The Last Time Gold Flashed This Warning Sign, the Market Dropped 80%

Both President Trump and Elon Musk are warning about something that could send the market down 50%, real estate down 40% and savings accounts down 30%.

Too many people, not enough management: A look at the chaos of 'overtourism' in the summer of 2024

LAURIE KELLMAN
August 19, 2024

SINTRA, Portugal (AP) -- The doorbell to Martinho de Almada Pimentel's house is hard to find, and he likes it that way. It's a long rope that, when pulled, rings a literal bell on the roof that lets him know someone is outside the mountainside mansion that his great-grandfather built in 1914 as a monument to privacy.

There's precious little of that for Pimentel during this summer of "overtourism."

Travelers idling in standstill traffic outside the sunwashed walls of Casa do Cipreste in Cintra sometimes spot the bell and pull the string "because it's funny," he says. With the windows open, he can smell the car exhaust and hear the "tuk-tuk" of outsized scooters named for the sound they make. And he can sense the frustration of 5,000 visitors a day who are forced to queue around the house on the crawl up single-lane switchbacks to Pena Palace, the onetime retreat of King Ferdinand II.

"Now I'm more isolated than during COVID," the soft-spoken Pimentel, who lives alone, said during an interview this month on the veranda. "Now I try to (not) go out. What I feel is: angry."

This is a story of what it means to be visited in 2024, the first year in which global tourism is expected to set records since the coronavirus pandemic brought much of life on Earth to a halt. Wandering is surging, rather than leveling off, driven by lingering revenge travel, digital nomad campaigns and so-called golden visasblamed in part for skyrocketing housing prices.

Cue the violins, you might grouse, for people like Pimentel who are well-off enough to live in places worth visiting. But it's more than a problem for rich people.

"Not to be able to get an ambulance or to not be able to get my groceries is a rich people problem?" said Matthew Bedell, another resident of Sintra, which has no pharmacy or grocery store in the center of the UNESCO-designated district. "Those don't feel like rich people problems to me."

Overtourism generally describes the tipping point at which visitors and their cash stop benefitting residents and instead cause harm by degrading historic sites, overwhelming infrastructure and making life markedly more difficult for those who live there.

Look a little deeper and you'll find knottier issues for locals and their leaders, none more universal than housing prices driven up by short-term rentals like Airbnb, from Spain to South Africa.

The summer of 2023 was defined by the chaos of the journey itself -- airports and airlines overwhelmed, passports a nightmare for travelers from the US. Yet by the end of the year, signs abounded that the COVID-19 rush of revenge travel was accelerating.

In January, the United Nations' tourism agency predicted that worldwide tourism would exceed the records set in 2019 by 2%. By the end of March, the agency reported, more than 285 million tourists had travelled internationally, about 20% more than the first quarter of 2023. The World Travel & Tourism Council projected in April that 142 of 185 countries it analyzed would set records for tourism, set to generate $11.1 trillion globally and account for 330 million jobs.

Aside from the money, there's been trouble in paradise this year, with Spain playing a starring role in everything from water management problems to skyrocketing housing prices and drunken tourist drama.

Protests erupted across the country as early as March, with thousands of people demonstrating in Spain's Canary Islands against visitors and construction that was overwhelming water services and jacking up housing prices.

Japan set records for tourist arrivals. In Fujikawaguchiko, a town that offers some of the best views of Mt. Fuji, leaders erected a large black screen in a parking lot to deter tourists from overcrowding the site. The tourists apparently struck back by cutting holes in the screen at eye level.

Air travel, meanwhile, only got more miserable, the U.S. government reported in July.

Tourism is surging and shifting so quickly, in fact, that some experts say the very term "overtourism" is outdated.

Michael O'Regan, a lecturer on tourism and events at Glasgow Caledonian University, argues that "overtourism" doesn't reflect the fact that the experience depends largely on the success or failure of crowd management.

"There's been backlash against the business models on which modern tourism has been built and the lack of response by politicians," he said in an interview. Tourism "came back quicker than we expected," he allows, but tourists aren't the problem. "So what happens when we get too many tourists? Destinations need to do more research."

Virpi Makela can describe exactly what happens in her corner of Sintra. Incoming guests at Casa do Valle, her hillside bed-and-breakfast near the village center, call Makela in anguish because they cannot figure out how to find her property amid Sintra's "disorganized" traffic rules that seem to change without notice.

"There's a pillar in the middle of the road that goes up and down and you can't go forward because you ruin your car. So you have to somehow come down but you can't turn around, so you have to back down the road," says Makela, a resident of Portugal for 36 years. "And then people get so frustrated they come to our road, which also has a sign that says `authorized vehicles only.' And they block everything."

A 40-minute train ride to the west, Sintra's municipality has invested in more parking lots outside town and youth housing at lower prices near the center, the mayor's office said.

More than 3 million people every year visit the mountains and castles of Sintra, long one of Portugal's wealthiest regions for its cool microclimate and scenery. Sintra City Hall also said via email that fewer tickets are now sold to the nearby historic sites. Pena Palace, for example, began this year to permit less than half the 12,000 tickets per day sold there in the past.

It's not enough, say local residents, who have organized into QSintra, an association that's challenging City Hall to "put residents first" with better communication, to start. They also want to know the government's plan for managing guests at a new hotel being constructed to increase the number of overnight stays, and more limits on the number of cars and visitors allowed.

"We're not against tourists," reads the group's manifesto. "We're against the pandemonium that (local leaders) cannot resolve."

___

Associated Press reporters Helena Alves in Lisbon and Mari Yamaguchi in Tokyo contributed to this report.

Continue Reading...

Popular

Elon Musk Laughs At The Idea Of Dick Cheney Supporting Kamala Harris For President

Elon Musk humorously commented on the recent endorsement of Kamala Harris by George Bush Jr.-era former Vice President Dick Cheney.

Forget AI, Imperium Is Expected to Grow 320,000% In 3 Years - Ad

Three of the world's biggest AI companies -- Google, Nvidia and Intel -- have even partnered with my No. 1 Imperium company to get on this massive mega trend. The average investor hasn't caught on yet, but you can still invest in my No. 1 Imperium company for just $10 a share.

Betting on elections threatens confidence in voting and should be banned, US agency says

ATLANTIC CITY, N.J. (AP) — Allowing people to bet on the outcome of poses a great risk that some will try to manipulate the betting markets, which could cause more harm to the already fragile confidence voters have in the integrity of results, according to a federal agency that wants the bets to be banned.

A New Drug Set to Outgrow Zoloft and Metformin--Invest Now - Ad

A new breakthrough drug is predicted to hit 250 million subscriptions in the next SIX YEARS, according to Morgan Stanley. Even better, a tiny company - trading for only $7 - holds key patents on this new drug. But it won't stay under the radar for much longer.

Turkey's Spy Chief Meets With Hamas To Discuss Cease-Fire In Gaza: Reports

Turkey's intelligence chief met with Hamas in Ankara to discuss Gaza ceasefire negotiations, as Turkey denounces Israel's assault and conducts intensive diplomacy.

Oil = Monthly Income - Ad

Right now, there's an unusual $25 way to collect MONTHLY income from the oil markets. It's not a stock, bond, or anything you've likely heard about... But it's by far my #1 investment opportunity for 2024.

'FBI Raided My Home…:' Melania Trump Slams FBI For Invading Her Privacy While Searching For 'Top Secret' Documents At Donald Trump's Mar-A-Lago Residence

In a recent video promoting her upcoming memoir, former First Lady Melania Trump issued a stark warning to Americans about the actions of the Federal Bureau of Investigation (FBI) during a raid on her Florida residence in August 2022.

Huge payout expected for a rare coin bought by Ohio farm family and hidden for decades

TOLEDO, Ohio (AP) -- Three sisters from Ohio who inherited a dime kept in a bank vault for more than 40 years knew it had some value. But they had no idea just how much until just a few years ago.

2024 Oil Boom - Ad

There is a much better way to profit from oil in 2024. It's NOT oil stocks, futures, or anything you've likely heard about. In fact, one man used it build a small $1,000 investment into a $100,000 income stream over fifty years.

Elon Musk Comments On Why They Want To Kill Trump, DeSantis Promises Florida's Own Probe

A second assassination attempt on Donald Trump was foiled by the U.S. Secret Service while he was golfing in Florida, with political figures from both parties condemning the incident and reaffirming the importance of denouncing political violence.

iPhone 16 Pro Vs. iPhone 15 Pro: Should You Upgrade To Apple's Latest iPhone?

The iPhone 16 Pro offers notable upgrades in display size, processing power, camera capabilities, and battery life over the iPhone 15 Pro, but the improvements may not be significant enough to justify an upgrade for all users unless these specific features are essential to them.

Utility ordered to pay $100 million for its role in Ohio bribery scheme

An energy company at the center of a $60 million bribery scheme in Ohio has been ordered by the U.S. Securities and Exchange Commission to pay a $100 million civil penalty for misleading investors about its role in the scandal.

OnlyFans Beats Apple, Google, Netflix, And Other Big Tech Companies In Revenue Per Employee: Here's The Down Low

Content-sharing platform OnlyFans has come out on top against big tech companies like Apple Inc., Alphabet Inc.'s Google, Netflix Inc., and others in terms of revenue generation per employee.

My No. 1 Oil Play for 2024 - Ad

Do you own oil and gas stocks? Or are you thinking about buying some? If so, you need to see my #1 oil play for 2024. But it's NOT oil stocks, futures, or anything you've likely heard about. Rather, it's an unusual way to potentially bank monthly income from the oil and gas markets.

McCormick's hedge fund days are a double-edged sword in Pennsylvania's Senate race

HARRISBURG, Pa. (AP) — Before he ran for the U.S. Senate in Pennsylvania, was a big name on Wall Street.

Apple Staring At 'Lower Than Expected' Demand For iPhone 16 Pro And Pro Max In The First Weekend, Says Top Analyst

Apple is experiencing lower than anticipated demand for its iPhone 16 Pro and Pro Max models during the first weekend of pre-orders, according to top analyst Ming-Chi Kuo.

Exposed: Democrats' Secret Plan to Keep Trump Out of the White House - Ad

Former advisor to the CIA, the Pentagon and the White House Jim Rickards just released this shocking new video exposing Democrats' secret plan to keep Trump out of the White House... Even if he wins the election. See the details and learn how to prepare... Because this could trigger the biggest constitutional crisis in our nation's history.

China's economy softens in August as Beijing continues to grapple with lagging demand

BEIJING (AP) — China’s economy softened in August, extending a slowdown in industrial activity and real estate prices as Beijing faces pressure to ramp up spending to stimulate demand.

Don't Tell ANYONE About This Altcoin (Until It Pops)... - Ad

Quiet now! This governance token could be the sleeping giant of the crypto world... In the next bull market, this "DeFi 2.0" powerhouse might soar 10x... 50x... perhaps even 100x.

Stanley Cup champion Panthers agree to extend arena deal with Broward County through at least 2033

FORT LAUDERDALE, Fla. (AP) — The Stanley Cup champion Florida Panthers are extending their operating agreement with Broward County for five more years, ensuring that the team remains in the market through 2033 and likely well beyond.

Trump's Campaign Slapped With Lawsuit Threat After Jack White Calls Them 'Fascists'- 'You Should Lose Every Military Family's Vote Immediately!'

Jack White of the White Stripes has condemned Donald Trump's campaign as "fascists" and threatened legal action after an aide used a clip of the band's 2003 hit "Seven Nation Army" in a pro-Trump social media post.

New "Living Missile" to Replace Nuclear Missiles - Ad

CBS News Reports: "It's an entirely new type of weapon." The New York Times Reports: "No existing defense can stop it." And one small company is building them for the Pentagon!

Atlantic City's top casino underpaid its online gambling taxes by $1.1M, regulators say

ATLANTIC CITY, N.J. (AP) — New Jersey gambling regulators say Atlantic City's top-performing casino, the Borgata, underpaid some of its internet gambling taxes twice by taking almost $15 million more in credits than it was entitled to.

Postal Service insists it's ready for a flood of mail-in ballots

U.S. Postmaster General Louis DeJoy assured state election officials in a letter released Monday that he'll work with them to handle their warnings of problems with election mail delivery during the primary season, while insisting that the Postal Service will be ready for the flood of mail-in ballots ahead of the November election.

My TOP Altcoin for Right Now Is... - Ad

Searching for the top investment opportunity in crypto? Look no further. Our $3 report gives you the full scoop. You'll get this exciting token's name, our recommended investment strategy, and growth projections. Time is of the essence with this one...

Jaguar tells owners of older I-Pace electric SUVs to park them outdoors due to battery fire risk

DETROIT (AP) — Jaguar is telling owners of about 3,000 electric SUVs to park them outdoors and away from structures due to the risk of battery fires.

Former Canadian fashion mogul Peter Nygard sentenced to 11 years for sexual assault

TORONTO (AP) — was sentenced Monday in a Toronto courtroom to 11 years in prison for sexually assaulting four women. The judge called the 83-year-old a “sexual predator.”

President Trump and Elon Musk Issue Stark Warning - Ad

Both President Trump and Elon Musk are warning about something that could send the market down 50%, real estate down 40% and savings accounts down 30%.

A Palestinain TikTok star who shared details of Gaza life under siege is killed by Israeli airstrike

CAIRO (AP) — It was another day of , another day of what 19-year-old Palestinian TikTok star Medo Halimy called his “Tent Life."

Why Is WiSA Technologies Stock Surging Premarket Wednesday?

WiSA Technologies shares are jumping premarket Wednesday, as the company acquires Datavault's IP and IT assets in a $210 million deal.

Seven Unknown AI Stocks That Could Dominate the Next Six Years - Ad

The original "Magnificent Seven" stocks generated 16,800% over the last 20 years. But now a new set of AI stocks is set to take over. Alex Green dubs them "The Next Magnificent Seven." And he's arguing that just $1,000 in each could turn into more than $1 million in less than six years.

Stellantis Fires Back At US Dealer Council's Allegation Of 'Short-Term Decision-Making:' Carmaker Says 'Public Personal Attacks' Not The Way To Solve Problems

Carmaker Stellantis NV said on Wednesday that it takes "absolute exception" to the open letter sent by the President of U.S. Stellantis National Dealer Council (NDC) Kevin Farrish to company CEO Carlos Tavares, terming it a "public personal attack."

DO NOT Make Another Trade Without Seeing This First - Ad

Starting September 23... a huge secret of the markets could help you consistently target gains like: 126%... 245%... even 463% or more... often in 30 days or less... No matter what the market does next.

Investigators say dispatching errors led to Union Pacific train crash that killed 2 workers

OMAHA, Neb. (AP) — Dispatching errors combined with the failure of two backup systems allowed a Union Pacific train to that had been parked on a side track for nine months in Southern California two years ago, killing an engineer and a conductor, according to a report issued Thursday.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright technicaltrading.org
Privacy Policy | Terms of Service