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If You Feel Like Something Really, Really Bad Is About To Happen, You Are Definitely Not Alone

This article was originally published by Michael Snyder at The Economic Collapse Blog. 

If this is “the recovery”, what are things going to look like once economic conditions start to deteriorate again?  As you will see below, more than half of all households in some of our largest cities “are facing serious financial problems”, and Americans continue to file for unemployment benefits at a rate that the United States had never seen before prior to 2020.

When 695,000 workers filed for unemployment benefits during a single week in 1982, it established a record which stood for nearly 38 years.  But now we have been way above that old record for 25 weeks in a row.  On Thursday, we learned that another 884,000 Americans filed new claims for unemployment benefits last week…

Weekly jobless claims were worse than expected last week amid a plodding climb for the U.S. labor market from the damage inflicted by the coronavirus pandemic.

The Labor Department on Thursday reported 884,000 first-time filings for unemployment insurance, compared with 850,000 expected by economists surveyed by Dow Jones. The total was unchanged from the previous week.

Of course, it is always important to look at the non-adjusted numbers, and according to those numbers, we actually saw an increase over the previous week

The Labor Department changed its methodology in how it seasonally adjusts the numbers, so the past two weeks’ totals are not directly comparable to the reports from earlier in the pandemic. Claims not adjusted for seasonal factors totaled 857,148, an increase of 20,140 from the previous week.

This is the second week in a row that the non-seasonally adjusted initial claims have risen.

That definitely wasn’t supposed to happen.

We are supposedly in a “recovery” right now, and things are supposed to be getting better.

But instead, they appear to be getting worse.  According to Wolf Richter, continuing claims under all state and federal programs were way up last week…

Total continued claims for unemployment insurance (UI) under all state and federal programs rose by 380,000, to 29.6 million people (not seasonally adjusted), the highest since August 1, according to the Department of Labor this morning. This was the second weekly increase in a row, after the 2.2-million jump last week.

At any other time in American history, the numbers that were just reported would be considered “catastrophic”, but we have been getting these sorts of catastrophic numbers for so long that we have become desensitized to them.

But at least the unemployment numbers are not as bad as they were earlier this year, and other economic figures seem to have hit a bit of a plateau as well.

So for the moment, there is relative calm, but it won’t last for very long.

If you feel like something really, really bad is about to happen, you are definitely not alone.  There are countless others that are also waiting for “the other shoe to drop”, and I believe that it could literally happen at any time.

But for now, we wait.

I would encourage you to enjoy these remaining days of summer while you still can.  This weekend, put some burgers on the grill and enjoy some time with your family.  Unfortunately, there are many Americans that are under such financial stress that it is hard to enjoy much of anything right now.  In fact, one recent survey found that 50 percent or more of the households in some of our largest cities are currently facing “serious financial problems”

There’s no question the coronavirus pandemic has forced many Americans into financial hardship, but a new NPR/Harvard T.H. Chan School of Public Health/Robert Wood Johnson Foundation survey provided a clearer picture of the extent of the struggles in the United States’ four largest cities.

At least half of all households in those cities — 53 percent in New York City, 56 percent in Los Angeles, 50 percent in Chicago, and 63 percent in Houston — reported facing serious financial problems, including depleted savings, problems paying credit card bills, and affording medical bills.

How can that be possible if we are in the midst of a tremendous “recovery”?

Of course, the truth is that we aren’t in any sort of a recovery, but at least things are a whole lot better than they will be after the upcoming election.

I had such an ominous feeling coming into 2020, and I shared this repeatedly with my readers, and now I have such an ominous feeling about the rest of 2020 and beyond.

In particular, I am extremely concerned about what will happen in November.  No matter who is ultimately declared the winner, the other side is going to be convinced that the election was stolen from them and that is likely to throw our nation into a state of chaos.

And we are already being told that we probably will not know the winner until long after election day.  That period of uncertainty is almost certainly going to spark more civil unrest, and I believe that faith in the integrity of our elections will be greatly shaken.

Before I end this article, there is one more thing that I wanted to mention that I found to be extremely interesting.  This year the Federal Reserve has been buying up mortgage bonds worth hundreds of millions of dollars, and according to Mish Shedlock the Fed now owns nearly a third of that entire market…

  • The Fed has snapped up $1 trillion of mortgage bonds since March. It bought around $300 billion of the bonds in each of March and April, and since then has been buying about $100 billion a month.
  • The Fed now owns almost a third of bonds backed by home loans in the U.S.
  • Buying the securities has pushed mortgage rates lower, with the average 30-year rate falling to 2.91% as of last week from 3.3% in early February.
  • Morgan Stanley analysts pointed out in late March that the buying was running at eight times the pace seen in prior episodes of Fed purchasing under programs known as quantitative easing.

No matter who wins the election, the direction of the Fed is not going to change.  They are going to continue to engage in exceedingly reckless manipulation of the markets, and that is going to have very serious long-term implications.

All around us, we can see our society being thrown into convulsions as all of our systems begin to fail.

I know that so many of you out there are feeling the exact same way that I am.

A sense of anticipation hangs in the air, and millions of people are waiting for the next big crisis to erupt.

***Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on***

About the Author: My name is Michael Snyder and my brand new book entitled “Lost Prophecies Of The Future Of America” is now available on  By purchasing the book you help to support the work that my wife and I are doing, and by giving it to others you help to multiply the impact that we are having on people all over the globe.  I have published thousands of articles on The Economic Collapse BlogEnd Of The American Dream, and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  In addition to my new book, I have written four others that are available on including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned)  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial, or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and anyway that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

The post If You Feel Like Something Really, Really Bad Is About To Happen, You Are Definitely Not Alone first appeared on SHTF Plan – When It Hits The Fan, Don't Say We Didn't Warn You.

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Stock market takes a sharp upturn after coronavirus drug shows promising results

The Dow Jones Industrial Average jumped by more than 800 points in futures trading on Thursday after a report showed that a drug meant to treat coronavirus had promising results.

The Dow Jones has cratered after a historic drive upward after the coronavirus pandemic began to shut down economies all over the world.

Futures traded upward on the news that Remdesivir, a Gilead Sciences drug, was shown to be effective in treating coronavirus patients with severe symptoms in a trial at a Chicago hospital.

The stock market could have also been responding positively to the Trump administration revealing a plan by Dr. Deborah Birx to slowly ease the restrictions on economic activity.

S&P 500 and Nasdaq futures were also up sharply on the drug news.

“This is obviously good news. Of course, we’ve heard a few other pieces of good news like this recently and they didn’t pan-out as well as people had hoped,” said market strategist Matt Maley to CNBC.

“The big question is whether it’s going to be enough to help the economy ‘re-open’ more quickly than people are thinking right now,” he explained.

About 22 million Americans have lost work because of the economic shutdown ordered by state and local governments to help stop the spread of the virus that originated in Wuhan, China.

Here’s more about the new coronavirus treatment:

Gottlieb on Gilead’s potential drug breakthrough for coronavirus

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Stocks Puke Into Bear Market As US Financial Conditions Crash Most ‘Since Lehman’ – Dow Jones Crashes Into Bear Market: Fastest Drawdown In Market History …this is the fastest drawdown from a peak into bear market in history

So much for the dead cat bounce, as predicted… Stocks Puke Into Bear Market As US Financial Conditions Crash Most 'Since Lehman' #Investing #Trading #Collapse — Infinite Unknown (@SecretNews) March 11, 2020 Dow Crashes Into Bear Market: Fastest Drawdown In Market History …this is the fastest drawdown from a peak into bear market in history. … Read more

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The Unstoppable Coronavirus vs. The “All-Powerful” Federal Reserve

This article was originally published by Michael Snyder at The Economic Collapse Blog. 

Has the Federal Reserve finally met an opponent that it won’t be able to defeat?  Ever since the last financial crisis, unprecedented intervention by the Fed at key moments has kept the economy and the financial system relatively stable.

No matter what has come along, it has seemed like the Federal Reserve has always had an answer, and this has created an environment that has enabled the most ridiculous stock market bubble in U.S. history to grow to epic proportions.  But now COVID-19 is perhaps the greatest challenge that the Fed has faced in modern times.  No matter how low-interest rates are pushed, and no matter how much helicopter money the Fed drops from the sky, it isn’t going to cause fearful Americans to go shopping, take trips or start businesses.  And nothing that the Fed can do will be able to mitigate the severe disruptions to global supply chains that we are currently witnessing.

But that doesn’t mean that the Fed isn’t going to go back to the same old playbook that has worked so well in the past.

On Tuesday the Fed announced an emergency rate cut, and instead of soaring, stock prices absolutely tanked.  In fact, the Dow Jones Industrial Average ended the day down 785 points

The decision to cut rates by half a percentage point came two weeks before the Fed’s scheduled meeting as the central bank felt it was necessary to act quickly to combat the effect of the virus spreading worldwide. It’s the first such emergency action coming in between scheduled meetings since the financial crisis.

The Dow Jones Industrial Average closed 785.91 points lower, or nearly 3%, to 25,917.41; it rose more than 300 points earlier in the day. The 30-stock average gyrated between sharp gains and solid losses after the decision was announced. The S&P 500 fell 2.8% to 3,003.37 while the Nasdaq Composite pulled back 3% to 8,684.09.

At this point, the Federal Reserve doesn’t have much room to reduce interest rates.  But of course, President Trump was disappointed in the Fed’s decision because he wanted an even bigger rate cut

Trump tweeted following the Fed’s move – keeping up his longstanding practice of demanding lower rates.

‘The Federal Reserve is cutting but must further ease and, most importantly, come into line with other countries/competitors,’ Trump wrote. ‘We are not playing on a level field. Not fair to USA. It is finally time for the Federal Reserve to LEAD. More easing and cutting!’

Meanwhile, just about everyone else is using the word “panic” to describe this move by the Fed.  The following example comes from Zero Hedge

Instead, as it stands “it smells like panic” as more than one Wall Street veteran put it.

Worse, as BMO’s Ian Lyngen puts it, what happened after the Fed’s emergency 50bps rate cut, the biggest since Jerome Kerviel blew up SocGen, “the situation didn’t play out exactly as Powell might have envisioned.

So just how bad is it? Well, as plunging stocks demonstrate, the Fed is this close from losing all credibility…. and since the market has been held up for the past 11 years on nothing but Fed faith – and trillions in Fed liquidity – this could be a very, very big problem.

If you can believe it, even CNBC’s Jim Cramer is saying that this move by the Fed has made him “nervous”

Cramer went on to say that he’d previously been optimistic, despite the recent Dow freefall. But the Fed’s move has caused him to adopt a more cautious posture.

“It makes me feel, wow, the weakness must be much more than I thought,” Cramer said. “And I’ve been trying to be bullish, but I can’t.”

He added, “I’m now nervous. I’m more nervous than I was before.”

The Federal Reserve has almost entirely run out of interest rate ammunition already, and we aren’t even officially in a recession yet.

So what are they going to do once things get really bad?

A reduction in interest rates usually spurs the U.S. economy, but these are not normal times.

Even if interest rates were pushed all the way to the floor, it isn’t going to change the fact that global supply chains are collapsing and a large portion of the population is scared to death of this virus

Lower borrowing costs typically spur more consumers to buy houses, cars and other products, and encourage businesses to purchase more equipment such as factory machines, computers.

But historically low rates can’t address delayed deliveries from China that leave store shelves half-filled and auto manufacturers short of imported parts. They can’t prod shoppers fearful of contracting the virus to visit malls and restaurants. And they can’t bring back throngs of foreign tourists to U.S. hotels and shopping centers, including many from China and other countries now subject to travel bans.

And the problems that we are seeing with global supply chains are expected to continue to get worse in the weeks ahead.  In fact, Harvard Business Review is anticipating that the impact of this virus could peak “in mid-March”…

Reports on how the Covid-19 outbreak is affecting supply chains and disrupting manufacturing operations around the world are increasing daily. But the worst is yet to come. We predict that the peak of the impact of Covid-19 on global supply chains will occur in mid-March, forcing thousands of companies to throttle down or temporarily shut assembly and manufacturing plants in the U.S. and Europe. The most vulnerable companies are those which rely heavily or solely on factories in China for parts and materials. The activity of Chinese manufacturing plants has fallen in the past month and is expected to remain depressed for months.

But what if this virus just continues to explode all over the planet?

When I posted my last article yesterday, the number of confirmed cases outside of China had just surpassed the 10,000 mark.

As I write this, that number is just shy of the 13,000 mark, and by the time most of you read this article it will be even higher.

After interest rates are pushed all the way to the floor, “helicopter money” will be about the only weapon the Fed has left.

Normally, “helicopter money” pushes up stock prices, but in the middle of a horrifying global pandemic, people are not going to want stocks.

Instead, there is going to be tremendous demand for food and other essential supplies, and “helicopter money” will just escalate prices to absolutely absurd levels.

Sadly, fear of this virus is already starting to cause this to happen

Would you pay $149 for a two-pack of 12-ounce bottles of Purell? How about a single container of Clorox wipes for $44.25, plus $14.59 shipping?

As the coronavirus spreads and people rush to protect themselves and their families from getting sick, the U.S. is seeing heavy demand for everything from masks to hand sanitizer.

If you use Purell, I hope that you stocked up ahead of time.

There has never been a time like this before in all of American history, and what we have seen so far is just the beginning.

Now that the U.S. is planning to start testing more people, we are being warned that we could see an explosion in the number of confirmed cases in the weeks ahead.

If that happens, there is going to be a tremendous amount of fear.

But now is not a time for fear.  Now is a time to be calm, to think rationally, and to act resolutely.

It is during moments of crisis that we find out who we really are, and hopefully, this challenge will bring out the best in all of us.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations, I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. This article may contain opinions on political matters, but it is not intended to promote the candidacy of any particular political candidate. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and anyway that you can share these articles with others is a great help.

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Trump says Democrats ‘making fools of themselves’ to blame for stock market crash during briefing on coronavirus

President Donald Trump addressed a steep decline in the Dow Jones industrial average during a media briefing on the coronavirus on Wednesday, and blamed Democratic candidates.

“Are you suggesting that was overblown, or are financial markets overreacting here,” asked a reporter.

“I think the financial markets are very upset when they look at the Democratic candidates standing on that stage, making fools out of themselves,” responded Trump.

“And they say to themselves, if we ever have a president like this, and there’s always a possibility, you know, it’s an election, who knows what happens,” he continued.

“I think we’re gonna win, I think we’re gonna win by a lot,” the president added, “but when they look at the statements made by people standing behind those podiums, I think that is a huge factor.”

Democratic candidates had participated in a debate the previous evening, where Democratic socialist frontrunner Sen. Bernie Sanders (I-Vt.) touted his socialist economic policies.

The Dow Jones shed more than two thousand points since Monday, which most analysts attributed to concerns of the virus affecting companies and workers abroad and threatening global supply chains.

Charles Payne, an analyst at Fox News Business, also claimed that the sell off could be partially attributed to fears from financial markets that Sanders would take the Democratic nomination and get closer to implementing socialist economic politics.

Here’s more from the corona virus briefing:

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Fox Business host says Bernie Sanders to blame for downturn in stock market

The Dow Jones stock market indicator plunged on Monday by more than a thousand points, and at least one host from Fox Business blamed the loss on the socialist frontrunner in the Democratic primary contest.

While most headlines attributed the sell off to worries about the economic fallout from the corona virus possibly becoming a pandemic, Charles Payne also found reason to blame Sen. Bernie Sanders (I-Vt.).

“Is this sell off all corona virus, or is this the first time the markets have opened since Bernie Sanders took control of the Democratic battle?” asked Ed Henry.

“The Bernie factor is finally rearing its head in the stock market,” responded Payne, the host of “Making Money.”

Payne rattled off names of hospital and drug companies who had been hit hard in the downturn as evidence that his thesis was correct.

“You directly attribute that sell off to Bernie Sanders?” asked Sandra Smith.

“Absolutely,” responded Payne. “There’s absolutely no doubt.”

Payne offered more evidence to his claim by citing a similar downturn after Sen. Elizabeth Warren (D-Mass.) gained the lead in the presidential primary.

“Now these stocks got hammered when Elizabeth Warren was in the lead, and when she had her biggest point of you know leading in the polls, all of these stocks were under an extreme amount of pressure. As she began to wane, and some of these names came out with great earnings estimates, they’ve rebounded pretty nicely,” Payne said.

“This is the first time, I think, Wall Street has taken Bernie Sanders very seriously,” he concluded.

President Donald Trump appeared to reference the connection between the stock market and the corona virus in a tweet on Monday.

“The Coronavirus is very much under control in the USA. We are in contact with everyone and all relevant countries. CDC & World Health have been working hard and very smart,” the president tweeted.

“Stock Market starting to look very good to me!” he added.

The Dow Jones fell by 1,030 points on Monday, a loss of about 3.5 percent, which wiped out all of the gains since the beginning of the year.

Here’s the video of Payne’s comments: