PayPal recently, as if they had just read how great of a company it is.

Two of the most insane examples of people buying worthless things in the current hyper bubble:

First, people buying Tweets. Second, people buying non-fungible tokens, (some iterations being "digital artwork" and "virtual world real estate").

Blogger Damelon Brinn April 19, 2021 9:35 AM  

Some of the ads targeted towards Gen-Z are hilarious. The actors are always mystery-meat race and dressed to try to look hip, like a bunch of Starbucks barristas. They say things like "I don't know anything about investing, but why not, if it's easy?"

Their generation doesn't have any serious money, but the grabblers must figure if they can get them throwing a few bucks here and there into an app like they spend on DoorDash, it'll add up. And if they can get them using apps like Robinhood that manipulate their sales and block purchases if they have the gall to contradict the experts, all the better.

Blogger Zbignu April 19, 2021 9:37 AM  

I'm a financial advisor in a large vampire squid-esque institution. Forget charts and valuations, I've been seeing classic anecdotal evidence of a market top for several months. People who never bought a stock are asking me how to buy gamestop or bitcoin. Clients want to get way more aggressive than their financial situation warrants. It's as if nobody remembers 2007-2009. The only wild variable in this market that we've not had before is the tailwind the fed is generating. How long will this go on? Wish I could even hazzard a guess.

Blogger SSgt Snafui April 19, 2021 9:39 AM  

What will normies do when they find out 401k's, that they were coerced into, were just to help launder (even more) money?

Blogger KingKrawFish April 19, 2021 9:45 AM  

In past interviews, Charles Nenner has said he sees the Dow going to 5000.

Blogger Gr8Again April 19, 2021 9:46 AM  

That sounds like some kind of money-laundering operation.

Blogger Some Guy April 19, 2021 9:51 AM  

Does anyone have a good idea when the meltdown will start?

Blogger Doom April 19, 2021 10:05 AM  

And I thought China's gold leafed lead was a problem. I mean, it is. But... this isn't even putting gold leaf on the lead.

Blogger Cappuccinobear April 19, 2021 10:05 AM  

That deli owner just has a lot of grit. What's a matter millennial? Maybe if you worked as hard as he did at handling meats, you could have a buick, a $100 million deli, and unfettered access to high school kids.

Blogger Azimus April 19, 2021 10:13 AM  

There's too much cash out there and not enough to invest in - no one need look any farther than Tesla to see that, though a $100MM+ deli is still shocking, even in 2021's economic environment.

It does seem deflation is inevitable, but what's going to trigger it? The usual corrections don't seem to apply anymore. Crooked money is fully vested in keeping the charade going, and as you mentioned there's plenty of stupid money pouring in the door to reinforce the malinvestment going on. Gov won't let another Lehmann Brothers happen, so essentially there is only one investment bank, the Fed/US Government, and the rest of them - Citi, Goldman Sachs, so forth, are just their fully-backstopped and insured agents. What would it take to trigger asset deflation in this scenario? War?

Blogger Jab Burrwalky April 19, 2021 10:19 AM  

I don't recall who it was, but just prior to the Great Depression, a certain bankster pulled all his investments just before the crash based on the fact that his shoe shine boy was giving him stock tips, which indicated to him that a crash was coming. Time to buy some more silver, I think.

Blogger Mr. Clayton April 19, 2021 10:22 AM  

If the SEC has any credibility left, they should be investigating this immediately. This is either market manipulation or money laundering.

Paulsboro High School is (and has been for decades) a state powerhouse in high school wrestling. Interesting the deli owner is principal and(!) wrestling coach. I live in New Jersey and this is the first time I have ever heard of a school principal also being a sports coach.

Blogger Xellos April 19, 2021 10:24 AM  

>Hometown International
>a single deli in NJ

I wonder what nations are responsible for that high value!

Blogger CF Neal April 19, 2021 10:26 AM  

I've been dragging around an old 401-K from several employers ago, letting it do its thing, putting off deciding what to do with it.

Now THIS . . .

Suggestions?

Blogger VD April 19, 2021 10:30 AM  

I'm wondering if Vox has changed positions on this

If you're wondering, then the answer is ALWAYS no. FFS, this really isn't that fucking hard.

Seriously, WTF is difficult to grasp about the concept that if I change my mind about something, I will write about it? In most cases, I will write COPIOUSLY about it. Is there one single person who still wonders if I changed my mind about free trade being good for the economy?

Deflation. 2033. War. Literally nothing has changed at all, except these things are beginning to become more obvious to those paying attention.

Blogger Hoodlum April 19, 2021 10:33 AM  

It's a little worse than that. The pandemic has obviously affected their numbers, as they 2020 Sales were only 13.976 in comparison to 21.772 in 2019. All numbers in thousands(!). It is showing negative net income. Anyone familiar with the S1 process?

Einhorn has been a Henny Penny for a few years, especially in regards to Tesla. Not wrong, but timing is always a bitch.

Blogger Pytor April 19, 2021 10:49 AM  

2033 is the breakup date? And war means a civil war? Is it correct?

Blogger Punkindrublik April 19, 2021 10:51 AM  

Publicly held deli in Jersey? I'm going with money laundering and/or human trafficking.

Blogger NRX April 19, 2021 11:03 AM  

The Biden "administration" policies looks set on the surface for stagflation not deflation. Especially since they've also hurt US oil production and Biden and his cabal have managed to purposely offend both Putin and Mohammed Bin Salman. Yes a massive credit collapse is possible but they've printed so much money and given it as grants rather than loans I think that is unlikely at least in the short term.

I suspect an overvalued deli is a front for something else. Normally a deli wouldn't ever get to an IPO... some growth tech stocks are the opposite of overvalued right now.

Blogger Ben Cohen April 19, 2021 11:04 AM  

After this bubble blows where is the money going to flow? Commodities?

Blogger David The Good April 19, 2021 11:05 AM  

The market is beyond cooked. The speculative manias right now indicate a long, hard fall. The previous bubbles got re-inflated instead of fixed. We're in for it.

Blogger Cappuccinobear April 19, 2021 11:05 AM  

Not from a jedi.

Blogger Bob April 19, 2021 11:08 AM  

Former banker here, this may be more legit than anyone realizes if the business controls considerable real estate or other holdings. This may have been an initial investment scheme from 10-12 years ago that gathered capital and bought depressed real estate using that old standby "other people's investment money". It's still over inflated but only because the assets are. There's no telling what insider shenanigans have been and are going on behind the scenes, but it could be that traditional money laundering isn't part of it currently.

Blogger Gospace April 19, 2021 11:15 AM  

https://www.dailymail.co.uk/tvshowbiz/article-9473257/Erika-Girardis-estranged-husband-Toms-firm-debt-hundreds-clients-ex-workers.html

Whenever large amounts of money are funneled through a third party there seems to be shenanigans.

Having worked in retail and seen the costs of incoming products versus the selling price, I still haven't figured out how enough profit is generated to pay the workers and keep the lights and heat on. I've been convinced for a while now that everything to do with money is a shell game.

Blogger pyrrhus April 19, 2021 11:17 AM  

@2. Prechter is now saying that, for the first time, both hyperinflation and a deflationary collapse are possible--stay tuned

Blogger Yukichi Sensei April 19, 2021 11:20 AM  

Zombie corps. Look up Japan after the 90s.

Blogger Andy in San Diego and Elsewhere April 19, 2021 11:27 AM  

Wonder what impact China's importing of gold will have on this mess. Sure, they're starting "small" ($8.5 billion), but it wouldn't take much for them to ramp up imports.

Blogger Harambe April 19, 2021 11:28 AM  

Damelon Brinn wrote:Some of the ads targeted towards Gen-Z are hilarious. The actors are always mystery-meat race and dressed to try to look hip, like a bunch of Starbucks barristas. They say things like "I don't know anything about investing, but why not, if it's easy?"


What a weird marketing tactic. back in my day they'd have the sexiest man and woman on earth pretend to be really into eating at McDonald's. With the implication being that if you eat at McD's you're sexy AF too. It worked. Even though years later I realized you only get to look like that by exclusively eating skinless chicken breasts and rice. But hey, here I am about to order another McFeast cause it makes me feel sexy.

I don't know how "HEY I'M JUST AS BIG AN UGLY DORK AS YOU, BUY MY STUFF" is supposed to boost sales.

Blogger Eleven Oaks April 19, 2021 11:37 AM  

That Deli must be selling alot of HOTDOGS and PIZZA

Blogger DeepThought April 19, 2021 11:38 AM  

I used to think the 2033 date was too pessimistic. Observing current events, I am starting to think you may have been too optimistic.

Blogger Tallen April 19, 2021 11:39 AM  

This guy agrees.

Blogger Linda Fox April 19, 2021 11:46 AM  

That's why I'm moving money out of stocks, and putting it in durable goods/paying bills down, and buying tools for hunkering down.

Blogger Beardy Bear April 19, 2021 12:08 PM  

My decade of experience in finance tells me there could be another reason for the reductions. Discovercard, for instance, used to do this if they found out tgere was a significant change in the account holders ability to repay, such as a switch to retirement income that went unreported by the account holder. Once I witnessed an account go from 20k to 100 once we found out they retired.

A collapse is still coming.

Blogger bramley bramley bramley April 19, 2021 12:13 PM  

I wonder what they put in their sausage...

Blogger Oswald April 19, 2021 12:13 PM  

I was thinking the strong delusion talked about by Paul was limited to the spiritual and mental state of those who reject the love of the truth.

However, after seeing Coinbase go public last week, the thought occurred to me that, the strong delusion may be broader and encompass the actual rejection of the truth of physical reality itself. We see this in the denial of gender assignments. The delusion that paper money is worth anything. The delusion that the markets reflect reality vs fantasy. In essence, the strong delusion will be centered on belief in a totally new system that although completely based on fantasy will be accept as true by people on the earth.

Blogger Azure Amaranthine April 19, 2021 12:15 PM  

"The money supply should not grow in order to purchase consumer goods or services. Only to purchase means of production"

You had me up until here. It shouldn't grow in any of the above cases. It might be expected to increase naturally due to properly operating an industry, but to inflate the supply before the fact, in order to purchase, is deceptive and predatory.

You're still expecting a centrally controlled fiat currency. That is not workable for all the same reasons it never has been. The "money supply" is logically representative of the polity's material resources, and as such it should directly be composed of a material resource.

"this may be more legit than anyone realizes if the business controls considerable real estate or other holdings."

It isn't because it doesn't. "Owns a single deli in NJ".

It's just ridiculously over-valued. Perhaps because of a mistake somewhere, though if a mistake can happen with 100M and not be corrected for years, it's probably not really a mistake, and rather an indicator of under the table dealings.

Blogger tdcommenter April 19, 2021 12:21 PM  

@27 find one or more brokerage that is less untrustworthy than others. See if they which assets or asset classes that you can invest in. Rollover those to the brokerage. Hedge against inflation with stocks. Hedge against market crash with money market (almost cash) or treasury bond fund.

If you don't have precious metal or other alternates (crypto), get some.

If you need to free up funds for emergency prep, reduce your retirement contributions to matching %.

Diversify.

Blogger Dan in Georgia April 19, 2021 12:30 PM  

Mob/Jewish lightning. I expect a kitchen fire that is fully engulfed before the FD gets there, and an unusually high insurance payout.

Blogger Dan in Georgia April 19, 2021 12:39 PM  

Expect a shell company to cash out right before an unfortunate kitchen fire guts the place. A shell company owned by a retirement home resident will be the beneficiary.

Blogger NRX April 19, 2021 12:44 PM  

"You're still expecting a centrally controlled fiat currency. That is not workable for all the same reasons it never has been. The "money supply" is logically representative of the polity's material resources, and as such it should directly be composed of a material resource."

The ancap view of currency is the one that is unworkable. The sovereign can no more disinterest himself from currency than he can from national defense. Austrian school economics is right about most things but there is no such thing as free market banking, never war, never will be.

Blogger Bob April 19, 2021 12:48 PM  

@ Azure: It isn't because it doesn't. "Owns a single deli in NJ".

But we don't know what the deli owns. The only clue I saw was this:

"Hometown reported more than $600,000 in expenses last year, up from about $154,000 in 2019. The company also reported a net cash gain of $2.2 million from financing activities, such as selling stock, in 2020."

Sounds like someone consolidated some holdings under the Deli's banner, legitimate or not. Now, if they're also involved with high-end art auctions there wouldn't be any doubt, amiright?

Blogger Arthur Isaac April 19, 2021 12:49 PM  

@Doom.

Tungsten, and the finest ones are dipped.

Blogger Damelon Brinn April 19, 2021 1:05 PM  

Prechter is now saying that, for the first time, both hyperinflation and a deflationary collapse are possible--stay tuned

I've been wondering if that's possible. On the one hand, the logic behind debt deflation looks solid. On the other hand, money printer go brrr. If they're throwing trillions out of helicopters and a lot of it is disappearing into debt sinkholes, it seems like prices could go all over the place, with high variation between different regions or industries.

Blogger Arthur Isaac April 19, 2021 1:13 PM  

@Harambe.

The new generations are hyper-empathetic Mary-Sue self inserts by in large. Hot sexy people make them insecure. They want mystery meat Pat in a wheelchair to stroke and soothe their insecurities. Coddling leading to shrunken deficient amygdalae.

Blogger Dwayne Thundergrit April 19, 2021 1:27 PM  

@44
The strong delusion is that you can put your faith in men and the things of this world. It alters your judgement across the board. How you see others, economics, personal relationships, everything.

Blogger Crew April 19, 2021 1:28 PM  

@51: How much of the George Floyd rioting was for the insurance payouts?

Blogger Ingot9455 April 19, 2021 1:28 PM  

@43 Vox did say that there will be many small and large crashes leading up to the 'final' one that necessitates whatever new system arises from the ashes of the old. The one coming up 'shortly' will just be one of them.

Blogger Mr.MantraMan April 19, 2021 1:45 PM  

I keep a small operating loan open with my ag lender that is rolled over every year. There is a chance they give me a canary in the coal mine warning if by chance one year I don't get the happy talk we love you letters.

I would not fight the Fed, even though I own a short fund. The 2008 cluster buck was mainly on the Fed and Bernanke with some insiders screwing over that idiot McCain in favor of Obama and his team of nation looters. Ironically Obama is the greatest stock timer in all the history of mankind. With the S&P at 666 in early 2009 he said it was a great time to buy stocks and it was, from that very day a relentless march up till the Coof.

Blogger map April 19, 2021 1:49 PM  

Market meltdowns are caused by the government, not by some organic process that leads investors to suddenly pull back from the market.

The Fed is using the Personal Consumption Indicator to measure inflation, but they insist inflation is well below the 2% trigger point that would lead to increasing the federal funds rate. They will continue making sure that trigger is never reached for the foreseeable future because they don't want to trigger a market crash while their guy is in the White House.

We've had a deflationary condition for a while now because there are still more states that want to re-open like Florida. The market has recovered and surpassed the February 2020 high and this is without the economy being fully re-opened.

There was an uptick in the gold price, which is usually a sign of inflation, but may just be China trying to attempt a gold-standard yuan, which won't work. A reserve currency needs a long history of foreign usage in purchasing domestic assets of the reserve currency country, plus monetary stability, plus a war. It took 100 years of railroad bonds, foreign investment in the US defended by US courts, and at least one world war before the US dollar became a reserve currency.

The melt-up will continue for the foreseeable future, unless war breaks out in Ukraine and the tide turns against NATO forces.

Blogger LZ April 19, 2021 1:54 PM  

Scroll down to the TOTLL charts. TOTLL is negative yoy. Credit growth is at the slow, post-2008 pace. There's a large and growing "credit gap" with both the 2014 trend growth and now 2018 trend growth. This is an echo of 2009-2010 when central banks and govt went nuts. China is not doing stimulus though, and Democrats might not get more stimulus passed. It's only a few months until eyes turn to 2022 too. Who knows what Dems will do, but moderate Dems have to be worried about holding their seats.

Blogger Some Guy April 19, 2021 1:55 PM  

"Deflation. 2033. War. Literally nothing has changed at all, except these things are beginning to become more obvious to those paying attention."

This is why you need both physical precious metals and a decent sum of cash on hand. Followed shortly by bullets. My guess is hyperinflation first, but one could argue we are in the middle of that now.

Blogger B April 19, 2021 2:01 PM  

Hmm...A deli in NJ. It sounds to me like some kind of money-laundering scheme cooked up by the Rackets (as we used to say in NJ).

Blogger Prof. Spudd April 19, 2021 2:39 PM  

Makes me wonder how much Katz’s is worth.

Blogger RA April 19, 2021 2:44 PM  

For those yammering about hyperinflation, a few points:

This isn't Weimar circumstances.

Does anyone really think the bankers will accept a few gold coins or $100k bills for mortgage payoffs? That would imply they let their receivables become nearly worthless and I just don't see the bankers letting that happen. Free money and inflation work for them, but hyperinflation does not.

We already had the hyperinflation: it took place in the derivatives world. It's fairly opaque but estimates run US$2 quadrillion or more which is at least 10 times the size of the global economy. When it collapses, the damage will be so immense and so spread out globally that Fed and the other central banks are not going to be able to print their way out. They'll collapse first. So think global credit destruction all the way down the line, reaching into *every* sector of the economy that requires credit to move it along.

But when? If I knew that ... Let's just quote the old saw that the markets can remain irrational a lot longer than one can remain solvent.

Blogger Pratisara April 19, 2021 3:14 PM  

The really bad market meltdowns are allowed to happen at the end of an eight year term of a swamp President. 2000 at the end of clinton's and 2008 at the end of Bush. They wanted to do one in 2016 at the end of Obama's but Trump did not allow for that and they hate him for it. Now they have to wait till 2028.

Blogger PH April 19, 2021 3:51 PM  

If you are self employed, I recommend a self directed 401k.

Blogger Bob April 19, 2021 3:52 PM  

"While Hometown has a strong local connection in Morina, its other major shareholders include several investment firms based in Hong Kong and Macau, according to the filing."

Looks more and more like an investment group that maintains real estate and an established retail just to check off the boxes. The investors being foreign should have been a given, Americans are mostly tied to funds just out of design. Which is, if I remember my required training, an indication that the money may already have been layered because you can bet the CCP can make any HK or MC transaction look any way they want it to. My apologies to those betting on the laundering angle. One red flag is one red flag. Two red flags is more often conspiratorial in some way.

Blogger seven x seven April 19, 2021 4:14 PM  

Deflation into 2024, then the gold reset, as the ECB busts the LBMA banks, literally. Gold to da moon, and will eventually be promoted as the backing for the global digital currency, currently known as the Euro (not attached to any nation at all, but with trillions in physical gold in the vaults, even at current values).

'As good as gold' will be the cry from the BIS and all the central banks, as they tout their new money and blame the fall-guys, the banks, for the credit bubble and its bursting. They are prepping for beast money, with central bank digital currencies, do a web search, you will see.

And when the rfid chip and the tattoo comes, globally, c.2027-2029, the tattoo will be of a fine gold bar, with its fineness shown as .999 (go take a look on a web search photo). Those who take the chip/tattoo will see .999 as they look at their hand, but it will be inverted when the fist is presented to a card reader, as....666. A small deception by the beast.

The above is revelation, not speculation.

Blogger boron April 19, 2021 5:04 PM  

@ Solon
Morina is not a typical (((tribe member))) name; far from it.
Morina is an area in the region of Emilia-Romagna in Italy

Blogger xevious2030 April 19, 2021 5:18 PM  

“Sales were only”

If I created money out of thin air, I could create sales out of thin air too.

The moment you accept a medium of exchange, you have accepted fiction. If you control the distribution of that fiction, you create the narrative. So long as there is available reachable product, the narrative is accepted. If the narrative is accepted, then you have economy.

Collapse the morale, collapse the economy. Balkanization is a way to smash morale to multiple pieces, and the singlemindedness of the economic stability. When the economy is debt.

Blogger bob kek mando April 19, 2021 5:44 PM  

definitely money laundering and fraud, there are some REALLY big sharks who own Hometown International shares:
https://www.cnbc.com/2021/04/16/lawyer-hometown-international-deli-owner-stock-scams.html
"[Greg Jaclin] A now-disbarred lawyer who pleaded guilty to federal crimes related to shell company scams is listed as an attorney in early financial documents filed by a New Jersey firm
...
Share prices significantly recovered during the day. Hometown’s stock closed at $12.99 per share Friday, down 3.78% from the previous day.
...
The biographies of Morina and Lindenmuth in SEC filings do not mention any prior experience by either of them in the food service industry, a publicly traded corporation, or the financial industry.
...
The chairman of Hometown, Peter Coker Jr., is listed as the chairman of a Hometown investor that also has operated a luxury hotel in Macao known as The 13.
...
Coker’s father, Peter Coker Sr., is listed in financial filings as another key shareholder in Hometown.
...
In 1992, The Morning Call newspaper in nearby Allentown published an article that said American Express Bank, in a bankruptcy case filed by Peter Coker, claimed he had “fraudulently conveyed hundreds of thousands of dollars of his assets to thwart its collection efforts on nearly $900,000.”"

notice that there appears to be a PPT in operation to support the shares at their stupid valuation.

Blogger Hieroglyph April 19, 2021 5:46 PM  

Some rumor on 4Pleb, that approx seven companies were about to be bent over by the (((SEC))) for money-laundering. The allegation is that it's related to crypto. Presumably the SEC doesn't especially care about money-laundering, as long as it's done in funny fiat dollar. When it's done on crypto, you can hear the Oy Vey's from Australia.

Personally, I wouldn't be surprised if we saw the crash this year. I'm not despondent about it. Whenever I see some guy from the fed, or (((economists))) discuss fundamentals, and how the outlook is rosy, I conclude they are utterly delusional. Perhaps they believe their own massaged statistics, not so sure I do. Or they are just propagandists who don't believe a word, a troubling scenario.

Blogger RedJack April 19, 2021 7:07 PM  

401K is giving someone your money to play with.

It may work, it may not, but it is a gamble.

Oh, and an interesting (to me) data point. A LOT of big money is buying farm land all over. Saw that in 2007, and then some sell offs by the end of 2010's, but a local farm went for almost $19K an acre.

So that is where some of the money is going

Blogger RC April 19, 2021 7:10 PM  

The Child wrote, "The above is revelation, not speculation."

I hope you've read and fully comprehend the terms and conditions of claiming prophetic standing.

Blogger Noticer of Things April 19, 2021 7:54 PM  

Not sure what's happening with Barclay in the UK, but in the US there's still easy money to refinance mortgages in most of the country. It doesn't make any sense to me, but our government has been printing an insane amount of money to goose asset prices for the rich. It's harder to figure out of course, but in any unwinding/collapse scenario the order that things happen in makes a huge amount of difference. Are people here getting out of stocks now? I sold off quite a bit last year when things got back up to their highs, so I didn't take any losses per se, but definitely missed out on some significant upside.

Blogger Jack Amok April 19, 2021 7:58 PM  

If you are self employed, I recommend a self directed 401k.

Good grief, why? So it can be confiscated to pay for someone else's retirement?

Blogger Jack Amok April 19, 2021 8:07 PM  



They're just trying to get you (meaning us) to prop up the system long enough for them to get their money out.

Blogger James Dixon April 19, 2021 8:46 PM  

> In past interviews, Charles Nenner has said he sees the Dow going to 5000.

It bottomed under 8000 in both 2003 and 2009. It could easily do so again, though something in the 10-15K range is more likely.

> Does anyone have a good idea when the meltdown will start?

No. It could have started today. It could start later this year. It could hold off for another couple of years. No one ever knows for sure.

> How much of the George Floyd rioting was for the insurance payouts?

None. Insurance companies don't pay out for such damages. Unless the insurance company executives arrange for a kickback, of course.

Blogger Rough Carrigan April 19, 2021 9:29 PM  

#67. They didn't let people pay off their mortgages with million mark bills in Weimar Germany, either. They recalibrated them.

Blogger SciVo April 20, 2021 12:15 AM  

2033 is the breakup date? And war means a civil war? Is it correct?

No, based on what Vox has said in the past, 2033 is simply the average expectation of the end of the USD, based on the historical lifespans of fiat currencies.

And "war" means "war". Get over yourself. Just because you're imprecise doesn't mean everyone is. Any honest man will say what he means and mean what he says. It's literally insulting to ask if he meant something else.

Blogger Slippin JImmy April 20, 2021 3:31 AM  

Yes, the deli and it's bizarre valuation screams money laundering or possibly a vehicle for conducting drug deals.

Blogger Slippin JImmy April 20, 2021 3:35 AM  

That's the problem with predicting crashes - it's amazing how far down the road they can kick the can.

Blogger Avalanche April 20, 2021 9:36 AM  

@12 "The real question is: who is this guy who owns a single deli, how did he even manage to get ON the stock market with such a tiny business"

Quick! Someone flash the Anon signal! Look to the sky!

Blogger Stryker4570 April 20, 2021 1:38 PM  

@12 This is one way it works. People create a 'shell company' that meets all the SEC criteria for going public. Then they 'envelop' or wrap it around another company,in this case the deli. Once they get all the internal details ironed out and aligned they can do an IPO and become listed on one of the exchanges, usually on the basis of their cash position. It costs , or used to cost, between 200K-300K to get a shell set up and compliant with all the pertinent regulations. Often one shell will be used for different companies, one after the other, as the value is extracted from the secondary company.

Blogger seven x seven April 20, 2021 1:44 PM  

@77,

I lolled that your comment was number 77, very apt.

Yeah, I know who I am, I know my job, I have a good idea of what lies ahead for me, and for the world, my training is ongoing, I think it's going OK, but you'd have to ask my Boss. Stay tuned, and God bless you with truth and righteousness.

Blogger SciVo April 21, 2021 3:10 AM  

Ben Cohen:
After this bubble blows where is the money going to flow? Commodities?

No. The money is already flowing into the last resort, which is real estate. But it's a Hail Mary pass (regards to the late Norman Schwartzkopf).

They're idiots, but they aren't actually clinically retarded. After the shitshow that was the unwinding of the last housing bubble, they must know damn well how fragile remote home ownership is.

My casual guess is that I think that the hedge funds are just doing an extend-and-pretend on their clients, since by the time there isn't anyone to enforce remote land ownership, there also won't be anyone to prosecute them for serving their clients poorly.

Blogger JamesB.BKK April 24, 2021 2:00 AM  

Even after decimalization and online trading occurred, the licensed protected brokerages charged percent of trade, then they charged percent capped, then it was flat per trade of say $6.95 at Fidelity with a few discounted per month, then it was and remains zero other than for ADRs and other foreign stocks. This is due to the upstarts. Robinhood is probably undercapitalized and is using its customer deal flow to sell to large commercials and large speculators but its pricing benefits us all vs the huge incumbents.

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