Economic Collapse Coming , Be Prepared !!

Economic Collapse Coming , Be Prepared !!




Tens of millions of American families are about to go through economic armageddon and most of them don’t even realize it. Most Americans don’t spend a whole lot of time thinking about things like “monetary policy” or “economic cycles”. The vast majority of people just want to be able to get up in the morning, go to work and provide for their families. Most Americans realize that things seem harder these days, but most of them also have faith that things will eventually get better. Unfortunately, things aren’t going to get any better. The number of good jobs continues to decline, the number of Americans losing their homes continues to go up, people are having a much more difficult time paying their bills and our federal government is drowning in debt. Sadly, this is only just the beginning. Since the financial collapse of 2008, the Federal Reserve and the U.S. government have taken unprecedented steps to stimulate the economy. But even with all of those efforts, we are still living in an economic wasteland. So what is going to happen when the next wave of the economic crisis hits? During one recent interview, Peter Schiff made the following statement. If you look at the economic relapse that’s going on right now, look at the abysmal job numbers, look at the housing numbers, understand that all of this is taking place with record monetary and fiscal stimulus. What happens if we remove those supports? The Federal Reserve’s quantitative easing program is slated to end. The U.S. Congress and state legislatures from coast to coast are talking about budget cuts. The amount of borrowing and spending that has been going on is clearly unsustainable, but will the U.S. economy start shrinking again once the current “financial sugar high” has worn off? COVID-19 should have been a wake up call for all of us. Lockdowns were implemented very suddenly once the virus started to spread in the U.S., and shortages of key items began to happen. To this day, many retailers are still limiting the number of items that you can buy in certain categories. Hopefully this has helped people to understand that if you have not stocked up in advance, you may not be able to go out and get what you need when a major crisis strikes. During the initial stages of this pandemic, a lot of people ended up being stuck at home without enough supplies. In the event of a truly historic emergency, you can certainly survive without toilet paper, but if you run out of food you could find yourself in big trouble quite quickly. The good news is that COVID-19 is not going to kill us all. About half a million people around the world have died so far, and the final death toll will be a lot lower than the tens of millions that died during the Spanish Flu pandemic of 1918 to 1920. But if our society was extremely ill-prepared for a pandemic of this nature, what is going to happen when a pandemic that is much more severe hits us? Scientists assure us that it is just a matter of time before a killer plague sweeps across the planet, and the Bible tells us that there will be “pestilences” in the last days. If you find yourself isolated at home for an extended period of time as millions of others are dying from a virus, will you be able to survive on what you have already stored up? If not, you need to get to work. Big economic problems are ahead as well. So far in 2020, more than 47 million Americans have filed new claims for unemployment benefits, more than 100,000 businesses have permanently closed their doors, and it is being projected that U.S. GDP will decline by 46.6 percent on an annualized bases during the second quarter. Those are absolutely disastrous numbers, but so far trillions of dollars of emergency government spending has helped to ease the pain. But those emergency measures were only meant to get us through a few months, and it is now becoming clear that this new economic depression will be with us for a very long time to come. As the economic situation has unraveled, an increasing number of people are being forced to turn to the federal government for assistance. One out of every six Americans is now enrolled in at least one anti-poverty program run by the federal government. Some of the hardest hit members of our society have been our children. Today, one out of every four American children is on food stamps. Back in the old days, a large percentage of American families were self-sufficient, but that is no longer the case. Back in 1850, approximately 50 percent of all Americans worked on farms. Today, less than 2 percent of Americans do. So these days when American families can’t feed themselves what do they do? They turn to the federal government of course. At the moment, approximately 44 million Americans are on food stamps. But our federal government cannot afford to spend money like this forever. The US government has thrown more than $6 trillion at the coronavirus crisis. That number could grow. Wow! Who is going to end up paying that bill? So with so much bad news, are our leaders alarmed? Not really. The truth is that America is in decline. Just like with all of the great empires of the past, our empire is starting to crumble too. A recent article in the Guardian touched on some of the reasons for America’s decline…. The experience of both Rome and Britain suggests that it is hard to stop the rot once it has set in, so here are the a few of the warning signs of trouble ahead: military overstretch, a widening gulf between rich and poor, a hollowed-out economy, citizens using debt to live beyond their means, and once-effective policies no longer working. The high levels of violent crime, epidemic of obesity, addiction to pornography and excessive use of energy may be telling us something: the US is in an advanced state of cultural decadence. The economic news is only part of the puzzle. This country has rejected the ancient wisdom that was passed down to us and we have rejected the principles of our founding fathers. We have piled up the biggest mountain of debt in the history of the world and yet somehow we expected that everything would turn out okay. Well, everything is not going to turn out okay. All of this debt is going to come down on us like a ton of bricks and the U.S. economy is going to continue to fall apart. Millions of American families are going to lose their jobs and their homes. Economic Armageddon is coming. You better get ready. This was The Survival Economist. 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. 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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