DID YOU KNOW? The Ultra-Rich Are Flourishing and Sticking Around in California. The number of millionaires in the Golden State has surged at a time lower-income residents are leaving. (Bloomberg.com) DID YOU KNOW? US banks suffered almost $19bn of losses on soured loans in the second quarter, the highest level in more than three years as lenders contend with rising defaults among credit card and commercial real estate borrowers, an increase of almost 17% on the previous 3 months and 75% higher than the same period last year. Capital One lost the most by far. Thanks FED! (FT) DID YOU KNOW? The U.S. Treasury Department will soon propose a rule that would require real estate professionals such as title insurers to report the identities of the beneficial owners of companies buying real estate in cash to the Treasury's Financial Crimes Enforcement Network. This is aimed at ending anonymous luxury-home purchases, closing a loophole that the agency says allows corrupt oligarchs, terrorists and other criminals to hide ill-gotten gains. (Yahoo) DID YOU KNOW? Oil prices are SURGING.... Olive oil prices! Especially in Spain that produces around 50% of the world's output where drought and weather have decimated crops. A metric ton of olive oil now costs more than 10 times a metric ton of crude. In 2019, before the pandemic, the ratio was less than five times. Thankfully the percentage of olive oil consumed by humans is just 2% of global consumption. DID YOU KNOW? The MICROgrid? A microgrid is a network of buildings that essentially acts as a miniature power grid. It can operate outside of the larger municipal electrical system by ensuring backup power for the entire development, which can be produced by a solar array system and stored in a battery. Over 400 housing developments around the US are doing this already, mostly solar-powered, bringing the costs of utilities down for owners with systems that are not reliant on the big grids. DID YOU KNOW? In Menifee, Calif., KB Home is developing a microgrid with more than 200 houses that come with a heat pump, electric appliances, solar panels, a battery and a shared community battery system. California now mandates that most new homes include solar panels, this neighborhood about 80 miles southeast of Los Angeles is a test case to see how large-scale communities can be built to be energy resilient, while reducing carbon emissions and lowering energy costs. Maura Short DID YOU KNOW? After years of growth and escalation, China's consumer prices are now falling....DEflation! (CNBC) | 
