Tsunami of Unemployment , Store Closures and Homelessness !!

Tsunami of Unemployment , Store Closures and Homelessness !!



As the economic fallout from the coronavirus pandemic continues, About 19% of Americans made no housing payment at all during the first week of the month, and 13% paid only a portion of their rent or mortgage. 32% of U.S. households missed their July housing payments. The pandemic has intensified the rent burden on households across the nation. More than 20 million Americans may be evicted by September. 8,700 Stores Closing. Dunkin' is closing 450 locations by the end of 2020. Walgreens to cut 4,000 jobs. This only counts large corporations that are closing stores. Mom and pop shops are closing at a rate of 10 to 1 of corporate. This fake money that allows multi-national corporations to run decades while losing money bankrupts real enterprise. In the drive to make Bezos a Trillionaire, a few eggs had to be cracked. The US middle class is being eviscerated. As the unemployment payments drop and evictions become possible again, we are setting up for a lot of financial hardship and homelessness in the next few months. The FED is bluffing. They're almost out of ammo, and they know it. They jawbone to try to talk the market up, but in reality, they cannot continue to expand their balance sheet by trillions. They would eventually own every asset, and they know that's not sustainable. Enjoy it while you can you fed/banking shysters because the world is reaching the saturation point for your monopoly fiat. Soon people will demand something of real value for their assets. The banks give out loans to anyone with assets, which then loan against those assets, thus inflating the price of those assets. And when the FED keeps pumping trillions in liquidity and when they keep interest rates low, more people are willing to go into more debt for that cheap money. It's a system that can never pause or end; otherwise, it completely crashes. Much like a Ponzi scheme, you always need new people taking entering the system, taking on more debt. It sacrifices the stability of your economy in return for rapid value and asset growth, but the growth is done via financial instruments and not by actual industrial or agricultural expansion. Stock buybacks didn't help either. The central Banking ruined brick and mortar retailers. Commercial rents are retarded- you work three weeks a month just to pay the landlord and end up with no asset after decades. And with thousands of retail stores closing and the economy contracting, the next conversation Wall Street will have is about deep economic scarring and permanent job loss. On Thursday, we learned that another 1.3 million Americans filed new claims for unemployment benefits last week, and that number has now been above one million for 16 consecutive weeks. Not only do we have more than 30 million people unemployed, but the number is also actually climbing. Continuing claims for State unemployment and Federal unemployment offered through the CARES act (PUA) has actually been increasing over the past few weeks. It is currently up to 33 million. The fact that we're still seeing 1.3 million newly unemployed people collecting state benefits every week, months into this crisis is all the evidence you need to realize that the employment situation is nightmarishly bad. The notion that "only" 17.8 million people are unemployed is completely ridiculous. Things were supposed to be “getting back to normal” by now, but that hasn’t happened. Instead, we continue to see a tsunami of job losses that is absolutely unprecedented in American history. More than 33 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. 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. And soon, as unemployment benefits start ending, those jobless people will no longer be counted. We are in a depression that hasn't neared bottom yet and has years to go. When unemployment "handouts" ends, the Depression begins. The lines at food banks already stretch for miles. We're not going to recognize the world in 2-3 years when we go driving around looking at all the old retail stores we used to visit. But think of all the pot dispensaries that will replace them. Nothing is going to be left besides FAAMG and the Fed. This is the " Twilight Zone, "Brought to you by the Federal Reserve and associated central bankers. The Fed has no choice but to continue creating digital funny money at an exponentially increasing rate. There is no alternative now. It is the only way to keep this shitshow from imploding . The future looks simple. The FED prints incredible amounts of money, and the value of the dollar goes down. The perfect scenario , permanent unemployment with a full bundle of free shite for life that is until the dollar fails which is the plan of all this pandemic. If someone didn’t see this coming BEFORE Covid-19, they were blind. Average earnings haven’t increased since the ’80s, inflation has been constant for decades, and Amazon rules purchase. This was baked in, Covid-19 just turned up the heat. Economic activity in America is not a sign of a body fighting for its life, but rather indicates a corpse with quivering maggots and bursting cysts of effluvium. And this is but the beginning.We are not going back, the collapse will continue, and we cannot stop it. What you see and hear today will be considered child's play tomorrow. Enjoy the ride folks we all asked for it. Main Street has been thrown under the bus by those politicians in bed with Amazon and Jeff Bezos. These people have sold us out for the promise of a few jobs in their districts. Retail closures come with a hidden cost to society than the average person fails to internalize. Retail closings will result in lots of other small businesses closing their doors. People often forget that the brick and mortar stores suffer several expenses not fostered upon online companies. Consumers might someday regret destroying their communities for the promise of free overnight shipping. The closing businesses, both large and small, are often viewed as the bedrock of our communities, and with the closing of each one, a little bit of us goes with them. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Please take a second to smash that like button. And as You know friends, I rely totally on your donations to keep this channel functional, as you know, it takes a crazy amount of research and time to bring you this content on a daily basis, so I hope you consider helping with whatever donation you can afford. Thank You. For June 2020, the official Current Unadjusted U-6 unemployment rate is 18.3%! In March it was only 8.9%. And that's not counting the self-employed unemployed gig workers, or the unemployed who have been unemployed for so long they no longer count as unemployed. We're in a depression, not a recession, and don't even think about a recovery for the next year at least. But for some reason, Trump thinks the economy is beautiful and not in a depression. Try telling that to the 50 million unemployed, highest unemployment rate since the Great Depression, and those that will start being evicted to the streets, and those in the longest lines for food banks ever seen. No health care for an ever-growing segment of the population is a real problem with so many getting sick with hospital stays of many, many weeks and months. The bankruptcy courts will be overwhelmed next. Unemployment is WAY beyond the 2009 recession levels. All self-employed, 1099, gig workers on the Federal program are not counted in unemployment numbers. It's 10's of millions of people. Businesses who received paycheck protection program welfare MUST retain their payroll for a certain number of weeks. Once that money runs out, expect millions upon millions of more people on unemployment. The clock is ticking. So many sole proprietors have gone out of business, millions, and those businesses are closed forever. Wake up, people! Small businesses have been gutted like NEVER before. Once the Federal welfare stops flowing, this country WILL BE in the Greatest Depression of all time, and it will continue for decades. The print and TV media, which serve as propagandists for the ruling military/security complex and Wall Street elites, make certain that Americans have nothing but bogus orchestrated information. Every household and person who turns on the TV or reads a newspaper is programmed to live in a false orchestrated reality that serves the tiny few who comprise the ruling Establishment. The idea the Fed can hold up the market indefinitely is a fantasy. Anyone else old enough here to remember Hank Paulsen and his "giant bazooka" in the summer of 2008? By December 2008, the Fed had long ago cut Fed Funds from 5.25% to ZERO and tripled the balance sheet from $800 billion to $2,200 billion. The market was already down bigly. But over the next three months, the DOW dropped another 25%. Fed can save the day on any given day, the market can rally on vaccine new real or imaginary, but nothing can fix all the small companies that are going to end up broke, and the Fed can't save them either. The jobs lost by the bankruptcies and store closings are not coming back. They are gone. At what point will the banking system go on holiday, effectively limiting withdrawals to ATM's, then they bail-in by giving all depositors a haircut, especially large depositors. The Government could also nationalize (raid) private retirements cover all the underfunded state and city retirement systems. These could happen if the crowd that coined the discrediting posture against business owners with the line "you didn't build your own business, or you didn't plan, and saves, the government did that for you." What we are entering into now is going to make 1929 look like a picnic! Get ready for unrest when evictions begin to happen. People are already living in their vehicles along city streets, but this will be a magnitude unseen before in America. People with families will not have a job to report to, no food, no schools for their children, there will be many people/families wanting supportive action by the government. People will be in the city streets, city parks and in the countryside looking for food and opportunities. Imagine a modern version of the old migrant camps of the 1930s, the unsanitary conditions, the crime, the fear. The rise of the feared FEMA camp is coming to a Walmart Supercenter near you. Then the forced immunizations. This is beginning to sound like a dystopian movie. This was The Atlantis Report. Please Like. Share. Leave me a comment. Subscribe. And please take some time to subscribe to my back up channels, I do upload videos there too. You'll find the links in the description box. You will also find a PayPal link if you want to make a donation. Thank you wholeheartedly to all those of you who have already donated. Stay safe and healthy friends!

👉This is Agenda 21 : Be Ready for The Economic Totalitarian New World Order !!

👉This is Agenda 21 : Be Ready for The Economic Totalitarian New World Order !!




The current global economic system is based on the hyperglobalism and selective capitalism that has evolved from Adam Smith’s classic emancipatory capitalism into selective globalism that is supported by the IMF, the World Bank, and WTO and is dominated by the neo-imperial elite. This neo-imperial elite that is less than 1% of the global population owns most of the global economy and orchestrates sinister designs to dominate global politics, mold social values, and control the economic system. This elite creates recessions, initiates wars, fund global conflicts, and coordinates revolutions across the globe. On several occasions, this elite seems to defy each other but this is just a phantasm to cheat the world, it works in a closeknitted global network that secures their interests and helps them to scratch each other’s back. They have dexterously exploited the COVID-19 global pandemic lockdowns to oppress the small businesses that have limited resources and cannot endure the shockwaves of indefinite lockdown. The 2 trillion US Federal Bailout signed by President Trump, is the largest in the US history, yet small business owners who were supposed to get the lion’s share are exempted in the first round of disbursement. (Diaz 2020) This research is the out-and-out analysis of the contemporary global economic structure; how it works; who are its key players; and how this financial system has damaged the planet and its inhabitants. Moreover, this document critically analyzes the damage that has already been done and proposes a solution that may replace the current financial malpractices. It may also bring transparency, equality, and equal opportunities for small businesses against multinational giants and thus establish freedom, justice, and equality at the workplace. Gradually, conventional war and its artillery are being replaced by psychological media warfare, and this time its artillery is COVID-19. It is impossible to believe that all this noise in the news is true because everyone knows that news produced by media companies is controlled by central banks and pharmaceutical companies. Our common-sense questions that how could a virus travel around the world and hit hard all countries without affecting the two biggest cities besides Wuhan, Beijing, and Shanghai? The Chinese government did not close the country on the first day of the virus's discovery. If this virus is as dangerous and contagious as the media keeps telling us, then why has it not spread to all the regions of China, especially when China has the fastest and transportation networks in the world. Every day, this virus kills thousands of people around the world! This is nothing new, influenza viruses have been doing this for very long. The lockdowns are directly in the interest of the global elite because since 2009 global economy is contracting and the fiat financial system is doomed to fail sooner or later. The current lockdown situation would create a global food crisis, governments would have no option but to resort to blame-game for governance failure, for example, America is blaming China for the spread of the virus and China is doing exactly the opposite. A recent report presented to Chinese President Xi Jinping reveals that anti-China sentiments have risen to an unprecedented scale and have never been this high since the Tiananmen Square Massacre of 1989. The report has anticipated that this could lead China to an armed conflict with America. So the war is the only escape but as both superpowers have developed enormous military bases across the globe, the war would be the deadliest war of human history with the possibility of nuclear carnage that would surely endanger the prime interests of the global elite. So they would not let countries resort to violence instead they would psychologically motivate the global leadership to introduce the new economic model that would give them unprecedented power. The economic model would be followed by the number of legislations across the globe that would force every citizen to be vaccinated at gunpoint. This fifth-generation cutting-edge nanotechnology might bring Nano-chips with them that would have the two-way communication and might give colossal control over human lives. It might transmit our life information, what we like, what we don't like, what we want, and what we don't want. Ghost servers placed overseas may record all this information and sell it to multinational companies that unleash directed ads and products in our lives, limited our ability to think, decide, progress, and enjoy the natural freedom. So, it can be said that this virus is considered as "Joha's Nail" and carries out the currently required duty. The global elite is 1% of the world’s population and owns 99% of central banks and shares of global stock exchanges, which qualifies them to own different kinds of companies. For example, they own large shares in the Military-Industrial Complex corporations, Pharmaceutical Industrial Complex corporations in all its aspects, especially the vaccines sector. Besides, they own a lot of shares in Google, Facebook, Twitter, YouTube, Instagram, CNN, MSNBC plus all news channels that are censoring dissent, independent research, and new information on COVID-19. Moreover, this elite owns the technology companies including up-to-date communication nanotechnology that would be operated through 5G technology. The Unprecedented Scam This neo-imperial elite has extended its long tentacles to every corner of the world, they have established a neo-feudal global empire where a few controls the global production, labor, and trade. This pandemic lockdown is an opportunity to critically analyze and smash this brutal capitalism that has environed our lives, for example, we can present a novel global economic model that could help the running of the global economy in a more inclusive and egalitarian fashion. Humans have not been moved by fancy dialectic arguments and speeches but have always learned from major disasters, for example, the World Wars, the Great Depression, and the Black Death. The global elite class that includes Chinese and the western investors who own banks, global business, and the stock market, are the ones who committed the crime and the deceit of "COVID-19", simply because all of their interests have become so intertwined. Think for a while, China discovered the COVID-19 in December 2019. The imposed countrywide lockdown throughout the first three months of 2020, they had around a hundred thousand COVID-19 patients, why CIA and NSA did not convince the Trump administration that they should impose immediate lockdown in New York, the house of Wall Street parasites? Because they did not let it happen, they simply did not allow the lockdown. This is one of the critical decisions that should have been taken beforehand that could have saved hundreds of thousands of civilians. Should not this utter negligence and mismanagement be investigated? Should not the responsible people be brought to justice? It was allowed to increase numbers that would psychologically convince the American public that the new financial measures were necessary and inevitable against the COVID-19 global pandemic that allegedly had destroyed the whole global economy. This is the masterplan of the upcoming sinister global order. Let’s discuss here a very unusual incident to support our argument. Tanzanian President John Magufuli, having a university master's degree in chemistry, doubted the testing process and imported kits when positive cases rose from a few hundred to several thousand within a few days. To check the credibility of the testing process and kits, he deliberately sent some animal blood samples to the biggest and most credible lab of the country without exposing the origin of the samples. The results were astonishing, all animals were COVID-19 positive, he ordered the army to confiscate all testing kits and exposed the scam on global media but mainstream media ignored this big scam that was desired to increase the numbers of the patients to psychologically choke the global community. (Al-Jazeera 2020) If this is true for one country then this can be true for the whole world as there are a few service providers who export medical equipment and testing kits, mostly based in China and the United States of America. It is worth noting that the tool and the front end of this crime are the so-called "World Health Organization" hence the event is given a formal and legal character. The activities of this organization and its direct or indirect funding must be investigated. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Please take a second to smash that like button. And as You know friends, google has demonetized this channel, so now I rely totally on your donations to keep this channel functional, as you know it takes a crazy amount of research and time to bring you this content on a daily basis, so I hope you consider helping with whatever donation you can afford. Thank You. All this noise and hysteria underlying this virus is essentially psychological warfare for an economic purpose whose aims are: A) Exploit the rest of the real economy in the hands of small stakeholders, b) Exploit the remaining livelihoods of people like farmers, c) and the most important is to restart their criminal usurious financial system for the benefit of global feudalism that hasn’t been seen in the history of mankind. The Building of the Neo-Imperial Global Empire After the end of the Thirty Years' War in Europe, the Peace of Westphalia was signed in 1648 that gave birth to the modern nation-states, most of the economy at the time was based on agrarian feudalism and state-sponsored mercantile enterprises. After the imperial onslaught and conquering of the new worlds in the Americas and Australia, the global economy shifted from feudalism to imperial capitalism that gave birth to the new middle-class bourgeoisie who emerged as major entrepreneurs. This era was characterized by a free global economy that had little or no trading barriers, this gave birth to a new elite who relied on global trade. (Heywood 2011, 29-32) In the second half of the eighteenth century the concept of perpetual peace forwarded by German philosopher Emmanuel Kant, the free market economy, and the classic capitalism proposed by David Ricardo and the Scottish economist Adam Smith, revolutionized the global politics and trade. The late 18th century was characterized by the American and French Revolutions which gave birth to the modern world which had core human values of freedom, justice, and equality. The nineteenth century was overwhelmed by imperial conflicts so the national borders and trade routes were ever-changing and dynamic. The socialist creed which has been evolving throughout the 17th and 18th century took the concrete form when Karl Marx wrote Communist Manifesto followed by his Das Kapital, he proposed the concept of division of labor and alienation of production. (Skidelsky 2016, 28-34) He urged the workers of the world to unite against persecution because they had nothing to lose but their chains, this initiated the global age of communism. The early 20th century saw massive imperial wars like the Opium Wars, Sino-Japanese conflict, Balkan Wars, and the imperial enterprises of Italy in northwestern Africa. But the initiation of World War I shocked everyone which unleashed the unimagined havoc on humankind, the end of this conflict was supposed to end all future global conflicts but the controversial and humiliating Versailles Treaty not only sowed the seed for the future conflicts but also sealed the human fate for another fifty years. Communism emerged as a force to be reckoned with in the USSR under the leadership of Vladimir Lenin in 1917. President Woodrow Wilson urged his European colleagues to follow the fancy ideals of freedom, justice, and equality but failed to convince his Congress to join the League of Nations. The Great Depression (1929) which was initiated on the Black Tuesday, when millions of shares changed hands in a single day, destroyed the whole global economy and plunged humankind throughout the 1930s. The So-Called Modern Free Market Economy President Roosevelt introduced his New Deal (1933-1939) in 1933 which was supposed to bail out small businesses by giving them the loans at lower interest rates, the New Deal increased the government spending by manifolds. This so-called New Deal was a major blow to small businesses as it strengthened and equipped big Wall Street sharks, it further laid the foundation of the military-industrial complex in the United States. World War II (1939-1945) was another dreadful event of human history that inspired the establishment of the United Nations in October 1945. The UN, IMF, and the World were supposed to keep a balance but they failed against the ruthless onslaught of neo-feudalism, these institutions often served as handmaiden of these new feudal lords who aspired to overshadow the whole world. The post-war era was characterized by capital-communist tussle which preoccupied the western economic lords who started a new cold war that aimed to defeat communism. After the fall of the Berlin Wall and collapse of the Soviet Union in the 1990s, the World Trade Organization along with major economic groups like the G7 and G20 established a new imperial empire or the new world order which serves the interest of its brutal neo-feudal masters. President Eisenhower and President Kennedy warned us about the sinister designs of the military-industrial complex and secret societies who were planning to enslave the whole capitalist economy. This is now an open secret that a neo-feudal club of elite rules the globe, this global elite destabilize countries, wage wars, and fuel conflicts to secure their interests. (Chomsky 2017) Making of the Modern Kings This neo-feudal onslaught of brutal capitalism that has swallowed several million people and destroyed almost half of the globe's resources is unstoppable. The annual GDP of several multinational corporations surpasses the total GDP of many developing countries, for example, Apple, Microsoft, and Walmart have earned more than half of the world's developing countries' annual GDP. (Fernando Belinchon 2018) Global leaders need to act to narrow the gap between the haves and have nots, they should urge the global institutions and enterprises to follow balanced trade policy. They should renew the trade agreements that facilitate the small businesses and force the global elite to play by the rules and follow international standards. Multinational companies are mostly owned by Wall Street tycoons who invest in developing countries with loose regulation to huge capital by damaging the environment that in return causes colossal climate change that respects no boundaries. The influential banking system and global politics are designed to secure better fiefs for themselves. The United Nations report indicates that globalization, led by neo-feudal elite and imperial multinational companies, is not working for most of the planet. World’s 20% rich people enjoy 86% of world resources and create 85% of world pollution while the rest 80% have only 14% of the world's resources and contribute only 15% in global pollution. The social security and welfare policies of developing countries are molded by the IMF and the World Bank that put the working class at great risk. (Collins 2015) Wall Street Parasites The prominent political philosopher Noam Chomsky in his book “Who Rules the World” critically examined and explained that who pulls the string from behind the curtain and rules the world through politicians. He says that the Wall Street parasites are the real culprits who own everything we have and everything we can have. (Chomsky 2017) As Noam Chomsky puts it, they have enormous resources and colossal political power at their disposal, there is nothing they cannot achieve; they control world media, banking system, financial transactions, military, and trade agreements. They can wage wars, destroy nations, and create new realities, in short, they have godly powers and they use them to achieve their goals. The Evil of the Worn The investment bankers and our new kings are the masters of money represented by private banks and their tyrannical companies in the stock exchange. They are mysterious people who have no identity or homeland, and most of the temptations of the land and its wars are funded by them. Disorganized and divided, we cannot stand up to such an evil, unless we introduce a system that administrates by justice and equality for all humanity, especially in the workplace. The perpetual solution, again, is democracy in the workplace. "The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." Matt Taibbi (Award-winning investigative journalist) The Assessment of the Damage Done The laissez-faire of capitalism was supposed to encourage free trade while the developed countries have placed the number of restrictive taxes that paralyze the so-called free economy. The global economy is delightful for investors and managers but it is increasing the gap between the rich and the poor. It steals away millions of jobs from developing countries, for example, America lost 3 million jobs and billions of dollars to the economy because of global trade. The workers in the developing countries work in substandard conditions with no proper tools and safety measures, they are under constant fear of losing their job as they have no job security. Workers fail to make living in developing and developed countries while the managers, investors, and CEOs have unrestrained power and boundless money to control everything. (Saval 2017) They have no regard for environmental degradation, for example, Europe has banned coal production but China and India have live coal mines and coal power plants so they provide the cheaper power supply. This was The Atlantis Report. Please Like. Share. Leave me a comment. Subscribe. And please take some time to subscribe to my back up channels, I do upload videos there too. You'll find the links in the description box. You will also find a PayPal link if you want to make a donation. Thank you wholeheartedly to all those of you who have already donated. Stay safe and healthy friends!

👉We are in a Venezuela-Shaped Recovery !!

👉We are in a Venezuela-Shaped Recovery !!





This is a classic bear market rally. Nothing is normal in these markets; Despite the market's impressive performance since the March lows. Something has to give. Most people don’t know this. From November 1929 to April 1930, the stock market ripped 50 percent after that initial plunge, and it lured so many people into thinking that, you know, we’re going to be having stimulus, and we’re past the worst part of the shock, but people didn’t factor into the fact that the shock produced a fundamental change in behavior, and the economy actually went in for another two years of distress. That’s not what’s priced in right now. I think that once we realize that the economy is not going to embark on some V-shaped. The only V in this recovery will be as in "V is for Venezuela." A Venezuela-shaped recovery. I think we’re going to give up a lot of these gains. We’re actually trading at a multiple that represents market peaks. This is not the sort of multiple you get coming into a new bull market. What we have now is nothing short of market manipulation. Reducing the cost of overnight funds is one thing. Extending the intervention to Treasuries or high-quality securities is something we became accustomed to in the aftermath of the last Great Recession. That’s when the Fed became a duration bond manager. In a normal rally, you have flows you can identify, but this is a short-covering rally, and on top of that, there are no sellers. There are no sellers. People are just too scared to sell stocks. When you hear over and over again, “Don’t fight the fed, don’t fight the fed,” when people see, oh, well, the Fed has actually went in and said they’re going to buy high-yield bonds, well, high-yield bonds reside right next to the equity market of the capital structure. We learned that, for example, households were not prepared for this. I was actually stunned to find out that over 50 percent of American households did not have enough cash on hand to even withstand three months of a lockdown. A lot of people out there are yearning for everything to return back to the pre-pandemic normal, and my typical response is, be careful what you wish for because we knew already before the pandemic that the economy was cooling off. First-quarter GDP, just as an example, contracted at a five percent annual rate, and productivity was down 0.9 percent. So, we already had an economy that was cooling down. Productivity was in a recession. Capital spending had been in a recession. Commercial construction had been in a recession, and for most of last year, we were in a recession in corporate profits. What kept the glue together, of course, was the fact that the consumer kept chugging along, but the pre-pandemic norm was actually quite abnormal, and, in fact, we have to just look at everything in the context of the entire cycle. I mean here we had the weakest economic growth cycle of all time, barely more than two percent at an annual rate in terms of real GDP, and of course, we had a phenomenal stock market that was built on a lot of financial engineering; in the sense that it was the biggest debt-for-equity swap of all time. Instead of the debt being issued to finance capital expenditure for productivity purposes, it went to buy back stock. So that’s the real world that we had. Yes, unemployment was at a 50-year low. That much is true, and we got as low as three and a half percent but took a look at the quality of the jobs that were created. Most of the jobs that were created this cycle were not in physics or in engineering or in the sciences. It was entertainment. It was leisure. It was in hotels. It was in theme parks. So, it’s basically what we just found out. We found out that the nonessential part of the economy had to shut down, but who knew until we shut it down that the nonessential part of the U.S. economy was 80 percent of GDP. Now we have people who are unemployed but making more money, not working than when they had a job. The incentive system has been destroyed, not by the pandemic, but by the pathetic government response, every step of the way. This economy was destroyed by the great job outsourcing starting with Reagan. Restaurants Dry cleaners and Delivery service and uber jobs are useless. We need shipbuilding, commercial shipbuilding, and the US needs to export products to the world using US shipping, not foreign flag renegade operators. The fed and government are just putting off the inevitable. Take your pick . 1. The clock runs out on stimulus, and the bottom falls out. 2. More MMT and eventually total collapse as debt continues to explode and crowds out the real economy with stagflation resulting. All previous pandemics plateaued before a cure was found. Covid-19 is a perfect example where the curve has already been flattened almost everywhere. Reality is that Covid-19 is just used as a cover for fundamental problems. There’s a famous saying on Wall Street. Do not fight the Fed, and the trend is your friend. With interest rates at zero and perhaps turning negative, all this new printed liquidity will flow into equities to catch yields. But once interest rates ever start to rise again..even modestly. Watch out. The stock market is running on pure speculation. It's certainly not based on any sort of data (momentum-based algorithms that appear to have overshot). Earnings reports are generally down, and stocks were pricey at this point even before. We're in big trouble, but not just because the economy is shrinking. What's far, scarier is the exorbitant national debt that we have added. The CEOs of the worst actors got paid off! They participated in stock buybacks, inflated their own stocks, sold them for huge personal gain, and then got bailed out! Why would anything change? Meanwhile, well-behaved companies suffer a bad economy and get taxed to cover the government's costs. Corporate boards only looking after their own interests, not the shareholders! Why is it called stimulus when it is free money to the CEOs and C suiters who bankrupted their companies, but a 'handout' when it is a couple of hundred bucks to the people. The corruption the federal reserve and the central banks are enabling for the billionaire hedge fund, private equity 'philanthropists' with their secret books and need for absolute power over every human because we have no rule of law at the top anymore is stunningly in our face. And you all keep pretending there is some intelligence behind it - there is none. It is only evil. The money is going to stock buy-backs because it's a short term quick fix. Corporate executives calculate that this is the best way to keep major shareholders happy with rising prices and dividends, thus ensuring their own ridiculously inflated compensation packages. So unless their major shareholders are pension funds, they couldn't give a damn about pensioners, whose long term interests would be best served if the earnings were reinvested to improve productivity. And even if they have considerable investment from pension funds, that hardly means they give any consideration to individual pensioners. Passing on the bad news is what pension boards are for. Higher inflation and lower interest rates do not lead to people saving more. Cash goes into the stock market bubble or creates greater inflation with increased purchasing of hard assets. Depression would not be because of the Wuhan Flu. It would be the overreaction of politicians who jettisoned any semblance of critical thinking a long time ago. A lot of businesses were barely surviving before this started. They've been helped along by PPP and other government bailouts, but unless the .government keeps throwing money at them, they will start and continue to fail over time. The U.S. economic crisis is even worse than it appears. Over the last few months, we have seen interest rates plunging to zero; trillions of dollars have been printed into our economy to help lift it back to life; toilet paper is now the hottest commodity of all time. The Fed is making sure the Stock Market can’t lose. They have messed up the stock market by artificially inflating it. Jobs reports fill in a picture of devastating unemployment nationwide not seen since the Great Depression. A hundred million people are out of the labor force. The official unemployment rate is about 14.7 percent, but if you dig below the numbers, It's really around 22 percent, when you consider the tens of millions who have lost their jobs. And by the way, that data is now a couple of weeks old. It's probably even higher than that. Unemployment stimulus runs out in July. Chaos will begin. There will be no normal. By Fall/Winter, we are going to see some real anger and fear from people who can't find jobs and have no...really no...income coming in. When people lose everything, they lose it. There will be collapse and looting, WAR, and starvation is what there will be. What is going to happen when 100 million people stop paying their rents, their mortgages, their car loans, their iPhone loans. I guess we'll have to bail the banks out again. Mustn't it be nice to be a banker? Do a really, really bad job, and you get bailed out by the taxpayer and given a HUGE big bonus. When I come back after death, I am going to be a banker. "Good times" for the general public have been erased. "Good times" for the bank cartel, selected corporations, and the US Psychopaths In Charge go on undiminished, as was the plan. Why else would the economy that feeds us be destroyed to keep us from getting sick? Why else would a "race war" be instigated at the very moment the general public was prepared to ignore corona flu tyrannical edicts! Civil unrest in North America will be ugly and dangerous. The rest of the world is waiting for this civil war. The thing is, we as a nation have allowed it to happen. It's the price we pay for being asleep at the wheel, living in delusion, and not seeing the revolving door between the corporate sector and the government administration. Believing we live in democracy just because we can vote. The choice is one of 2 parties, both with largely the same agenda - self-interest and screwing other countries. ZERO accountability, no respect for the law. The economic crisis also means that the demand for food stamps will swell. Tens of millions of Americans are food-insecure right now. And all of their numbers are growing. Mile-long lines at food banks. Forty million Americans live on food stamps, as so-called SNAP benefits. They're rationing food. If this goes on much, much longer, then we could start to see actual starvation in America. We're doing far much worse than any developed Western nation. Prior to the crisis, about 11 percent of Americans suffered from food insecurity. And we have every reason to believe that those statistics are increasing dramatically in the current time period. Even when the economy reopens, people don't have money to spend because so many jobs are gone. Most Americans are out of work and out of money. So they will not be eating out, shopping for new clothes or cars, buying houses or boats or even TV sets. Our economy is spiraling downward, and no one can say how or when it will recover. A lot of businesses will be closed down after the lock-down. The real crash has not happened yet. The market crashed, but we need to see Foreclosures, people will be jumping out of the windows. Stuff like this was weird, people sitting home watching TV like nothing happening, that’s the problem. Wait till you have to start paying bills, and you go back to your job, and they say hit the road we do not need you. The "honeymoon " has yet to end. That will happen in August when stimulus payments end, and the moratorium on evictions is lifted. We will see 35 million new homeless by the end of the year. Jobs and businesses are not coming back. And a war with China is coming. I give it 18 months. The geopolitical tensions are already precipitating rapid exit from U.S. denominated debt instruments and the US dollar. The closing down of national economies applied Worldwide will inevitably result in poverty, mass unemployment, and an increase in mortality. It’s an act of economic warfare. It’s an unspoken crime against humanity. This diabolical process is not limited to wiping out small and medium-sized enterprises. Big Money is also the creditor of large corporations (including airlines, hotel chains, hi-tech labs, retailers, import-export firms, etc.), which are now on the verge of bankruptcy. The global financial establishment is not monolithic. It is marked by divisions and rivalry. The dominant Big Money faction seeks to destabilize its competitors from within. The results of which would be a string of bankruptcies of regional and national banking institutions as well as a process of global financial consolidation. In the US, numerous retailers, airlines, restaurants, and hotel chains filed for Chapter 11 bankruptcy. But this is just the beginning. The big gush of bankruptcies will occur in the wake of the lockdown (“The New Normal”). Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Recessions are not equal opportunity events. Those folks employed, still bringing home a paycheck, experience little recessionary effects other than some grocery items tend to sell out quickly while others are not available. There really is little difference to their day to day life (sans COVID). For those who are not being called back or have learned their employer has closed the business, not to mention all those folks who are still standing in line for UI applications, the recession, and its impacts are very real. There are safety nets like state welfare, SNAP, WIC, but those programs aren't intended to be recessionary relief and largely serve the very low income. It's the average American who sits square in the middle of America - they are the hardest hit. They can't cash in on social programs because they are means-tested and sometimes take a while to get approved. They primarily live beyond their means and increasingly relied on credit cards to make up the difference. They have little or no savings. No real assets owned outright. There's no way out for them other than recovery/job. What's different about this recession is it hasn't actually hit, and we're way ahead of that ball game. When the real impact hits, millions of Americans already behind the eight balls will again be slammed this time into poverty and homelessness. This is all happening when America is the most divisive in history. The community spirit is fast eroding to every man for himself. We are in for a slow, long recovery, rather than an immediate bounce-back. There will be no V Shape recovery. The GDP for this year will contract anywhere from 10% to 14%. We are going to have the worst recession since the Great Depression. It will make 2008 look like a flesh wound. And yet the bounce in the S&P500 looks rather V-shaped at the moment. Is it worth throwing good money after bad on this 'collapse'? Or is there nothing the Fed (and its friends from Blackrock Inc) can't 'fix' with a few extra trillion dollars (and counting). Let's see what follows this 50% retracement. I will give you THE ONE reason this will not be a "V" recovery. Not going to guarantee stocks won't "V" here and there as Venezuela did. The reason is DEBT. Debt killed the economy, killed the country, and killed any semblance of capitalism long ago. The debt was THE problem in '08-'09, and what did they do! Printed up a whole load and handed it out. Debt is the problem now, and what have they done? Made LOANS available to anyone and everyone. Debt is like putting lead weights on a runner. Sooner or later, he falls over from exhaustion and is no longer able to run. Debt is like a parasite sucking the blood out of you. Once the parasite becomes too big, and you can't produce enough blood to overcome its consumption, you die. All they have done is to increase the size of the debt exponentially. Many of you still don't understand that MONEY is DEBT in our system. If you have not watched my videos where I explain how money is debt, please do so. And watch it over and over until you understand exactly what is happening. Printing and loaning will not bring back any economy, but you can bet it will kill it. In 2008 the problem was peak debt. And it's only gotten worse by orders of magnitude. Governments have learned nothing. Let's be honest here. All debt-backed fiat monetary systems rely totally on trust and optimism. Once the FED was established in 1913, we were "on the road to serfdom." Hopefully, you've read it (and Brave New World too). The only question is: have we reached our Minski moment? Not, if we're optimistic, work hard, take personal responsibility, establish sound money, say based upon real things like gold or other commodities. Will this happen? Are you rolling around on the ground laughing? There is another way we could have taken: that of Sweden. That is our control case in this giant economic experiment of shutting down the economy for the flu. The country that didn't do that. Sweden, unlike most Western countries, is not doing a lockdown. They have banned gatherings of more than 50 people and gave Swedes some basic instructions for flu avoidance, but restaurants, shops, schools, and pretty much everything remains open. Experts don’t like that. Experts want everyone locked up in their homes and the economy burning. The only V in this recovery will be as in "V is for Venezuela." This Economic Collapse began BEFORE the pandemic!! The Fed began to drop interest rates back to 0% from only 2.5% during January of 2019, BEFORE the virus. The Fed began Not QE4 during the Repo market freeze up during September of 2019, BEFORE the virus!! The Fed is going to blame the virus for this Economic Collapse. The Fed, ECB, IMF, BIS, and other Central Banks ARE THE VIRUS!!!!! After 2008, The Fed just dropped interest rates down to 0% for ten years, and printed TRILLIONS in QE to Infinity!!! The Fed is manipulating all markets and destroying our monetary system!! It's not V-shaped. It's two-fingers-shaped. V shape only for the rich. The Poor: Will become dirt poor. The middle class: Will become poor. The Upper middle class: Will become middle class. Rich would like to be called Master from now on. It's going to be an M shaped recovery. Right now, we're at the top of the first leg. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Even before Coronavirus, the economy was doomed to fail. Job growth that was limited to low paying part-time service industry jobs, taxes cut for the rich, CEOs, giving themselves record bonuses, more money spent on tax buybacks than hiring workers, no investment in smaller communities, etc. This is What do you get when you put the central banking cabal in a blender with the CIA. GLOBAL DIABOLICAL DYSTOPIA. In which there's absolutely ZERO need for functioning markets. In fact, this is just the start. This push for "GLOBAL DIABOLICAL DYSTOPIA" is exactly what is happening. America, Land of the Brave Home of the Free, mist be shown as a Police State then the others will fall in line when this is finished, if those who are orchestrating this Dystopia are successful, we will have the same freedom a Chicken in his cage or a Pig in his pen has! They use this virus to coverup a 50-year Ponzi scheme that was about to collapse in the peak of the baby boomer retirement, that happens to be right now. Make sure the baby boomers can't get the wealth out of their houses because it was the Ponzi scheme money that they stole from their children anyway. Then hyperinflate the currency to get the rest of the fake money back from anyone that had savings or investments. Only the cash-rich will qualify to buy homes, scoop the defaulted assets up and rent them out to collect the UBI that is going around. Taxes, food, rent, and gas will skyrocket. Nobody is safe. This is economic Darwinism; anyone that was paying attention could see this coming a mile away. It’s designers to fail! It not about recovery. It’s about transferring wealth and profiting off of default swaps and hedge funds! The great economy that never was. We are already in The Great Depression 2.0. ALL the numbers have been fudged, and if Americans knew the real numbers, they'd "faint out of fear." All the health crisis did was to bring it in the spring instead of the fall. Look at the millions who were behind on their credit card, mortgage, and car loan payments. A "V-shaped" economy will not be possible until the country shifts from a house of cards service-based economy to a manufacturing one. That will require people willing to pay MORE for products made in the USA and for companies to be willing to gamble that they will. That will take years. Or a major war. A month or so, I was ridiculed for saying there would be food shortages this summer. I hope that people who live in houses are turning their backyards and front yards into mini-farms. And I hope, instead of buying x-box games, gadgets and sending strangers online money for posing in their undies, use that money to stock and re-stock your pantry and get some home gym equipment. The main thing is not to be duped into believing things will return to "normal" in 2020 or 2021 or 2022. There is nothing, absolutely nothing supporting a return to the old normal. Deficit spending has never been sustainable. There can be no recovery until the debt is either paid off or forgiven. I'm not very hopeful about the second part happening for most folks. Debt is slavery, and that is exactly where the elites want the rest of us to be. People forget there are TWO economies. One for the rich 1% and the other for everyone else. The rich will get a V-shaped recovery paid for by taxpayers. The probable scenario is that we hump along in lockdown for a couple of months, open up for a few weeks until rates start to show a modest increase in a few densely-packed urban areas, then get locked down again, for years. Of course, the ongoing global depression will be steadily worsening in the background, and we'll probably be dealing with widespread civil unrest and hunger within a year or so, if not mass deaths and Mad Max anarchy. . The economy isn't going to come back. The casino of bankster-gambling capitalism is dead. This isn't a bear: it's a tiger. And the FED's getting eaten. Let the FED and the zombi corps and the banksters go bankrupt. We need a new system and, anyway, we're getting it, whether you like it or not. I guarantee you, most of those people who were laid off will not be coming back to work. People who weather the onslaught will be rewarded with higher compensation (as they should be if they can pick up the slack for 35 extraneous people), but by in large, tectonic shifts are already underway in how we work, consume and socialize. And god forbid Americans actually learn to start living within their means. Round the clock footage of food disturbances and other socio-economic ills manifesting in the streets should suffice in convincing SOME of these somnolent idiots to wake up and start saving more—Ruh-roh re consumption. New cars and phones are going to be luxuries for many going forward. Then there's debt service on this catastrophe, but that's a whole other story. END the FED!!! This was The Atlantis Report. 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Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics