Hardly anyone expected that things would get this bad in 2020.
Once the pandemic hit and states all over the country started instituting lockdowns, economic activity collapsed dramatically.
U.S. GDP was down 31.4 percent during the second quarter of 2020, and that was a drop without parallel in all of U.S. history.
In fact, that decline was more than three times as large as the previous record.
But eventually states started to “reopen” their economies, and U.S. GDP for the third quarter is expected to show a significant rebound when the numbers are finally released.
Of course we still aren’t even close to where we used to be, but at least things weren’t as bad as they were in the second quarter.
But now as the fourth quarter begins, it appears that economic conditions are heading back in the wrong direction again.
The following are 15 signs that America’s economic depression is accelerating as we head toward the holiday season…
- All 546 Regal Cinema theaters in the United States are being shut down, and right now there is no timetable for reopening them.
- It is being reported that AMC Entertainment (the largest movie theater chain in the U.S.) will “run out of liquidity” in 6 months.
- Over the weekend, I was told by someone that works in the industry that he expects most movie theaters in the country to eventually close down permanently because of this pandemic.
- The average rent on a one bedroom apartment in San Francisco is 20.3 percent lower than it was one year ago.
- During the 3rd quarter, the number of vehicles delivered by General Motors was down about 10 percent from a year ago.
- It is being reported that Anheuser-Busch will be laying off 400 employees in Loveland, Denver, Littleton and Colorado Springs.
- Allstate has just announced that they will be laying off 3,800 workers.
- JCPenney says that it will be cutting approximately 15,000 jobs as we approach the holiday shopping season.
- At least one-fourth of the 28,000 layoffs that Disney will be conducting will happen in Florida.
- Collectively, American Airlines and United Airlines let 32,000 employees go last week.
- On Thursday, we learned that another 787,000 Americans filed new claims for unemployment benefits during the previous week.
- Overall, more than 60 million Americans have filed new claims for unemployment benefits so far in 2020. That number is far higher than anything we have ever seen before in all of U.S. history.
- Retail store closings in the United States continue to surge along at a pace that is absolutely unprecedented.
- Bankruptcy filings in New York City have risen 40 percent so far in 2020.
- This number is hard to believe, but it is being reported that almost 90 percent of New York City bar and restaurant owners couldn’t pay their full rent for the month of August.
This is a part of an article by Michael Snyder that first appeared on The Economic Collapse Blog. More societal and economic collapse news on Strange Sounds and Steve Quayle. Now if you are looking for supplements to increase your healthy lifestyle please visit Natural Health Source.
New Zealand Early Election already started and OCT-17-2020 is election for New Zealand and will there be also chaos is waiting? Bogota Colombia is under Martial Law as well. More nations going to lock down and with US election is in progress and riots still on 139 days continues and North America is under many advisory that things may get out of shape. We have told good deeds and good acts, good deeds other wise we shall destroy USA and we all will be sorry for it. Just relax we have rule of law and always until JAN 20 2021 we can solved in courts? Let us be relax stop rioting and police army military are our brothers and sisters instead of fighting with us .
Really? Put down the pipe.
Kyrgyzstan annuls parliamentary election results amid unrest
Protesters gather in front of the Kyrgyz government headquarters on the central square in Bishkek, Kyrgyzstan, Tuesday, Oct. 6, 2020. Protesters have clashed with police in Kyrgyzstan’s capital during a demonstration against the results of a parliamentary election. Early results in the election gave the majority of votes to two parties with ties to the ruling elites amid allegations of vote buying.
Protesters gather in front of the Kyrgyz government headquarters on the central square in Bishkek, Kyrgyzstan, Tuesday, Oct. 6, 2020. Protesters have clashed with police in Kyrgyzstan’s capital during a demonstration against the results of a parliamentary election. Early results in the election gave the majority of votes to two parties with ties to the ruling elites amid allegations of vote buying. Associated Press
By DARIA LITVINOVA
Associated Press
Updated 10/6/2020 9:30 PM
MOSCOW — Officials in Kyrgyzstan on Tuesday nullified the results of a weekend parliamentary election after mass protests erupted in the capital of Bishkek and other cities, with opposition supporters seizing government buildings overnight and demanding a new vote.
Hundreds of people were injured, one fatally. Members of several opposition parties announced plans to oust the president and form a new government in the Central Asian country.
MARTIAL LAW IN KYRGYZSTAN?
Have you noticed that people don’t treat one another with the same level of respect and civility that they once did? Everywhere I look, people are treating one another badly, and this should greatly alarm all of us. Perhaps we can blame some of this on the pandemic, because the restrictions that authorities have implemented around the nation have definitely put people in a bad mood. And of course the fact that this is an election year is certainly not helping things. But I am seeing people that are supposedly on the same side treating each other with extreme contempt. Conservatives are fighting with conservatives, liberals are fighting with liberals, Christians are fighting with Christians, and over the past year I have been seeing families break up all over the place. Hearts are growing so cold, and all of the strife and discord that we are witnessing makes me wonder what things will be like when economic conditions in this nation really start falling apart.
http://www.endofamericandream.com
Always disclaimer apply
If an economic collapse occurs, it would happen quickly. No one would predict it. The surprise factor is, itself, one of the causes of a collapse. The signs of imminent failure are difficult for most people to see.But here are Top five signs to look for , signaling that an economic collapse is about to happen.
The collapse of the Western financial system will wipe out the standard of living of its population while ending ponzi schemes such as the stock exchange and the pension funds. The population will be hit so badly by a full array of bubbles and ponzi schemes that the migration engine will start to work in reverse accelerating itself due to ripple effects thus leading to the demise of the States.
This unseen situation for the States will develop itself in a cascade pattern with unprecedented and devastating effects for the economy. Jobs offshoring will surely end with many American Corporations relocating overseas thus becoming foreign Corporations!!!!
We see a significant part of the American population migrating to Latin America and Asia while migration to Europe – suffering a similar illness – won’t be relevant. Nevertheless the death toll will be horrible. Take into account that the Soviet Union’s population was poorer than the Americans nowadays or even then. The ex-Soviets suffered during the following struggle in the 1990s with a significant death toll and the loss of national pride.
Might we say “Twice the pride, double the fall”? Nope. The American standard of living is one of the highest, far more than double of the Soviets while having added a services economy that will be gone along with the financial system. When pensioners see their retirement disappear in front of their eyes and there are no servicing jobs you can imagine what is going to happen next.
At least younger people can migrate. Never in human history were so many elders among the population. In past centuries people were lucky to get to their 30s or 40s. The American downfall is set to be far worse than the Soviet Union’s one. A confluence of crisis with a devastating result…
They are:
Sign number one : Growing government debt: when an economy slows, the government usually steps in to help stimulate spending again, but with a high debt, the government might not be able to make that injection.
Sign number two : The Stock markets trading at all-time highs . investors are taking more risk on the market, markets continue to trade higher meaning investments are bull-market driven and not research-based which could lead to a stock market bubble.
Sign number Three : The Unemployment rate , eligible worker, retirement, and student rates all identify trends in people not contributing to the economy and could slow down economic growth.
Sign number four : Unstable government: this boils down to the leader and government team in the decisions and actions that may affect the economy in various ways .
Sign number Five : Rising national debt . this means less consumer spending in the economy and more money spent on paying debt.
Although those five economic collapse red flags are present in any collapse, there are also other things we can do to be ahead of a financial collapse disaster. And that is to look at what the warning signs displayed by the people involved in it all, America’s elite Wall Street executives and Silicon Valley entrepreneurs.
Well , If the economy collapses, you would lose access to credit. Banks would close. Demand would outstrip supply of food, gas, and other necessities. If the collapse affected local governments and utilities, then water and electricity would no longer be available. As people panic, they would revert to survival and self-defense modes.
The economy would return to a traditional economy, where those who grow food barter for other services. A U.S. economic collapse would create global panic. Demand for the dollar and U.S. Treasurys would plummet. Interest rates would skyrocket. Investors would rush to other currencies, such as the yuan, euro, or even gold. It would create not just inflation, but hyperinflation, as the dollar became dirt cheap.
The following are predictions of economic disaster in 2020 from top experts all over the globe…
#1 Bill Fleckenstein: “They are trying to make the stock market go up and drag the economy along with it. It’s not going to work. There’s going to be a big accident. When people realize that it’s all a charade, the dollar will tank, the stock market will tank, and hopefully bond markets will tank. Gold will rally in that period of time because it’s done what it’s done because people have assumed complete infallibility on the part of the central bankers.”
#2 John Ficenec: “In the US, Professor Robert Shiller’s cyclically adjusted price earnings ratio – or Shiller CAPE – for the S&P 500 is currently at 27.2, some 64pc above the historic average of 16.6. On only three occasions since 1882 has it been higher – in 1929, 2000 and 2007.”
#3 Ambrose Evans-Pritchard, one of the most respected economic journalists on the entire planet: “The eurozone will be in deflation by February, forlornly trying to ignite its damp wood by rubbing stones. Real interest rates will ratchet higher. The debt load will continue to rise at a faster pace than nominal GDP across Club Med. The region will sink deeper into a compound interest trap.”
#4 The Jerome Levy Forecasting Center, which correctly predicted the bursting of the subprime mortgage bubble in 2007: “Clearly the direction of most of the recent global economic news suggests movement toward a 2019 downturn.”
#5 Paul Craig Roberts: “At any time the Western house of cards could collapse. It (the financial system) is a house of cards. There are no economic fundamentals that support stock prices — the Dow Jones. There are no economic fundamentals that support the strong dollar…”
#6 David Tice: “I have the same kind of feel in ’98 and ’99; also ’05 and ’06. This is going to end badly. I have every confidence in the world.”
#7 Liz Capo McCormick and Susanne Walker: “Get ready for a disastrous year for U.S. government bonds. That’s the message forecasters on Wall Street are sending.”
#8 Phoenix Capital Research: “Just about everything will be hit as well. Most of the ‘recovery’ of the last five years has been fueled by cheap borrowed Dollars. Now that the US Dollar has broken out of a multi-year range, you’re going to see more and more ‘risk assets’ (read: projects or investments fueled by borrowed Dollars) blow up. Oil is just the beginning, not a standalone story.
If things really pick up steam, there’s over $9 TRILLION worth of potential explosions waiting in the wings. Imagine if the entire economies of both Germany and Japan exploded and you’ve got a decent idea of the size of the potential impact on the financial system.”
#9 Rob Kirby: “What this breakdown in the crude oil price is going to spawn another financial crisis. It will be tied to the junk debt that has been issued to finance the shale oil plays in North America. It is reported to be in the area of half a trillion dollars worth of junk debt that is held largely on the books of large financial institutions in the western world. When these bonds start to fail, they will jeopardize the future of these financial institutions. I do believe that will be the signal for the Fed to come riding to the rescue with QE4. I also think QE4 is likely going to be accompanied by bank bail-ins because we all know all western world countries have adopted bail-in legislation in their most recent budgets. The financial elites are engineering the excuse for their next round of money printing . . . and they will be confiscating money out of savings accounts and pension accounts. That’s what I think is coming in the very near future.”
#10 John Ing: “The 2008 collapse was just a dress rehearsal compared to what the world is going to face this time around. This time we have governments which are even more highly leveraged than the private sector was.
So this time the collapse will be on a scale that is many magnitudes greater than what the world witnessed in 2008.”
#11 Gerald Celente: “What does the word confidence mean? Break it down. In this case confidence = con men and con game. That’s all it is. So people will lose confidence in the con men because they have already shown their cards. It’s a Ponzi scheme. So the con game is running out and they don’t have any more cards to play.
Clashes different opinions real truth shall manifest itself?
Mohsen BC
Look closely at every one of these indicators you will find a common thread in each case mentioned. Each one has been directly effected by political beliefs that are contrary to reality.
The theaters closed because of a propaganda campaign fostered by the CCP globally.
The Auto manufacturers are suffering due to a artificially created requirement of false fuel economy and reliance on trendy entertainment rather than focusing on core values of utility, durability and value.
Mass market retail followed the Chinese model of only having most common highest margin products, this destroys brand and customer loyalty.
The cheep beer factories basically are suppling the public drive for community that has again been artificially curtailed by propaganda and fear.
Entertainment venues also have been cut off by fear and propaganda.
Insurance is considered a luxury when you are losing the assets you seek to protect, the cost of insuring anything has become greater than the loss that most people experience. This was driven by mandates of Auto then Health insurance in an effort to lower the cost to the share holders the industries have suppressed the availability of repair and treatment to the point of loss of value.
The travel industry has been slipping for years since the adoption of theatrical TSA and the belief that the passenger is merely the logistical weight to be carried. The value associated with conforming to travel mandates vs driving yourself is completely gone. The average person in the USA over 21 is over 200lbs but the industry is conformed to a model of 150lbs at the same time the passenger is treated by staff as suspect and burden. Again bad value do to mandate.
As for far leftist cities they are failed socialist examples rent in San Fran or New York has been without value for many years. In contrast New York City one room flat is around 750K to 1M in a crappy part of town. For 1M in an equally cultural and amenity rich area of any Florida city will buy you 5-6000 sq feet in luxury community. In some areas further from the Beach you have 10K with a few acres of property.
So when you speak of the economic collapse it is primarily in the areas and industry segments that adopted an artificial construct fostered by a sudo Leninist political belief.
In areas of the USA that have been the actual creators of wealth the economy is actually improving, small manufacturing and supply chain to this real infrastructure has been steadily growing this year with the coming year seeing a tremendous boom providing the American people can ward off the socialist CCP backed attempt at World Domination. Just manufacturing generic drugs in the USA again will bring 3.7 Trillion in GDP. Manufacturing fasteners and steel is another 2-3 trillion in new wealth creation.
The recent removal of rare earth mining and energy constriction in the USA has placed an already assayed 128Trillion in tax revenue available to the Treasury with another 25 Quadrillion available to USA economy over the next 5 years.
So it is my opinion that the socialist agenda is what is dying rather than the USA.
In the past our company manufactured 18 million in mass market retail sales employing 144 people directly and another 200 in vendor channel. At the Globalist shift in 2003 our income remained constant while our employee base was constricted to just my wife and I by the end of 2007. The Economic disaster of the Obama regime removed 77,000 employers and 14 million employees from the manufacturing base in the USA all through artificial restriction.
All that is necessary is for Government to get out of the way and the American people make new stuff from renewing natural resource better than anyone else in the world. That is why we became the most wealthy nation not some contrived belief that personal failure is caused by oppression.
Locally sourcing all materials in the USA I have more than 200 products proven to perform in mass market retail that have a profit margin just under the cost of restriction and artificial financial constraint imposed by CCP lobbied traitors in our Government. This restriction did not exist prior to the Clinton-Bush-Obama Cabal.
This election is the deciding factor for the entire world it is obvious in the real world that people are rejecting the false authoritarian take over. It is to decide wether that rejection can be without Global war. Either way the rejection is happening it is merely deciding the next immediate use of our combined energies.
So economic depression is strictly a leftist idea designed to force compliance to a false ideal.