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The Federal Reserve Is “Fighting the LAST BATTLE!”

The central bank of the United States, the same one that creates dollars out of thin air, is “fighting the last battle.” Things are going to get a lot worse, and it’s all by design.

The goal is a full control centralized dollar and dependence on the system for a universal basic income. In other words, complete slavery is the ultimate final goal of the New World Order. The central banks are in control right now, the dollar is collapsing, and this is all being done on purpose.

The Fed won’t be changing anything dramatically with regards to their monetary policy, and if you already know what the end game is, you know this.  The “last battle” they are fighting now is for ultimate control over every single transaction of all human beings.

Interest rates will be allowed to drop even further and the dollar will be destroyed all while Americans continue to struggle to put food on the table and the corporations get ridiculously wealthy. Last night, Greg Mannarino uploaded his “Market Wrap Up” and tried to remind those listening of what is really going on.

 

“They are on a mission to own it all,” says Mannarino of the Fed’s ultimate plans. “They’re gonna buy more debt, they’re gonna issue more debt, and they’re gonna melt the dollar…nothing is gonna change here. The goal of these central banks is to inflate massively. Debts and deficits are going to balloon.”

Mannarino continued, saying:  “It’s pretty obvious and it should be to anyone that things are going to get monumentally worse by design...it’s all a scam. This entire thing is a charade, it’s fake.”

The United States alone has Great Depression levels of unemployment, half (or more) of small businesses are gone for good, never to return, meanwhile, Wall Street executives are ettin the biggest bonuses in history this year. Let that sink in. There is no recovery. There was never meant to be.

The post The Federal Reserve Is “Fighting the LAST BATTLE!” first appeared on SHTF Plan – When It Hits The Fan, Don't Say We Didn't Warn You.

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Antifa Coronavirus Federal crime Intelwars Jim banks looting Riots unemployment

GOP rep introduces bill to make ‘Antifa thugs’ pay, lose benefits for rioting, looting

As lawlessness plagues major cities across the United States, Rep. Jim Banks (R-Ind.) introduced legislation last week that would increase the punishment for people convicted of looting and rioting.

Dubbed
the “Support Peaceful Protest Act,” the bill would make individuals convicted of federal crimes during the course of a protest ineligible for enhanced federal unemployment benefits or any “supplemental unemployment compensation” available to Americans during the COVID-19 panic.

The bill would also “hold individuals convicted of federal offenses during the course of protests financially liable for the cost of federal policing.”

The bill
states:

In the case of an individual convicted of a Federal offense related to the individual’s conduct at and during the course of a protest with respect to which a Federal law enforcement officer was engaged in policing activity, the court shall, in addition to the penalty for such conviction, order the individual to pay an order of restitution to the appropriate Federal law enforcement agency in an
amount that is equal to the cost of such policing activity,
as determined by the court.

In
a statement, Banks said rioters who are destroying cities — like Portland and Kenosha — need to feel the financial burden they are imposing on their communities.

“Antifa thugs are descending on suffering communities, disrupting peaceful protests and leaving violence, looting and vandalism in their wake. They turned Milwaukee, Seattle and Portland into warzones, and now they’re moving the chaos to Kenosha, Wisconsin. Who knows which community is next?” Banks said.

He added, “Due to enhanced federal benefits, taxpayers are giving wages to jobless rioters that are destroying our communities. We need to cut them off from their funding and make them feel the full financial consequences of their actions.”

It’s not yet clear if Banks has enough support to secure the bill’s passage. The House is on recess until after Labor Day.

However, we already know at least 74 individuals whom Bank’s bill would target.

As TheBlaze reported, the Justice Department announced last week federal charges against 74 individuals accused of committing violence in Portland over the last several months.

“Violent agitators have hijacked any semblance of First Amendment protected activity, engaging in violent criminal acts and destruction of public safety,” U.S. Attorney Billy Williams said.

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Economy coronavirus Intelwars jobless claims Under 1 million unemployment weekly jobless claims

New weekly jobless claims drop below 1 million for the first time since the start of the pandemic

For the first time since early March — or nearly 5 months — the number of Americans filing for first-time unemployment benefits last week dropped to under 1 million, according to Department of Labor statistics.

What are the details?

The Labor Department news release, posted Thursday morning, recorded 963,000 weekly initial jobless claims, a figure that beat economists’ predictions of 1.1 million.

CNBC reported the figure as “a sign that the labor market is continuing its recovery from the coronavirus pandemic.”

“In the week ending August 8, the advance figure for seasonally adjusted initial claims was 963,000, a decrease of 228,000 from the previous week’s revised level,” the news release said, adding: “The 4-week moving average was 1,252,750, a decrease of 86,250 from the previous week’s revised average.”

Image Source: Department of Labor

The new report marked the end of a 20-week streak in which the new weekly jobless claims topped 1 million as many Americans were put out of work due to the coronavirus pandemic and resulting lockdowns.

Jobless claims reached a peak in late March, when a whopping 6.6 million Americans filed for first-time unemployment benefits. Since then, the number has been dropping steadily.

Yet while the steady decline in new weekly jobless claims is promising news for the economy, it’s important to keep in mind that prior to the pandemic, weekly jobless claims consistently came in below 250,000.

What else?

CNBC found that the number of continued claims, which describes those collecting unemployment benefits for at least two weeks, decreased, as well, for the week ending August 1. That number dropped to approximately 15.5 million, its lowest level since mid-April.

Some economists say the pair of decreases may also be fueled by the fact that federal enhanced unemployment benefits in the form of a $600 weekly check have been suspended since the end of July.

“We cannot be sure or not if this is good news for the recovery or whether it is the lapse in those $600 weekly checks from the federal government that is now a disincentive for some newly jobless workers to file,” said Chris Rupkey, chief financial economist for MUFG Union Bank, according to Yahoo News.

“Any way you look at it, the party may be over for those getting government assistance after being made redundant after this recession,” he added.

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This Global Depression Will Be Brutal – Tens Of Millions Of Americans Can’t Pay Their Bills And Are In Danger Of Eviction

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

Most of us have never experienced anything like this in our entire lifetimes.  Fear of COVID-19, endless civil unrest in major U.S. cities, and a whole host of other factors have combined to plunge us into the worst economic downturn since the Great Depression of the 1930s.

On Friday, the Labor Department announced that the unemployment rate in the U.S. fell to just 10.2 percent last month, and if that number was actually accurate that would be pretty good news.  Unfortunately, it simply does not square with all of the other numbers that we have been seeing.  According to John Williams of shadowstats.com, if honest numbers were being used the unemployment rate would actually be 30 percent right now, and I believe that figure is much closer to the reality that we are facing.  In February, 152 million Americans were working, and since that time more than 55 million have filed new claims for unemployment benefits.  Unless tens of millions of those people have been filing fraudulent claims, there is no way in the world that the unemployment rate should be about 10 percent right now.

Other numbers tell a similar story.  According to one recent study, 24 percent of all Americans have missed at least one bill payment since the start of the COVID-19 pandemic…

Indeed, paying off bills are an unavoidable part of life, even during a pandemic. Unfortunately, a new survey of 2,000 Americans finds that one in four (24%) have already missed at least one payment since the pandemic began.

Among that group, 26% say they haven’t paid their cell phone or cable bills. Another 25% failed to pay for streaming services, and perhaps more worryingly, some of their electricity or utilities bills.

That doesn’t sound like a recovery.

What that sounds like is an economic depression.

Americans are also missing their rent and mortgage payments at a staggering rate as well.  In fact, more than one-fourth of the entire country did not pay their rent or mortgage payment during the month of July…

An estimated 27% of adults in the U.S. missed their rent or mortgage payment for July, according to a nationwide survey conducted by the U.S. Census Bureau weekly over the last three months. Among renters alone, just over one-third (34%) said during the waning days of July that they had little to no confidence that they could make their August rent payment, a stark measure of the ongoing economic devastation for households stretched to the brink by coronavirus pandemic.

But we are supposed to believe that the unemployment rate is only about 10 percent right now.

Right…

In some states, the looming eviction crisis threatens to be absolutely catastrophic.

For example, we are being told that in South Carolina a whopping 52 percent of all renters “are at risk of eviction”

In South Carolina alone, 52 percent of renter households can’t pay their rent and are at risk of eviction, according to an analysis of census data by the consulting firm Stout Risius Ross. About 185,000 evictions could be filed in the state over the next four months.

That doesn’t sound like a recovery.

What that sounds like is an economic depression.

And we see similar numbers when we look at business owners around the country.  If you can believe it, 83 percent of all New York City restaurant owners did not pay all of their rent in July…

The state of the New York City restaurant industry is in dire straits. July proved to be another disastrous month for restaurants, bars, and nightlife establishments across the city with a majority unable to pay rent in July, a new survey found.

NYC Hospitality Alliance surveyed about 500 owners and operators of eateries in the city, with 83% of respondents indicating they couldn’t pay the entire rent in July while 37% paid no rent at all.

83 percent.

Let that number sink in for a moment.

That doesn’t sound like a recovery.

What that sounds like is an economic depression.

And I am certainly not the only one using the “d-word”.  The following originally comes from a Time Magazine article entitled “The Next Global Depression Is Coming and Optimism Won’t Slow It Down”

First, the current slowdown is without doubt global. Most postwar U.S. recessions have limited their worst effects to the domestic economy. But most were the result of domestic inflation or a tightening of national credit markets. That is not the case with COVID-19 and the current global slowdown. This is a synchronized crisis, and just as the relentless rise of China over the past four decades has lifted many boats in richer and poorer countries alike, so slowdowns in China, the U.S. and Europe will have global impact on our globalized world. This coronavirus has ravaged every major economy in the world. Its impact is felt everywhere.

You have probably noticed that things are really starting to get crazy out there.

People are getting very desperate, and very desperate people do very desperate things.

In one community in Texas, it is being reported that someone is actually killing horses and eating them…

At least five horses have been killed around Pearland, Texas since late May — but it’s the way they’re being killed and what’s being done to their carcasses that’s particularly disturbing to locals.

Pearland police made their first discovery June 10. Responding to an animal cruelty call along the 14000 block of Kirby Drive, they found a horse, dead and butchered.

You would have to be incredibly twisted to do such a thing, but as I have been warning for a very long time, we are going to see much crazier things in the years ahead.

Of course, countless other Americans can also see that society is starting to come apart at the seams, and this has helped to fuel an unprecedented spike in gun sales

Gun sales surged 135% year-over-year in July to about 2 million and have already matched all of last year, according to a report released earlier this week by research consultancy Small Arms Analytics and Forecasting. Sales were up 145% in June, 80% in May and 71% in April.

We live at a time when rioting, looting, and violence are becoming commonplace, and crime rates are absolutely skyrocketing in our major cities.

And the worse economic conditions become, the worse the chaos is going to get.

So I would very much encourage you to set your affairs in order and to get prepared for what is ahead because the time remaining to do such things is very limited.

***It is finally here! Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.com.***

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 Amazon.com.  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 Amazon.com 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.

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Here are the 10 states with the lowest — and highest — unemployment rates as COVID-19  economic recovery sputters along

In July, the U.S. Department of Labor reported that the national unemployment rate in June was 11.1% — an unhealthy level, but far better than the 14.7% we saw in April.

The national July numbers, which will be reported Friday, are expected to be better than last month. Experts are forecasting an unemployment rate of 10.5%.

But how are things looking in each of the states?

The most recent state-by-state data, which was posted last Friday by the Bureau of Labor Statistics, revealed that there are some states that are truly seeing a “V-shaped recovery,” as Fortune noted Thursday. But too many states are still languishing in a slower-than-hoped-for recovery from the hit that the coronavirus — as well as the federal, state, and local governments’ responses — delivered to the American economy.

Leading the states that have recovered seemingly quickly is Kentucky. The Bluegrass State’s unemployment rate is currently 4.3% — nearly identical to its pre-COVID rate of 4.2% in February. The state hit a peak unemployment rate of 16.6% in April, but seems to have fully recovered — at least when it comes to jobs. And the recovery appears to have come as a surprise to the state government. From Fortune:

But dig a bit deeper and it’s clear that not all recoveries are proceeding equally. They vary immensely by state. In Kentucky, the seasonally adjusted jobless rate soared from 4.2% in February to 16.6% in April, according to the U.S. Bureau of Labor Statistics. But as Governor Andrew Beshear reopened the Bluegrass State’s economy, the jobless rate sunk to 4.3% by June — the lowest in the nation. That’s a textbook V-shaped recovery.

The swift recovery in Kentucky even caught its state officials by surprise. In May the state projected a $457 million general fund shortfall, however, it ended the fiscal year in June with a $177.5 million surplus. It helped that Kentucky doesn’t rely heavily on industries like leisure and hospitality that were decimated by the pandemic.

On the other end of the joblessness spectrum is Massachusetts, where the unemployment rate has continued to rise during the COVID-19 crisis. As recently as March, the state’s unemployment rate was 2.8%, but it took a huge jump to 16.2% in April. And the most recent data shows the Bay State currently with a rate of 17.4%.

Generally speaking, rural states tend to be out-performing more populous states.

The 10 states with the lowest unemployment rates:

No. 1: Kentucky
?
Current unemployment rate: 4.3%

? Peak COVID unemployment rate: 16.6% (April)

? February unemployment rate: 4.2%

No. 2: Utah
?
Current unemployment rate: 5.1%

? Peak COVID unemployment rate: 10.4% (April)

? February unemployment rate: 2.5%

No. 3: Idaho
?
Current unemployment rate: 5.6%

? Peak COVID unemployment rate: 11.8% (April)

? February unemployment rate: 2.7%

No. 4: North Dakota
?
Current unemployment rate: 6.1%

? Peak COVID unemployment rate: 9.1% (May)

? February unemployment rate: 2.2%

No. 5: Maine
?
Current unemployment rate: 6.6%

? Peak COVID unemployment rate: 10.4% (April)

? February unemployment rate: 3.2%

No. 6: Oklahoma
?
Current unemployment rate: 6.6%

? Peak COVID unemployment rate: 14.7% (April)

? February unemployment rate: 3.2%

No. 7: Nebraska
?
Current unemployment rate: 6.7%

? Peak COVID unemployment rate: 8.7% (April)

? February unemployment rate: 2.9%

No. 8: Montana
?
Current unemployment rate: 7.2%

? Peak COVID unemployment rate: 11.9% (April)

? February unemployment rate: 3.5%

No. 9: South Dakota
?
Current unemployment rate: 7.2%

? Peak COVID unemployment rate: 10.9% (April)

? February unemployment rate: 3.3%

No. 10: Alabama
?
Current unemployment rate: 7.5%

? Peak COVID unemployment rate: 13.8% (April)

? February unemployment rate: 2.7%

The 10 states with the highest unemployment rates:

No. 1: Massachusetts
? Current unemployment rate: 17.4%
? Peak COVID unemployment rate: 17.4% (June)
? February unemployment rate: 2.8%

No. 2: New Jersey
? Current unemployment rate: 16.6%
? Peak COVID unemployment rate: 16.6% (June)
? February unemployment rate: 3.8%

No. 3: New York
? Current unemployment rate: 15.7%
? Peak COVID unemployment rate: 15.7% (June)
? February unemployment rate: 3.7%

No. 4: Nevada
? Current unemployment rate: 15%
? Peak COVID unemployment rate: 30.1% (April)
? February unemployment rate: 3.6%

No. 5: California
? Current unemployment rate: 14.9%
? Peak COVID unemployment rate: 16.4% (May)
? February unemployment rate: 3.9%

No. 6: Michigan
? Current unemployment rate: 14.8%
? Peak COVID unemployment rate: 24% (April)
? February unemployment rate: 3.6%

No. 7: Illinois
? Current unemployment rate: 14.6%
? Peak COVID unemployment rate: 17.2% (April)
? February unemployment rate: 3.4%

No. 8: Hawaii
? Current unemployment rate: 13.9%
? Peak COVID unemployment rate: 23.8% (April)
? February unemployment rate: 2.7%

No. 9: Pennsylvania
? Current unemployment rate: 13%
? Peak COVID unemployment rate: 16.1% (April)
? February unemployment rate: 4.7%

No. 10: Delaware
? Current unemployment rate: 12.5%
? Peak COVID unemployment rate: 15.9% (May)
? February unemployment rate: 3.9%

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Minneapolis Fed chief pushing for ‘hard’ nationwide shutdown lasting 4 to 6 weeks

Neel Kashkari, president of the Minneapolis Federal Reserve Bank, is calling for America to go into a “hard” shutdown for at least a month, saying it is necessary to stop the spread of COVID-19 and arguing that the U.S. government can afford it.

What are the details?

Kashkari made his case for shutting down during an interview on CBS’ “Face the Nation” Sunday, saying, “If we were to lock down really hard — I hate to even suggest it, people will be frustrated by it — but if we were to lock down hard for a month or six weeks, we could get the case count down so that our testing and our contact tracing was actually enough to control it.”

“If we don’t do that,” Kashkari continued, “and we just have this raging virus spreading throughout the country with flare-ups and local lockdowns for the next year or two — which is entirely possible — we’re going to see many, many more business bankruptcies…and that’s going to take a lot of time to recover from to rebuild those businesses and then to bring workers back in.”‘

He argued, “That’s going to be a much slower recovery for all of us.”

The Minneapolis fed chief also said that despite 20 million Americans being out of work due to the coronavirus crisis, the one bright spot he sees is that the savings rate has gone up among those who do still have an income. He says that means the debt incurred from the possible continuation of elevated unemployment benefits does not concern him.

“Those of us who are fortunate enough to still have our jobs, we’re saving a lot more money because we’re not going to restaurants or movie theaters or vacations,” Kashkari said. “That actually means we have a lot more resources as a country to support those who have been laid off.”

He explained, “While historically we would worry about racking up too much debt, we’re generating this savings ourselves. That means Congress has the resources to support those who are most hurting.”


Minneapolis Fed’s Kashkari says “fear” a major factor to declining consumer activity

www.youtube.com

Kashkari reiterated his position on Monday, arguing on Twitter, “Want to open schools? Do a hard lockdown now for 6 weeks to get the virus under control then open schools late September. I haven’t heard any other strategy to reopen safely that sounds remotely plausible given rampant spread in many areas.”

He shared a Wall Street Journal op-ed to bolster his argument.

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Stories Of Economic Despair From America’s Worst Economic Downturn Since The Great Depression Of The 1930s

The economic pain that we are witnessing right now is far greater than anything that we witnessed during the last recession.  U.S. GDP declined by 32.9 percent on an annualized basis last quarter, more than 100,000 businesses have permanently shut down since the COVID-19 pandemic first hit the United States, and more than 54 million Americans have filed new claims for unemployment benefits over the last 19 weeks.  Up until just recently, a $600 weekly unemployment “supplement” and a federal moratorium that prevented many evictions had helped to ease the suffering for millions of American families, but both of those measures have now expired.  As a result, a tremendous amount of economic pain which had previously been deferred will now come rushing back with a vengeance.  Millions of American families are no longer going to be able to pay their bills, and experts are warning that we could soon see an “eviction crisis” that is absolutely unprecedented in American history.

48-year-old Thomas Darnell of West Point, Mississippi never thought that he would be in this position.  He had been a factory worker for over 20 years until he lost his job in May, and since then he hasn’t been able to find another.  And then on top of everything else, everyone in his house caught COVID-19…

First, he was furloughed for three weeks in April and then laid off in May. Then things got worse: His entire household of seven, including himself, his wife, three kids and daughter-in-law, along with his baby grandson, contracted coronavirus after they saw their immediate family over the Independence Day weekend.

“I’m tired and shaky. Even after a few weeks, I’m still trying to recover,” Darnell says, who has since been cleared of the virus but still has lingering symptoms.

He is concerned that employers will be scared away by his recent illness, and he is becoming desperate because he is running out of money.

With no health insurance and no paychecks coming in, Darnell and his wife have gotten to the point where they have to make a choice between buying insulin or buying groceries

He can’t afford health insurance, which has added to his anxiety because he and his wife are both diabetic, he says. Like Bolei, Darnell and his wife have been forced to make a grueling decision between either paying for their medications or keeping food on the table.

“Do we buy insulin or groceries? It’s a hard juggle,” Darnell says. “I’m willing to make less money and start working again to get health insurance, but no one is hiring.”

The weekly $600 unemployment supplements from the federal government had helped to keep them going for a while, but now those payments have ended, and the immediate future is looking quite bleak.

In Richmond, Virginia, a mother of eight named Shamika Rollins wasn’t sure how she was going to make it when her hours as a home health aid were reduced.  Unpaid bills started piling up, and then she got an eviction notice a few weeks ago.  The following comes from CBS News

Shamika Rollins’ eight children share two bedrooms in Richmond, Virginia. But she’s worried about losing their home after she says she received an eviction notice in June.

“First thing, I panic, and then next thing, I look, and I’m like, I got my kids. And it’s like, okay, now you gotta figure this out,” she told CBS News correspondent Adriana Diaz.

If a miracle does not happen, Rollins and her eight children will soon be out in the street, and this is causing her to have “a lot of sleepless nights”

“I have a lot of sleepless nights,” Rollins said. “My mind is constantly racing, you know, what’s your next move?”

Sadly, there are millions of other Americans in the exact same position.

In fact, experts are projecting that up to 40 million Americans could be evicted from their homes during this pandemic.

Many small business owners are also facing heartbreaking choices during this downturn.  A restaurant owner in Delaware named Alex Heidenberger “hasn’t paid the mortgage on his home the past four months” as he desperately tries to keep his once profitable restaurants alive…

Heidenberger, who typically draws about $20,000 a month in profit from the restaurant, now receives nothing. He says he hasn’t paid the mortgage on his home the past four months. He served lifeguard duty for a couple of weeks, mostly to help a beach crew depleted by COVID-19 quarantines but also to make some cash.

“I’m working harder than I have ever worked in my life,” he says, adding that he puts in about 80 hours a week at the two restaurants. Yet, “I have no money… This is all I think about. I don’t sleep.”

The COVID-19 pandemic has hit the restaurant industry particularly hard.  Americans are not eating out as regularly as they once did because of the virus, and it is probably going to remain that way for the foreseeable future.

In Massachusetts, a restaurant owner named John Pepper once had eight thriving locations, but at this point only two of them remain open

John Pepper used a PPP loan to pay employees and reopen four of his eight Boloco restaurants when Massachusetts lifted its shutdown order in early May. But with the money spent and business at the restaurants down as much as 70%, Pepper had to again close two locations. The staff of 125 he had before the virus outbreak is down to 50.

“A lot of this is out of our hands at this point,” Pepper says. “At this moment, I don’t see getting my full payroll back.”

Overall, we are facing a “restaurant apocalypse” in the U.S. that is unprecedented in size and scope.

According to one estimate, we could lose more than a third of all of our restaurants by the end of this calendar year

As many as 231,000 of the nation’s roughly 660,000 eateries will likely shut down this year, according to an estimate from restaurant consultancy Aaron Allen & Associates provided to Bloomberg News. This will bring the industry’s steady growth to a halt and mark the first time in two decades that U.S. restaurant counts don’t climb. Restaurants have already shed millions of jobs this year, economic data show.

What we are watching is truly horrifying.  So many hopes and dreams went into each one of those restaurants that are shutting down, and countless restaurant owners are going to be completely financially ruined by all of this.

For other Americans, this economic downturn has put their very lives at risk.  In Colorado, 70-year-old Catherine Azar was already dealing with heart problems and diabetes, and now she is in danger of being thrown out into the street

“It’s hard for me to conceive of someone being willing to put another person out in the street in the middle of a deadly pandemic, and I’m high risk. I’m 70. I have heart issues and I’m diabetic,” Azar said.

Rollins and Azar are just two of the 43 million Americans at risk of eviction in the coming months. For context, about 1 million Americans were evicted in 2010, the year after the Great Recession.

How long do you think that a 70-year-old woman with heart problems and diabetes would last on the street or in a shelter?

And as millions upon millions of Americans get evicted during the months ahead, the shelters are all going to fill up really fast.

America simply was not prepared for an economic downturn of this nature, and the truth is that much bigger challenges are still ahead.

So please do not look down on anyone that needs help right now, because soon you may find yourself in the exact same position.

***It is finally here! Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.com.***

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 Amazon.com.  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 Amazon.com 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 any way 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.

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COLLECTIVE HALLUCINATION: It’s A Central Bank PARTY!

This article was contributed by Tom Beck with Portfolio Wealth Global. 

By now, it ought to be clear that western governments aren’t ISSUING DEBT with the intention of paying it back. They’re stalling, buying time, waiting it out, and anticipating the Chinese to disrupt the currency structure on the global scene, putting themselves and the citizens they serve on a collision course with a MONSTER TRUCK, metaphorically speaking.

It’s tragic, corrupt, and disingenuous, but it’s all we’ve got.

As an individual, you can hedge this collective mind-numbing spell that the western world has been hypnotized with.

You could have bought gold. Depending on your age, at any point during the past 20 years, you could have bought, held, and made money.

Courtesy: Ray Dalio’s LinkedIn account

As an American, do you realize that the RED LINE meeting your BLUE ONE symbolizes the day you’re no longer the bulldog, but will turn into a Chihuahua?

Go back more than 500 years and you’ll find that China was the BIG KAHUNA in the 1,500s, but Spain came along, challenged it, was then outpaced by the Dutch, who were overtaken by the British, later overthrown by The United States. BUT – the RED DRAGON is staging the most prolific currency comeback in modern history.

China, except for the past 100 years, has NEVER BEEN poor.

Its comeback is a natural thing; for thousands of years, perhaps even more, the Chinese people have been rich and powerful.

It’s a reality to embrace, adapt to, and internalize, not to FUTILEY NEGATE and attempt to contain.

I’m not in favor of communism nor do I want to see that kind of influence in my life, but AT THE SAME TIME, it would be naïve and weird not to accept what’s coming shortly.

The Chinese will become the biggest economy in the world, in a matter of 4-6 years!

Around 2035 to 2040, their military will eclipse that of America’s as well.

Courtesy: Zerohedge.com

The dollar has been trending in a BEAUTIFUL LINE since it bottomed in 2011. On several occasions, it had bumped on its support, but bounced right back and kept on rallying.

I’m not sure there’s a catalyst for it to remain stronger than its worthless competitors in the fiat race to the bottom.

The Federal Reserve, along with Washington, have a clear incentive to WEAKEN IT, since it is becoming a burden on the national debt.

There’s a grand illusion that the dollar will crash due to inflation, but that’s not the reason.

China is the main driver of dollar weakness since it is growing again and showing signs of recovering. Meanwhile, the U.S. economy grapples with re-opening, closing up again, in addition to an upcoming election between two very hated candidates.

The Democrats despise Trump, while Republicans believe Biden is mentally unfit for office.

Courtesy: Ray Dalio’s LinkedIn Account

In 1945, the Bretton Woods system pegged gold to the dollar and CEMENTED AMERICAN DOMINANCE.

In the 1950s and 1960s, America boomed, but the Kennedy assassination marked the beginning of a darker period.

Nixon’s decision to default in 1971 led to an inflationary nightmare.

By 1980, it was either going to be another currency regime change by the government, or the Federal Reserve would break inflation’s back.

In a move that not many would DARE ATTEMPT, Chairman Paul Volcker raised the Fed Funds Rate to over 15%. It was the RED CARPET being rolled in front of the stock market, allowing rates to begin falling and stock to commence on an 18-year bull market.

Is there another currency rabbit to pull out of the hat?

Rates are at zero and CAN’T GO UP. Unemployment has reversed to 2009 levels. America is at odds internally, and China is way bigger than it was in 2008.

The central banks are partying, but the HANGOVER will be brutal – OWN PRECIOUS METALS – SOBER UP!

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TRUMP DOESN’T GET IT: HE COULD WIN NONETHELESS!

This article was contributed by James Davis with Future Money Trends. 

Going into 2020, Donald Trump was the LEADING CANDIDATE. He was a champion of finance, a wizard in terms of stock market returns, fighting for Americans against the rising power of China, in charge of overseeing the lowest unemployment in U.S. history, and winner of the impeachment hoax and various other legal and congressional battles. On January 15th, he even signed the Phase 1 trade deal.

For a man with ZERO POLITICS in his background before getting sworn in TO OFFICE, he was doing pretty well. During his term, two of the Middle East’s chief terror architects were killed, a wall was constructed to stop illegal immigration from Mexico, and globalist-focused trade agreements became null and void.

Americans from rich to poor were pretty happy, even if they didn’t like Donald’s bullying of the media or his overall attitude, which many don’t connect with.

His Twitter victory laps about the greatest economy ever, record stock market returns, low unemployment, and his feud with the Federal Reserve over zeroing-out interest rates made him popular with his base.

I loved his achievements, personally.

COVID-19 is Trump’s Achilles’ heel. In private conversations inside the White House during March and April, he was often quoted asking, “Why is this happening to me?” This shows his mindset was not on solving this pandemic, but on remaining popular and on top.

Courtesy: Zerohedge.com


We can easily see the change in sentiment with businesses and individual voters since
COVID-19 engulfed our lives.

He is just not himself. To me, at least, having been a close student of his presidency, it seems that Donald feels like his work ended the day COVID-19 began.

In his mind, what he set out to do in 2016 worked fantastically and a once-in-a-century GLOBAL PANDEMIC can’t be the thing that defines his period in the White House.

It almost seems as if he is torn between not wanting the job anymore and wanting to win an election again just for the sake of it.

Courtesy: Zerohedge.com

The United States is so large and so varied that the different states are going through COVID-19 at separate times. One state could flatten its curve while an outbreak occurs at another.

This is why a “V”-shaped recovery is impossible, even though it is beyond any shadow of a doubt that this disease is not the DREADED MONSTER the media hyped it up to be in the Italian case.

Trump’s mentality, always geared towards celebrating personal achievements, just can’t make the leap and switch to CRISIS MANAGEMENT.

This isn’t the time to divide and conquer, but rather bring the country together.

His ace up the sleeve is his SOCIAL MEDIA CAMPAIGN DOMINANCE.

On Facebook, the Trump campaign spent roughly $33M just in the month of April, which is more than double what Biden had.

The way both candidates use Facebook ads is completely different. Biden tries to raise funds while Trump is virtually and digitally targeting the actual individuals that will end up CALLING THE ELECTIONS.

Inside the swing state, within the swing county, penetrating almost to the individual swing voter, like having him knocking on your door… that’s how targeted it gets.

In 2016, Trump was a clear underdog and he pulled off the greatest upset in democratic election history.

In 2020, it’s hard to call him the underdog, but he is probably behind Biden as of now.

Can Facebook and social media deliver another prestigious win for him?

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Record Temperatures, Long Lines And Increasing Scarcity Will Greatly Test The Patience Of Americans This Summer

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

his is going to be a long, hot summer that none of us is likely to forget any time soon.  Coming into this year, we knew that societal tensions would be running high because 2020 is an election year.

Many are convinced that this is the most important election in modern American history, and I expect for there to be some extremely shocking surprises as we draw closer to November.  Meanwhile, the number of confirmed cases of COVID-19 continues to surge to new heights, and the restrictions that authorities have instituted to fight this pandemic have created a huge backlash.  So many people have such extreme emotions about COVID-19, and unfortunately, it appears that this crisis is not going away any time soon.  Of course, the civil unrest that erupted in the aftermath of the tragic death of George Floyd took societal tensions to an entirely new level that we have never seen before.  There was rioting, looting, and violence all over the nation, and more chaos could literally break out at any moment.

So to say that our national mood is “fragile” right now would be a major understatement.  I have never seen so much anger and frustration in this country in my entire lifetime, tens of millions of Americans have already lost their jobs, and a lot of people are not even able to pay their most basic bills at this point.  In fact, one recent survey found that nearly a third of all Americans have not even made “their full housing payments for July”

As the economic fallout from the coronavirus pandemic continues, almost one-third of U.S. households, 32%, have not made their full housing payments for July yet, according to a survey by Apartment List, an online rental platform.

And now, on top of everything else, here comes the heat.

On Sunday, high temperatures were above 100 degrees all over the western half of the country

Heat alerts are in effect from California to Alabama as high temperatures will be 10-15 degrees above average on Sunday.

Las Vegas, Phoenix, and Tucson will all see high temperatures of at least 110 degrees, and all three are likely to tie or break their daily record high temperatures. In Texas, cities including Dallas, San Antonio, and Lubbock will all exceed 100 degrees.

Unfortunately, Sunday is just the beginning.  A “heat dome” has formed over the middle of the country, and that is likely to mean high temperatures of 90 degrees or greater for approximately 80 percent of the nation “for the next few weeks”

A PERFECT STORM of crises is forming across the United States. Above our heads, a “heat dome” of high pressure could blast 80 percent of the continental US with temperatures over 90 degrees for the next few weeks. This coming in a summer when the Covid-19 lockdown has trapped people indoors, many without air-conditioning—and mass unemployment may mean that residents with AC units can’t afford to run them.

Needless to say, this is not coming at a good time.  Crime rates are absolutely soaring and the streets of many of our major cities already resemble war zones.

And during these very hot summer months, many Americans will have to wait in exceedingly long lines for one reason or another.  I have written numerous articles about the massive lines that we have seen at food banks around the country, and lines at COVID-19 testing sites have gotten extremely long as well

Food banks in Vermont and Arizona have miles-long queues of cars. At testing sites in Florida, motorists show up with full gas tanks to keep air conditioning pumping all day. Travel to Europe is off, with America waiting behind other nations to re-enter someday. Even the electronic realm is tied up: Amid 11% unemployment, people applying for benefits report frozen computer screens and abrupt phone disconnections. Sometimes, the reward waiting at the end is simply a chance to try again tomorrow.

I couldn’t imagine waiting “all day” to get tested for COVID-19, but apparently there are a lot of people that are so desperate to get tested that they are willing to do this.

On top of everything else, a wide variety of products are becoming increasingly scarce at our local grocery stores.

This isn’t a major national crisis yet, but you may have noticed that your local grocery store is having a much more difficult time keeping certain products in stock than usual.  This is happening because COVID-19 and the accompanying economic slowdown have created serious problems for many key supply chains.

Tony Koretz is the host of “A Minute To Midnite”, and he is also a really good guy that I know personally.  Just a few days ago he received an email from “a supply chain analyst for a large grocery chain”, and what this supply chain analyst had to share was extremely chilling.  The following is a short excerpt from that email

— the meeting of store demand — which is a proxy for actual consumer demand — from company-owned central warehouses has steadily declined over the last 4 months; from a 98% pre-COVID fulfillment rate to 58% as of yesterday.  Key point:  STEADY decline; yes some blips upward from time to time, but overall steady decline to be sure

— what this impacts is the presentation on the shelves; for example:  do we have some or no toilet paper, tomato paste, rice and noodles, etc., etc.; you will also see new and unknown brands coming in to substitute for a product, but that is only going to be a temporary stop-gap as these are from 2nd and 3rd tier vendors who may not carry as much clout in getting their own raw-material supply chains filled…these too will dry up and go away over the next 3-6 months (not to mention the effect of absenteeism in their own ranks, leading to an inability to produce said 2nd/3rd tier products)…

— there is also a trend to see less variations on products; for example, we only have 3 variations on tomato paste to put on shelves as-opposed to the 15 we had pre-COVID

— to the folks in the industry, this is known as the presentation and the service level at the shelf in the store; service levels on some harder-hit commodities are near 10% at-best, averaging in the 70% level on an aggregate across all stores/commodities when you carve-out bath tissue, paper towels, baby wipes, disinfectant wipes;  comparatively during pre-COVID service levels were in the very high 90’s for all products (sans SEASONAL)…

— Additional contributing factors:  in addition to waning vendor fulfilment, we are also seeing more-and-more absenteeism in our warehouses due to COVID cases, fear, exhaustion.

You can read the rest of the email right here.  Of course, none of this information should surprise us, because it is obvious that grocery stores are having a very difficult time keeping their shelves stocked.  But getting this sort of inside information does help us to understand exactly why it is happening.

If you are anticipating that the end of this year and the beginning of next year will be chaotic, the next couple of months will be your best chance to get stocked up.

My suggestion would be to take advantage of this window of opportunity while we have it.

America has entered a time of great upheaval, and much of the country is simply not going to be able to handle the major national nightmares that are ahead 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 Amazon.com 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. 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.  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.

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The U.S. Economy Hasn’t Experienced Anything Like This Since The Great Depression Of The 1930s

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

The recession of 2008 and 2009 was bad, but it was nothing like this.  Even though this new economic downturn is only a few months old, we are already seeing numbers that we haven’t seen since the worst parts of the Great Depression of the 1930s.

More than 48 million Americans have filed new claims for unemployment benefits over the past 15 weeks, well over 100,000 businesses have permanently closed their doors, and civil unrest has turned quite a few of our major cities into war zones.  But not all areas of the country are being affected equally.  For example, there are rural areas that haven’t really seen a lot of COVID-19 cases where life seems to have changed very little from six months ago.  On the other hand, some urban areas that have been hit really hard by COVID-19 have been absolutely devastated economically.  For example, the New York Times is reporting that a million jobs have been lost in New York City, and the unemployment rate for NYC “is hovering near 20 percent”

The city is staggering toward reopening with some workers back at their desks or behind cash registers, and on Monday, it began a new phase, allowing personal-care services like nail salons and some outdoor recreation to resume. Even so, the city’s unemployment rate is hovering near 20 percent — a figure not seen since the Great Depression.

We are going to be using the phrase “since the Great Depression” a lot in the coming months.

Fear of COVID-19 is going to paralyze our economy for the foreseeable future, and all of this fear is hitting some companies more severely than others.  On Tuesday, Levi Strauss announced that sales were down a whopping 62 percent during the second quarter

The denim maker Levi Strauss & Co.’s sales fell 62% during its fiscal second quarter, the company announced Tuesday, as its online sales weren’t enough to make up for its stores being temporarily shut for roughly 10 weeks during the Covid-19 crisis.

If Levi Strauss expected this to be just a temporary setback, they would probably try to keep all of their employees on board.

But instead, they apparently believe that hard times are here to stay and they have just decided to eliminate “about 700 jobs”

Levi’s also announced it will be slashing about 15% of its global corporate workforce, impacting about 700 jobs, in a bid to cut costs during the coronavirus pandemic. It said the move should generate annualized savings for Levi’s of $100 million.

Of course, a whole lot of other companies are laying off workers right now too.  Another 1.427 million Americans filed new claims for unemployment benefits last week, and that is an absolutely catastrophic number.  Prior to 2020, the worst week in all of U.S. history for new unemployment claims was in 1982 when 695,000 unemployed workers filed in a single week.  So what we are witnessing right now is nothing short of a “tsunami of job losses”, and even CNN is admitting that millions of the jobs that have been lost “are never coming back”…

The American economy’s unprecedented jobs rebound masks a difficult truth: For millions of people, the jobs they lost are never coming back.

“It’s clear that the pandemic is doing some fundamental damage to the job market,” said Mark Zandi, chief economist for Moody’s Analytics. “A lot of the jobs lost aren’t coming back any time soon. The idea that the economy is going to snap back to where it was before the pandemic is clearly not going to happen.”

I couldn’t have said it better myself.

Since most Americans were living paycheck to paycheck before this pandemic erupted, millions of unemployed workers have found themselves in desperate need very suddenly.  I have written numerous articles about the massive lines that we have been witnessing at food banks around the nation, and we just witnessed another two-mile-long line at a food bank in Florida

More than 700 cars were seen waiting in a two-mile long food bank line in Florida as the US grapples with nearly half of Americans being unemployed amid a spike in new coronavirus cases that has sparked fears of more shut downs and lay-offs.

Sunrise Assistant Leisure Services Director Maria Little, who was put in charge of food distribution for the city when the coronavirus hit the US in March, said her group served about 720 cars in Miami on Wednesday.

This is not what a “recovery” looks like.

In fact, for certain sectors of the economy, the numbers are rapidly getting a lot worse.  For instance, just check out what CNBC is reporting

Delinquencies in commercial mortgage-backed securities last month had their largest one-month surge since Fitch Ratings began tracking the metric nearly 16 years ago.

The delinquency rate hit 3.59% in June, an increase from 1.46% in May. New delinquencies totaled $10.8 billion in June, raising the total delinquent pool to $17.2 billion.

And Fitch Ratings is warning that these numbers are going to get far worse in the months ahead.

And this is just the beginning. Fitch analysts are projecting that the impact from the coronavirus pandemic will drive the delinquency rate to between 8.25% and 8.75% by the end of the third quarter of this year.

I have said this before, and I will say it again.

We are on the verge of the biggest commercial mortgage meltdown in the history of the United States.

Countless restaurants and retailers are getting way behind on their rent payments, and as a result, many owners of commercial property are finding it increasingly difficult to make their mortgage payments.

The dominoes are starting to fall, and this is going to get really, really messy as we head into 2021 and beyond.

Of course, the same thing could be said for the U.S. economy as a whole.

I know that I haven’t been posting quite as often the last couple of weeks, and that is because I have been finishing my new book.  It is not too far from being completed, and it is going to be the most important thing that I have written so far.

We are right on the precipice of the most chaotic chapter in all of American history, and a collapsing economy is just going to be one element of “the perfect storm” that we are facing.

So please use the summer months to get prepared for what is ahead, because even though things are bad right now, the truth is that we have only experienced the leading edge of “the perfect storm” so far.

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 Amazon.com 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. 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.  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.

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US economy shatters expectations with 4.8 million jobs added in June, but some warn that a downturn is coming

The U.S. economy continued its strong bounce-back by adding 4.8 million jobs in June, but some are warning that the numbers don’t reflect a potential downturn due to the recent surge in the coronavirus cases.

What’s the good news?

The nearly 5 million jobs added in June make it the second consecutive month of gains after more than 20 million jobs were lost in April alone due to widespread COVID-19 shutdowns. The unemployment rate also dropped to 11.1%, down from its high of 14.7% in April.

According to CNBC, the jobs report smashed expectations, as economists surveyed by Dow Jones had been expecting only 2.9 million jobs to be added and the unemployment rate to only drop to 12.4%.

“Today’s announcement proves that our economy is roaring back. It’s coming back extremely strong,” President Donald Trump said of the numbers in a news conference Thursday morning.

“This is the largest monthly jobs gain in the history of our country,” he added.

The president also highlighted the sharp drop in black unemployment, which fell from 16.8% to 15.4%, saying, “these are historic numbers.”

What’s the bad news?

However, most mainstream news outlets are reporting that since the Labor Department survey comes from the middle of the month, the numbers don’t accurately reflect the state of economy.

Several states across the southern and western regions of the U.S. have experienced a marked uptick in confirmed COVID-19 cases in the last couple weeks. The surge in cases, experts say, may have a negative effect on the economy heading into July.

“The 4.8 million rise in non-farm payrolls in June provides further confirmation that the initial economic rebound has been far faster than we and most others anticipated,” said Michael Pearce, senior U.S. economist at Capital Economics, according to CNBC. “But that still leaves employment 9.6% below its February level and with the spread of the virus accelerating again, we expect the recovery from here will be a lot bumpier and job gains far slower on average.”

“This slowdown is going to have an impact, absolutely. How big is hard to say,” said Steve Blitz, chief U.S. economist at TS Lombard.

Anything else?

Despite the ominous headwinds, the stock market reacted favorably to the news, NPR noted. The Dow Jones Industrial Average shot up by more than 400 points Thursday morning.

While discussing the stock market bump, Trump reportedly remarked: “This is not just luck, what’s happening. This is a lot of talent.”

The leisure and hospitality job sector reported the biggest gains, adding 2.1 million jobs, which accounted for roughly 40% of the total economic growth.

Other sectors reporting sizable growth were retail, education and health services, and manufacturing.

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America’s Jobless Claims Data Refuse To Confirm V-Shaped Recovery Narrative

This article was originally published by Tyler Durden at ZeroHedge.

As fears of a second wave of COVID (and the concomitant risk of re-lockdowns for America) soar, the last week saw 1.48 million more Americans filed for unemployment benefits for the first time (notably worse than the 1.32 mm expected).

Source: Bloomberg

That brings the fourteen-week total to 47.25 million, dramatically more than at any period in American history. However, as the chart above shows, the second derivative has turned the corner (even though the 1.48 million rise this last week is still higher than any other week in history outside of the pandemic)

California and Maryland were the worst states for jobless claims in the prior week with Oklahoma and Kentucky showing the biggest improvement…

Continuing Claims did drop modestly but hardly a signal that “re-opening” is occurring! And definitely not confirming the PMI data…

Source: Bloomberg

 

And as we noted previously, what is most disturbing is that in the last fourteen weeks, more than twice as many Americans have filed for unemployment than jobs gained during the last decade since the end of the Great Recession… (22.13 million gained in a decade, 47.25 million lost in 14 weeks)

Worse still, the final numbers will likely be worsened due to the bailout itself: as a reminder, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed on March 27, could contribute to new records being reached in coming weeks as it increases eligibility for jobless claims to self-employed and gig workers, extends the maximum number of weeks that one can receive benefits, and provides an additional $600 per week until July 31.

Finally, it is notable, we have lost 387 jobs for every confirmed US death from COVID-19 (121,979). Was it worth it?

The big question remains – what happens when the $600 CARES Act bonuses stop flowing? Will those who stayed home (thanks to making more money sitting on their couch than working) be able to find a job?

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Americans Skip MILLIONS of Payments In Aftermath Of Government-Imposed Lockdowns

The worst is yet to come.  Americans have skipped payments on more than 100 million student loans, auto loans, and other forms of debt in the aftermath of the government’s impoverishment of almost everyone.

This appears to be the beginning of the end of the central banking Ponzi scheme hoisted on the USSA over a century ago. Make no mistake, the elitists that are pulling the strings will do everything in their power to force us all to use a centralized digital global currency that they will have complete and total access to.  It’s imperative that people wake up and never allow a centralized form of currency to infect a society again.

The number of consumer loan accounts enrolled in deferment, forbearance, or some other type of relief plan since March 1 increased to 106 million at the end of May, three times’ the number at the end of April.  Lenders will only allow the pause on payments for so long, with many expecting delinquencies to soar later this year. Once that happens, the repossession of property will occur, and the banks will own almost everything. “We are all gonna be slaves to the Fed,” says JJ.  Which is exactly what they want.

This is a disaster for everyone except the politicians, banksters, and elitists. Once they own everything, you will have very limited choices, which is why now, more than ever, it is important to stand up to anyone who claims power over you and the right to dictate your life.  If you haven’t noticed, the problem is that people don’t ever unite against those who are taking away their freedom, only in defiance of each other.  Once we reject any form of New World Order regardless of the crises they will keep rolling out, we will be free.  But it takes more than a handful of people.

MSM SILENCE: Elitists Gather In Swiss Town To Finalize Our Enslavement, “The Great Reset,” & NWO

Jobless claims have totaled 1.5 million, which was worse than expected when people obeyed the commands of tyrants. They are doing everything they can to keep this fake economy going for as long as possible so the people will eventually beg for the Great Reset.  Do not fall for it.  Instead, remove yourself from the system.  The current system in place was created by people who don’t care about anyone and it’s past time to take your power and freedom back from these psychopaths.

Some will still say asinine things such as “the system is broken! We need a new system!” Yeah? There’s a plan for that called the NWO. And just so you know, the system isn’t broken, it’s meant to work this way. The goal is the elimination of the wealth and property of everyone so the people who currently run the Federal Reserve can give you the system of the New World Order.

Robert Kiyosaki: What The Elites Don’t Want You To Know

Make no mistake, the entire system was set up so they can crash it will, and manufacture your compliance with the New World Order. This is obvious, and it’s time to wake up.  The government isn’t coming to save you, in fact, they are in on it. You are going to have to open your eyes and save yourself. Prepare (food, water, lead), protect (more lead), and stay alert. It will get uglier and they will try as hard as possible to get you to comply with the NWO.  Don’t fall for it.

“There is not going to be a pain-free way out of this,” says JJ in the above video. And he’s right.  It’s difficult to leave the system and become self-reliant, however, as of right now, that’s the only solution unless you want to participate and help roll out the NWO and become a slave to the elitists who caused all of this.

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They Are Telling Us That The 2nd Wave Of The Coronavirus Is Here, And The Stock Market Is Totally Freaking Out

Are you ready for the next wave of COVID-19?  Actually, the mainstream media is telling us that it is already here, and that has sparked another round of fear and panic on Wall Street.  But the fact that the number of confirmed cases is rising again should not surprise anyone.  As restrictions were lifted, it was inevitable that the virus would begin spreading more rapidly, and that is precisely what we have witnessed.  During the 24 hour period that just ended, there were more than 136,000 new cases reported around the globe, and that is the highest one day total that I have seen so far.  Here in the United States, there were 23,300 newly confirmed cases, and that represented an increase of over 2,000 from the previous 24 hour period.  Concern that this could be the dreaded “second wave” that the mainstream media keeps talking about pushed stock prices dramatically lower on Thursday

Stocks suffered their biggest one-day pull-back in three months on Thursday as traders grew concerned about the number of coronavirus cases increasing in some states that are reopening up from lockdowns. Shares that have surged recently on hopes for a smooth reopening of the economy led the declines.

The Dow Jones Industrial Average plunged 1,861.82 points, or 6.9%, to close at 25,128.17. The S&P 500 slid 5.9% to 3,002.10 while the Nasdaq Composite dropped 5.3%. to end the day at 9,492.73.

Of course stock prices have risen so much over the past couple of months that a drop of that magnitude is not any sort of a major problem.

But stocks could drop even further as it becomes increasingly clear to investors that the U.S. economy is not going to be returning to “normal” any time soon.

In fact, if COVID-19 cases continue to spike that could motivate officials in some states to institute another wave of lockdowns.

Hopefully that will not happen, but things are starting to get a bit crazy out there.

Texas has become one of the new hotspots for the COVID-19 pandemic in the United States, and local hospitals are starting to fill up fast

Texas reported a record-breaking number of new coronavirus cases in a single day one week after the state entered Phase III of its reopening plan.

The Department of State Health Services reported 2,504 new cases on Tuesday, surpassing the previous single-day record of 1,949 on May 31.

Texas has also reported three straight days of record hospitalizations, with 1,935 on Monday, 2,056 on Tuesday and 2,153 on Wednesday.

Things are particularly dire in Houston right now.  One official says that the city is “on the precipice of disaster” and it is being reported that authorities “may reopen a COVID-19 hospital at a football stadium”…

As Houston vies for LA and Phoenix to succeed NYC as America’s biggest COVID-19 hot spot, the Houston Chronicle reports that health officials may reopen a COVID-19 hospital at a football stadium while officials weigh whether to reimpose a stay at home order. Such a move would undoubtedly rattle stocks, even after Thursday’s massive dive. One local official described the situation as placing the city “on the precipice of disaster.”

This wasn’t supposed to happen.

The worst was supposed to be behind us.

But it is happening.

Meanwhile, the virus is rapidly sweeping across Arizona, and more than 80 percent of all hospital beds are now occupied

Arizona hospitals that are expected to be able to treat new cases of coronavirus without going into crisis mode were above 80% capacity, a milestone that should trigger an automatic stop to elective surgeries at affected hospitals as the state becomes a hotspot.

The report showing statewide bed capacity of 83%, released Wednesday by the Department of Health Services, comes as the state deals with a surge in virus cases and hospitalizations that experts say is likely tied to Gov. Doug Ducey’s ending of statewide closure orders in mid-May.

The good news is that doctors have become more proficient at treating coronavirus victims over time, but the bad news is that a lot of people are still dying.

In fact, one “Harvard expert” is warning that 100,000 more Americans could die from the virus “by September”

One hundred thousand more Americans will die from coronavirus by September, doubling the country’s current death toll, a Harvard expert has predicted.

Dr. Ashish Jha, director of the Harvard Global Health Institute, estimates that the COVID-19 death toll will surpass 200,000 within the next three months.

Needless to say, many on the left are insisting that U.S. states “reopened too soon”, but the truth is that the virus continued to spread even when virtually everything was locked down.

And after seeing the immense economic devastation that was caused, many Americans would be extremely resistant to another round of lockdowns.  More than 44 million Americans have filed claims for unemployment benefits during this pandemic, and U.S. Treasury Secretary Steven Mnuchin insists that we can’t risk causing even more economic damage

Treasury Secretary Steven Mnuchin said the US economy wouldn’t be shut down again despite the rising case count.

“We can’t shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage, and not just economic damage, but there are other areas,” he told CNBC in an interview.

But ultimately it is up to individual state governors to determine whether there will be more lockdowns or not.

And it isn’t just the U.S. that is experiencing a surge of new cases.  All over the globe, we are seeing very alarming outbreaks right now

It’s not just the USA. Globally, more than 7.4 million cases have been reported, and there have been more than 418,000 deaths. India reported a spike: nearly 10,000 new cases Thursday. South Korea, the world’s success story for its triumphant effort to flatten the curves for new cases and deaths, is seeing a worrisome infection boom.

The Institute for Health Metrics and Evaluation said Thursday that it anticipates global deaths “into the millions” by October.

Over the past week, we have seen huge numbers of cases being reported in Brazil, Russia, India, Pakistan, Chile, Peru and Mexico.

Just when authorities seem to have things somewhat under control in one part of the world, the virus comes back even stronger somewhere else.

In the end, this pandemic is never going to be over until most of the global population is exposed to COVID-19, and that is going to take an extended period of time.

Meanwhile, the entire global economy will continue to deteriorate, and that is really bad news for 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 Amazon.com 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. 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 any way 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 all many people as we possibly can.

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Corporate America Donald Trump Education Government Headline News Higher Taxes Intelwars Joe Biden markets poor americans Stock Market unemployment unions United States unprepared worker wages

BREAKING A SWEAT: Trump Approval Sinks – MARKET UNPREPARED!

This article was contributed by James Davis at Future Money Trends.

Put your political opinions aside; just from a FINANCIAL POINT OF VIEW, if Joe Biden is elected president, the era of LOWER TAXES could be over!

Since the early 1990s, Corporate America, as measured by the S&P 500, has received HIGHER VALUATION MULTIPLES than at any other time in history.

Part of the reason has been that it was able to BLOCK UNIONS from protesting worker wages, while another reason has been technological breakthroughs, which have birthed PROFITABILITY SURGES, but the chief reason has been lower EFFECTIVE tax rates.

 

Courtesy: Zerohedge.com

As you can see, since 1988, when the PEAK RATE was achieved, the taxes paid have DROPPED BY 50%, if not more. This is making corporations much more valuable. If this is the end of this era, though, as Biden’s tax proposal lays out, the value of America’s top businesses will be, BY DEFINITION, smaller.

For about two years, my contacts in the industry have been explaining to me that TAX CUTS are reaching peak sentiment right now.

Politicians actually want to show THEY MEAN BUSINESS by raising corporate taxes and other taxes on the rich, such as capital gains and dividends. In fact, the ULTRA-RICH are in favor of these policies as well.

Several billionaires have OUTRIGHT SAID that they don’t mind working six months for the government (another way of saying they are willing to pay 50% of their income).

The trends are in place for politicians to REFORM TAXES on the rich. In fact, these riots and protests are partly because the unemployment rates for young Americans, especially POOR ONES that haven’t finished high school or gone to college, are GENERATIONALLY-HIGH.

When the U.S. was an industrial powerhouse after the second World War, college degrees weren’t a MAKE-OR-BREAK for career choices since plenty of middle-class workers didn’t have degrees, but the U.S. economy is now TECH-ORIENTED and, if you’re not academically-educated, many doors ARE BLOCKED for you.

Tens of millions of people, even if they are WELL-INTENDED, hard-working, and aspirational, are stuck as employers lack open-mindedness to give them a chance.

 

Courtesy: Zerohedge.com

As you can see, the February panic leading up to the TURMOIL WEEK, when President Trump formed the task force and began to take the pandemic seriously, RESURRECTED Biden’s presidential hopes.

After that period, the riots came, which have TURNED THE TABLES on Donald Trump, but the market DOESN’T BUY it yet.

The “U”-TURN has been completed; a global pandemic and the MOST COMPREHENSIVE civil riots, looting, burglaries, and violence since the 1960s and the Rodney King crisis are all it took to switch the minds of the SWING VOTERS, but there we have it.

Whether these are PERMANENT or emotionally-infused changes of heart remain TO BE SEEN.

What it means for sure is that the RACE IS TIGHT, which is how I like it.

It puts tremendous pressure on the current administration to PRODUCE RESULTS and show voters that they’ve got things UNDER CONTROL, and that is what politicians should do: win the voters over, not EXPLOIT THEIR WEAKNESSES.

 

Courtesy: Zerohedge.com

If I’m President Trump, I’m thinking of all the ways I could get unemployment numbers BACK TO CLIMBING, which might mean infrastructure work OR government projects.

This all translates to more spending, so expect additional inflationary forces to come next.

You want to be VERY ATTENTIVE to the markets these next few days; if the index doesn’t go up by 5% and pierce through a new all-time high, the momentum will be down.

EXCLUSIVE REPORTS, Featured In This Article and in Others, Which Are Considered ESSENTIAL READING:
1. Gold Investing – DOWNLOAD HERE!
2. Trump’s War with Mainstream Media – DOWNLOAD HERE!
3. Covid-19 Round2 Sell-Off Playbook – DOWNLOAD HERE!
4. Why The Dollar Is Dead – DOWNLOAD HERE!
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Coronavirus Coronavirus lockdown Idaho Intelwars Relief reopen america Stiimulus unemployment

Idaho offers $1,500 bonuses to get people to return to work

How do you compete with the federal government’s coronavirus unemployment plan that incentivizes people to stay unemployed?

Idaho Republican Gov. Brad Little has an
idea: Offer Idahoans a major “bonus” to get back to work.

What is Idaho doing?

When the U.S. Congress passed and President Donald Trump signed the coronavirus relief bill, critics pointed out that one very significant provision in the bill could encourage people to remain unemployed.

The $2.2 trillion bill included a $250 billion expansion for unemployment benefits that not only extended the time workers could receive benefits from 26 weeks to 39 weeks, but also added $600 per week on top of what they would normally receive for up to four months.

That $600 per week in addition what a worker normally received — typically half of a worker’s weekly wages — was what caught critics’ eyes. They noted that the upgraded unemployment benefits would encourage people not to work because they would be making more on unemployment than if they returned to work. Those concerns turned out to be warranted, as one Washington state business
demonstrated.

In order to encourage the Gem State’s population to get back to work, Gov. Little said Friday that the state will use up to $100 million in federal relief funds to give onetime bonuses of $1,500 to full-time workers and $750 to part-time workers who return to work instead of remaining on unemployment, the Idaho Statesman
said. Bonuses will also be available to laid-off workers who are already back on the job.

The plan to get people to choose work over inflated unemployment payments will cover up to 70,000 workers.

The Associated Press
reported that the governor’s budget chief, Alex Adams, said the bonus program could also be supplemented with unused money from a $300 million program set up to help small businesses in Idaho.

Little said about 60% of workers receiving unemployment benefits under the federal stimulus package are making more money on unemployment, but noted that that’s no way to rebuild an economy.

“A strong economic rebound cannot occur without workers returning to a job, and the new Return to Work cash bonuses incentivize our workforce to get back to work safely,” Little said.

Can it be done?

Critics of the move, however, say the governor is just adding another layer of bureaucracy to a state Labor Department that is already failing its citizens by mishandling unemployment claims.

The Statesman editorial board
said that the state’s “inability to provide unemployment benefits for thousands of Idahoans has become a disgrace.” According to the paper, “an untold number of Idahoans are still without benefits” — and not only have many people not seen a check, some citizens still have not been contacted about their benefits status.

More from the Statesman:

Little began his press conference by expressing his concern that people who make more money on enhanced unemployment would have no incentive to go back to work.

So he announced that the state will offer $1,500 bonuses to unemployed Idahoans who return to work rather than stay on unemployment.

Gov. Little, this is the least of your problems. You’ve got a bigger one that’s more immediate — that you need to take care of right now.

A go-back-to-work bonus payment will only add yet another layer of bureaucracy on top of a bureaucracy that’s not working.

If the state can’t efficiently get unemployment payments to all of its legitimate recipients, how does it plan to get $1,500 checks to full-time workers and $750 checks to part-time workers who return to jobs? And if Little and state officials think there won’t be hangups in distributing that money to workers, then why are there still so many problems with distributing the unemployment money?

The paper further noted that the governor’s plan includes bonuses for anyone who filed a claim since March 1, but the Labor Department has not yet even processed many of those claims.

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Intelwars Minority unemployment President Donald Trump Trump shushes reporter Trump vs yamiche alcindor Trump vs. the media unemployment Yamiche alcindor

Trump shushes reporter trying to interrupt him with question about minority unemployment

President Donald Trump angered many of his critics when he quieted a reporter attempting to interrupt a signing ceremony in order to ask him a question about minority unemployment.

The interaction happened at the White House on Friday after the president applauded a report showing a surprising and sudden drop in unemployment nationwide.

The president moved from a podium to a desk to sign a bill about the Paycheck Protection Program, but PBS NewsHour correspondent Yamiche Alcindor yelled a question at him instead.

“Mr. President, why don’t you have a plan to address systemic racism?” Alcindor yelled.

The president responded by putting his finger to his lips to signify that she needed to be quiet.

“I’d like to sign this bill,” he said.

“And by the way, what’s happened to our country — and what you now see, that’s been happening, is the greatest thing that could happen for race relations, for the African-American community, for the Asian-American, for the Hispanic-American community, for women, for everything,” Trump replied.

Alcindor persisted despite the president’s objections.

“What is your plan?!” she interjected.

“Because our country is so strong, that’s what my plan is,” the president continued. “We’re gonna have the strongest economy in the world, we’re almost there now, we had the strongest economy anywhere in the world, and now we’re gonna have an economy that’s even stronger.”

“Black unemployment went up 0.1%. Asian American unemployment went up by 0.5%. How is that a victory?” she interrupted again.

“You are something,” Trump responded.

Some criticized Alcindor for pressing the president on minority unemployment when the overall rate had improved considerably when most analysts had predicted much greater unemployment due to coronavirus lockdowns.

Critics of the president were angered at his reaction to Alcindor, who is an African-American journalist.

Here’s the video of the altercation:


President Trump shushes reporters’ questions as he praises job numbers | USA TODAY

www.youtube.com

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Bureau of Labor Statistics COVID-19 economic recovery economic shutdown Intelwars jobs May jobs report unemployment

May report shows biggest jobs increase of all time, lower-than-expected unemployment rate

A surprisingly positive May jobs report showing the largest month-to-month job increase in history indicated that the United States appears to recovering from the COVID-19 outbreak from an economic as well as a health perspective, CNBC reported.

Despite being projected to decline by 8.3 million by some economists, non-farm payrolls actually increased by 2.5 million in May, a record turnaround after two of the most catastrophic unemployment months ever caused by COVID-19-related economic shutdowns.

The unemployment rate dropped from 14.7% in April to 13.3% in May, much better than the projected 19.5% unemployment projected by economists surveyed by Dow Jones. From CNBC:

As it turned out, May’s numbers showed the U.S. may well be on the road to recovery after its fastest plunge in history.

“It seems the damage from the nationwide lockdown was not as severe or as lasting as we feared a month ago,” said Scott Clemons, chief investment strategist at Brown Brothers Harriman.

President Donald Trump, whose re-election prospects may be at least somewhat dependent on the health of the economy, reacted positively to the jobs report from the Bureau of Labor Statistics.

“It’s a stupendous number,” Trump wrote Friday morning on Twitter. “It’s joyous, let’s call it like it is. The market was right. It’s stunning!

“It is a stunner by any stretch of the imagination,” he wrote in a follow-up tweet.

The U.S. is still hovering around 1,000 reported coronavirus deaths each day, and roughly 20,000 new cases per day, but even the hardest-hit areas of the country are taking steps toward reopening.

The COVID-19 outlook in the U.S. is complicated some by the mass protests that have occurred across the country over the past week. Because of the incubation period for the virus, we won’t know what impact those gatherings have on the spread of the virus for several weeks.

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Coronavirus COVID-19 Department of Labor Intelwars jobless claims unemployment

Another 2.1 million people filed for unemployment last week, bringing the 10-week total to more than 40 million

Roughly a quarter of the total U.S. workforce has been put out of work since the COVID-19 pandemic caused government officials to shut down most or all businesses deemed non-essential, with another 2.1 million Americans filing jobless claims over the past week, Politico reported.

Another 1.2 million people applied for unemployment benefits under a temporary program for people who are typically ineligible for unemployment, such as self-employed workers. There may be some overlap of people who applied for both. Overall, 40.8 million Americans have filed for unemployment in the past 10 weeks.

Andrew Stettner, a senior fellow at The Century Foundation, told Politico that about half the people who have applied for benefits since the coronavirus shutdowns began have received them, while others are stuck waiting as overwhelmed state agencies with sometimes unreliable websites and processes try to keep up.

A previous COVID-19 relief package boosted unemployment benefits temporarily, and a University of Chicago study showed that more than two-thirds of people receiving unemployment may be getting more in benefits than they would’ve gotten from their jobs. The relief package added a $600 per week supplement to the standard benefits.

About 20% of jobless people could get unemployment benefits that are double the amount of their lost earnings, the study found. One potential problem with this system is that unemployed workers might get more money than normal for not working, while workers who are considered essential don’t get any hazard pay despite potential exposure to COVID-19. From MarketWatch:

For example, a janitor at a still-open business might not get hazard pay, but an unemployed janitor could get 158% of his or her prior wage, the study said. (Researchers looked at U.S. Census data on job salaries and plugged the numbers into an unemployment benefits calculator they built. They said they compared their own estimates on statewide average benefits from likely jobless claimants against average benefits from actual claimants, as reported by the Department of Labor.)

These expanded unemployment benefits will end at the end of July unless Congress passes another relief bill to extend them.

Democrats are interested in extending the boosted benefits, while many Republicans oppose an extension because they fear the benefits are so high that they may discourage people from trying to reenter the workforce as quickly as possible.

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Bank of America central banking crashed debt based system dollar system Economy end of the financial system fiat currency Headline News History horrific Intelwars job losses Money Printing Mortgages New World Order one world currency unemployment United States

The Worst Unemployment Spike In U.S. History – 1 Out Of Every 4 Workers Has Filed For Unemployment Benefits In 2020

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

Even though most U.S. states have begun the process of “reopening” their economies, the unprecedented tsunami of job losses that we have been experiencing just continues to roll on.  On Thursday, we learned that another 2.4 million Americans filed initial claims for unemployment benefits during the previous week, and that brings the grand total for this pandemic to a whopping 38.6 million.

To get an idea of just how badly this swamps what we witnessed during the last recession, take a look at this chart.  This is the biggest spike in unemployment in all of U.S. history by a very wide margin, and analysts are expecting another huge number once again next week.

After my father got out of the U.S. Navy, he worked as a math teacher for many years, and throughout my life, I have always had a deep appreciation for numbers.

And in this case, the numbers are telling us that we are facing something truly horrific.

During the month of February, the number of Americans that were currently employed peaked at 152,463,000.

If you take the 38.6 million workers that have filed for unemployment benefits during this crisis and divide it by 152,463,000, you will find that it gives you a figure of more than 25 percent.

In other words, more than one out of every four jobs in the United States is already gone, and more job losses will be coming week after week.

And of course, not everyone that loses a job actually files a claim for unemployment benefits.  So the true percentage of Americans that have lost a job would be even higher.

It had been hoped that the unemployment numbers would begin to normalize once states began “reopening” their economies, but so far that is not really materializing.

For example, Georgia was one of the first states to begin lifting restrictions, but that state also “now leads the country in terms of the proportion of its workforce applying for unemployment assistance”

Georgia’s early move to start easing stay-at-home restrictions nearly a month ago has done little to stem the state’s flood of unemployment claims — illustrating how hard it is to bring jobs back while consumers are still afraid to go outside.

Weekly applications for jobless benefits have remained so elevated that Georgia now leads the country in terms of the proportion of its workforce applying for unemployment assistance. A staggering 40.3 percent of the state’s workers — two out of every five — has filed for unemployment insurance payments since the coronavirus pandemic led to widespread shutdowns in mid-March, a POLITICO review of Labor Department data shows.

Our politicians really didn’t understand what they were doing when they started locking down state after state.  Coming into 2020, the U.S. economy was in an extremely fragile state and was already moving rapidly toward recession territory, and now the fear of COVID-19 has burst all of our economic bubbles.

The U.S. economy is now in a death spiral, and a survey that was just conducted by the Census Bureau came up with some numbers that are simply eye-popping

Nearly half of Americans say that either their incomes have declined or they live with another adult who has lost pay through a job loss or reduced hours, the Census Bureau said in survey data released Wednesday.

More than one-fifth of Americans said they had little or no confidence in their ability to pay the next month´s rent or mortgage on time, the survey found.

Already, we are beginning to see mortgage delinquencies rise to very alarming levels.

In fact, in April we witnessed the largest single-month jump that has ever been recorded

Mortgage delinquencies surged by 1.6 million in April, the largest single-month jump in history, according to a report from Black Knight, a mortgage technology and data provider. The data includes both homeowners past due on mortgage payments who aren’t in forbearance, along with those in forbearance plans and who didn’t make a mortgage payment in April.

At 6.45%, the national delinquency rate nearly doubled from 3.06% in March, the largest single-month increase recorded, and nearly three times the prior record for a single month during the height of the financial crisis in late 2008, Black Knight said.

Sadly, the truth is that this is only going to get worse.

The “enhanced unemployment benefits” that Congress recently passed have been helping many unemployed Americans to pay their mortgages, but now it appears that President Trump and Senate Majority Leader Mitch McConnell do not intend to extend those benefits past the July deadline.  They are concerned that those benefits have been so generous that they have been discouraging many Americans from going back to work, and they are quite right about that.

Unfortunately, it isn’t just homeowners that have been missing payments.

At this point, the entire commercial real estate industry is on the precipice of a meltdown as rent payments and mortgage payments are being “skipped” all over the nation on a widespread basis.  On Thursday, we learned that even the owners of The Mall of America have been skipping their mortgage payments

The biggest shopping center in the country, The Mall of America, has missed two months of payments on its $1.4 billion mortgage, a sign of just how much retail real estate owners are reeling during the coronavirus pandemic.

The mall, operated by private developers Triple Five Group, skipped mortgage payments in April and May, according to Trepp, a New York-based research firm that tracks the commercial mortgage-backed securities, or CMBS, market.

Unless Congress steps in and showers the entire commercial real estate industry with giant mountains of cash, I don’t see how an unprecedented meltdown can be averted.

It is going to be horrifying to watch, and it is going to absolutely dwarf anything that we witnessed in 2008.

Of course similar things can be said about the economy as a whole.  At this point, Bank of America is projecting that U.S. GDP will fall 40 percent on an annualized basis during the second quarter of this year…

Now that banks have had a chance to evaluate the collapse in the economy in the post-covid world, a new round of GDP forecast revisions is coming, and it’s a doozy, with Bank of America spearheading the latest effort by slashing its Q2 GDP forecast from -30% to -40%.

Not without a trace of irony, BofA’s chief economist Michelle Meyer writes that “words cannot describe” the loss in economic output, which is “unlike anything we have seen in modern history.”

When Bank of America starts sounding like The Economic Collapse Blog, that is a clear sign that things are really starting to fall apart in a major way.

Now that restrictions are being lifted all over the nation, the number of confirmed COVID-19 cases is starting to rise again, and fear of this virus is going to paralyze economic activity for the foreseeable future.

And what most Americans still don’t understand is that what we have experienced so far is just the beginning…

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 Amazon.com 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. 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.  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 all many people as we possibly can.

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Coronavirus lockdown economic shutdown Income loss Intelwars Sex Workers social distancing unemployment

Sex workers’ slashed income due to COVID-19 shutdown reflects ‘inequities in society,’ advocate says

As TheBlaze has previously reported, the coronavirus economic shutdown has been hitting sex workers’ bank accounts like many other people.

How desperate has it become? Well, after a Portland strip club called the Lucky Devil Lounge had to close up shop, the owner switched the outfit to a food-delivery service called Boober Eats — which, of course, features scantily clad strippers carting hot food to patrons’ homes.

‘The pandemic has laid bare all the inequities in society’

Commenting on sex workers’ loss of business — which has left most of them ineligible for jobless benefits and struggling to make ends meet — a sex worker advocate told the Chicago Tribune in a story about the overall impact on the area’s sex-work industry that it’s all very unfair.

“It’s kind of like the way the pandemic has laid bare all the inequities in society, especially the economic ones,” Kathy Rosenfeld of Sex Workers Outreach Project Chicago told the paper. “For sex workers whose livelihood is precarious in the best of times, it has exacerbated the [instability] of our lives.”

She also appeared to decry that sex work is “criminalized” — and told the paper that such treatment works against those in the profession when economic times are tough.

“Since sex work is a criminalized industry, there isn’t the kind of paper trail that federal agencies are looking for,” Rosenfeld noted to the Tribune. “I would say it goes case by case, but in a lot of cases, people whose living has been sex work have been unable to interface with any government assistance.”

Sex Workers Outreach Project Chicago endeavors to raise money to help sex workers short on cash — but it can’t do much more than hand out small amounts, such as $50 for groceries, the paper said.

“I don’t know of any organization dedicated to sex workers that has resources to really make a long-term difference in people’s lives economically,” Rosenfeld noted to the Tribune.

Expert predicts long-lasting decline

Manisha Shah — a University of California at Los Angeles public policy scholar who’s written about sex work economics — told the paper that the industry isn’t likely to return to the way it operated any time soon.

“I don’t think sex work will go back to its pre-pandemic state even when stay-at-home orders ease, as potential clients will still feel wary of in-person meetings,” Shah noted to the Tribune. “It will likely take longer, perhaps even until a vaccine, before people feel comfortable interacting in person for sex services.”

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Commentary Coronavirus Coronavirus In America Coronavirus In The United States Coronavirus Pandemic COVID-19 COVID-19 Pandemic Depression Depression 2020 Disease Drug Drugs economic depression Health Intelwars medical medical treatment outbreak Pain pandemic Pestilence Pestilences preppers The Depression Of 2020 Treatment unemployment Very Painful Virus World

The Perpetual Crisis: Now The WHO Is Telling Us That COVID-19 “May Never Go Away”

Are you ready for “the new normal” to become permanent?  Originally, most of us assumed that “shelter-in-place orders” and “social distancing restrictions” would just be temporary, but now top health officials are warning us that some of these temporary measures may have to remain in place for the foreseeable future.  That means that our lives could be severely disrupted for a long time to come.  In fact, Dr. Anthony Fauci just told a Senate Committee that it may not be safe for schools all over America to reopen when the next school year begins in the fall.  Apparently Fauci and other medical “experts” believe that it will not be possible for us to fully go back to our normal lives as long as this virus keeps spreading.

But how long are we really supposed to wait?

The truth is that this pandemic could still potentially be in the early chapters.  The Spanish Flu pandemic lasted for three full years, and we could possibly be facing a similar scenario.

And this week WHO official Mike Ryan warned that this virus could even become “endemic”, and if that happens it “may never go away”

“It is important to put this on the table: this virus may become just another endemic virus in our communities, and this virus may never go away,” WHO emergencies expert Mike Ryan told an online briefing.

“I think it is important we are realistic and I don’t think anyone can predict when this disease will disappear,” he added. “I think there are no promises in this and there are no dates. This disease may settle into a long problem, or it may not be.”

In other words, Ryan is saying that this virus could become like a flu that keeps reappearing year after year.

So what are we going to do if that happens?

Are we supposed to have shutdowns every year whenever a new wave of COVID-19 infections starts happening?

Of course the lockdowns haven’t really been that effective anyway.  They may have temporarily slowed down the spread of the virus, but eventually most of the U.S. population is going to get exposed to it anyway no matter what we do.

But instead of facing the reality of this pandemic, Fauci continues to stick to his guns.  And many Americans were completely outraged when he suggested that schools should continue to remain closed when the next school year is scheduled to begin.  The following bit of commentary comes from Tucker Carlson

So just to be clear, Fauci was not simply talking about certain workers or even all workers staying at home for the foreseeable future. He implied that schools and colleges will be able to reopen only if there is a cure for this virus or a vaccine. He said that prospect was a bridge too far.

In other words, no school until the coronavirus has been cured — stopped.

The problem is there is currently no approved vaccine for any of the several coronaviruses out there. We still don’t have one for SARS. So, that may never happen. Once again, it has never happened.

A lot of people out there didn’t seem to believe me when I first started talking about how difficult it will be for researchers to create a vaccine for COVID-19.

Just like Tucker Carlson has said, there has never been a successful vaccine for any coronavirus in all of human history.

Despite all of our efforts, there is no vaccine for SARS.

And despite all of our efforts, there is no vaccine for MERS.

Needless to say, there isn’t such a thing as a “common cold vaccine” either, because such a thing does not exist.

Perhaps our scientists will beat the odds this time, and they will certainly do their best to do so.

But meanwhile many local officials all over the nation seem convinced that the best strategy for now is to continue keeping people at home.

For example, the “stay-at-home order” in Washington D.C. was just extended through June 8th

Washington, D.C., is extending its stay-at-home order through June 8, Mayor Muriel Bowser (D) announced on Wednesday.

The mayor said that the city has not yet met all the required benchmarks to reopen.

And Public Health Director Barbara Ferrer just extended the “stay-at-home order” in Los Angeles County indefinitely

Meanwhile, Ferrer extended the county’s stay-at-home order, which was implemented to slow the spread of the coronavirus and has barred gatherings and mandated physical distancing requirements. She said there is no end date to the revised health order and stressed that people should stay home as much as possible to help reduce the spread of COVID-19, which has killed more than 1,600 people in the county.

“As I’ve said from the beginning, this will be a slow journey,” Ferrer said.

Following that announcement, L.A. Mayor Eric Garcetti told Good Morning America that his city will “never be completely open until we have a cure.”

Good luck with all that.

I am so glad that I don’t live in Los Angeles, because residents of that city could be waiting for a “vaccine” or a “cure” for a very, very long time.

Are residents of L.A. just supposed to put their lives on hold indefinitely?  On Wednesday, we learned that the Hollywood Bowl has completely canceled their entire summer concert season

The Hollywood Bowl scrapped its entire summer concert season Wednesday due to the coronavirus crisis, in a “devastating” move that leaves the Los Angeles Philharmonic with an $80 million shortfall.

The famous open-air California venue has hosted acts from the Beatles to Yo-Yo Ma over nearly a century, and its concerts from June through September are a staple of Los Angeles cultural life.

I was really saddened when I first read about that.

Social gatherings are so central to the human experience, and now we are being told that most of our major social gatherings will need to be delayed, postponed or canceled for the foreseeable future.

And what makes all of this even more tragic is that we are now learning that these lockdowns were never necessary in the first place.  If we all had worn masks from the very beginning, kept our Vitamin D levels up and used basic common sense, we could have continued our normal lives all this time just like they have been doing in Japan and Sweden.

Unfortunately, common sense is in short supply in America today, and it looks like this pandemic will continue to greatly disrupt our lives for a long time to come.

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 Amazon.com 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. 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 any way 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 all many people as we possibly can.

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$138 Million Government Contract Will Fund Production Of 500 Million Pre-Filled COVID-19 Vaccine “Injection Devices”

Just when you thought that things couldn’t get any stranger, two U.S. government agencies have taken things to an entirely new level.  The U.S. Department of Defense and the U.S. Department of Health and Human Services have just put out a press release that is absolutely jaw dropping, but so far hardly anyone is talking about it.  According to the press release, a 138 million dollar contract has been awarded to ApiJect Systems America for two projects known as “Project Jumpstart” and “RAPID USA”.  Apparently the goal of these projects is to have vast numbers of “injection devices” ready to go once a COVID-19 vaccine becomes available.  The following comes directly from the official website of the Department of Defense

“Today the Department of Defense and the U.S. Department of Health and Human Services, announce a $138 million contract with ApiJect Systems America for “Project Jumpstart” and “RAPID USA,” which together will dramatically expand U.S. production capability for domestically manufactured, medical-grade injection devices starting by October 2020.

Spearheaded by the DOD’s Joint Acquisition Task Force (JATF), in coordination with the HHS Office of the Assistant Secretary for Preparedness and Response, the contract will support “Jumpstart” to create a U.S.-based, high-speed supply chain for prefilled syringes beginning later this year by using well-established Blow-Fill-Seal (BFS) aseptic plastics manufacturing technology, suitable for combatting COVID-19 when a safe and proven vaccine becomes available.

Today, there are about 328 million people living in the United States.  But the press release states that the plan is to produce “over 500 million prefilled syringes” in 2021

The contract also enables ApiJect Systems America to accelerate the launch of RAPID USA manufactured in new and permanent U.S.-based BFS facilities with the ultimate production goal of over 500 million prefilled syringes (doses) in 2021. This effort will be executed initially in Connecticut, South Carolina and Illinois, with potential expansion to other U.S.-based locations. RAPID will provide increased lifesaving capability against future national health emergencies that require population-scale vaccine administration on an urgent basis.

So that would be enough “injection devices” to vaccinate every man, woman and child in the entire country one and a half times.

Wow.

Right now, researchers all over the globe are racing toward the development of a vaccine, but as I have discussed previously, that is not going to be an easy task.

And on Tuesday Dr. Anthony Fauci openly admitted to a U.S. Senate committee that there is no guarantee that a vaccine “is actually going to be effective”

As drugmakers across the world race to develop a coronavirus vaccine, White House health advisor Dr. Anthony Fauci said, “There’s no guarantee that the vaccine is actually going to be effective.”

Fauci delivered the somber warning Tuesday to the Senate Committee on Health, Education, Labor and Pensions during a hearing about the road to reopening businesses across the nation.

In addition, because there are multiple strains of COVID-19 already running around out there, one vaccine may not be able to cover them all.  So this could create a need for “multiple vaccines”, and this is something that NIH Director Francis Collins has openly acknowledged

Several vaccines will likely be needed to combat the coronavirus and immunize groups of people in America and abroad, U.S. National Institutes of Health Director Francis Collins said in an interview.

So when the time finally comes, there may be more than one vaccine that authorities are pushing everyone to take.

But for now, there is no vaccine, and some health officials are pushing for social distancing restrictions to remain in place for months to come.

For example, Fox News is reporting that the top health official of Los Angeles County is warning that the local “stay-at-home order” may have to be extended until August…

Los Angeles County will likely continue its stay-at-home order through the summer, officials said Tuesday, as the coronavirus wreaks havoc on the economy and patience continues to wear thin for some calling for the state to reopen and for normal life to resume.

County Public Health Director Barabara Ferrer said the order will be extended “with all certainty” at the Board of Supervisors meeting, possibly until July or August, the Los Angeles Times reported.

And apparently L.A. Mayor Eric Garcetti is on the same page.  In fact, he has once again stated that there will be no return to normal until a cure or a vaccine comes along

“I think quite simply she’s saying we’re not going to fully reopen Los Angeles — or anywhere in America — without any protections or health orders in the next three months,” he told CNN’s Jake Tapper.

“I think we know it’s going to be even longer than three months. … We’re not moving past Covid-19, we’re learning to live with it. We’re not going to go back to pre-Covid life any time soon” or move forward without a medicine or vaccine.

I feel so badly for those living in the Los Angeles area, because it certainly looks like the next three months are going to be really rough.

Of course there are other large cities that are facing similar timelines.  Just check out what is being reported regarding the outlook for New York City…

New York City may not fully reopen until August after Gov. Cuomo advised that each phase of the four phase restart plan could take up to two weeks to implement.

Parts of the state of New York will be ready to reopen on May 15, this Friday, after meeting Governor Cuomo’s strict set of seven requirements.

We are only in mid-May right now.

Could you imagine being forced to stay home for the next three months?

Sadly, that is what millions of Americans will be facing.

And on Tuesday Dr. Fauci actually suggested that many schools will need to remain closed as the next school year begins

Anthony Fauci, MD, revealed Tuesday morning that a return to school in the fall “would be a bit of a bridge too far,” during a Senate Committee hearing. News of likely continued homeschooling for the next school year will probably be met with groans and frustration by harried parents struggling to balance working from home and also managing remote learning and having their children home 100 percent of the time.

Our entire society is melting down because of this virus, and if we can’t handle this crisis, what are we going to do when much worse things start happening to us?

Sometimes I wish that we could roll back the clock and go back to 2019.

Life seemed so much simpler back then, and things are only going to get crazier in the weeks and months to come…

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 Amazon.com 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. 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 any way 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 all many people as we possibly can.

Share