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!

















Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics