Will COVID-19 be the greatest depression ever? – My Comments
[Some of the comments herein are too negative, and I don't think they will happen. But I do think, that this is going to be damned bad. The lockdown is the real issue. The hit the world has taken from the idiotic advice of the stupid leftist scientist Ferguson in the UK is insane. But, I say: SINK THE SHIP! Let's head into the darkness. Its time for change, REAL CHANGE … that comes with weapons! Jan]
In just six weeks, the entire global economy has completely come apart. All over the world we are seeing numbers fall faster than we ever have before, and the outlook for the rest of the year is exceedingly bleak. Fear of the coronavirus is going to paralyze global trade for the foreseeable future, and the lockdowns in some nations will last for many months to come.
Here in the United States, some states are attempting to make an effort to “reopen”, but in most instances that will involve “multiple stages”. Meanwhile, tens of millions of Americans have already lost their jobs, much of the population has already run through their meager savings, and financial institutions are becoming extremely tight with their money. Even if COVID-19 disappeared tomorrow, our momentum would still take us into an economic depression, but of course this virus isn’t going to disappear any time soon.
After 9/11 our society evolved into an anti-terror state, and COVID-19 is going to permanently alter our society as well. So anyone that was hoping for a quick “return to normal” can forget it, because “normal” is about to be completely redefined.
The 1% own everything and run the giant central banking Ponzi scheme. The biggest financial bubble in human history has popped, and the coming financial volatility will be unlike anything we’ve ever seen before. It will be an increasingly dangerous time for retirees, savers, and investors. The bailouts have gone from millions to billions to trillions in a matter of decades. All the real assets have been picked over by the insiders getting all the free money, not so free for them if they have to pay it back. But then they don’t care as the system is going to expire soon anyway and a fiat reset for the New World Order will begin. Money is being transferred from the poor to the rich. Wall Street is making a fool of main street. COVID was the catalyst for total economic Armageddon, Which is happening right now, in real-time, before our very eyes.
Thirty Million unemployed, millions more trying to file, and tens of millions still working with major drops in their pay. Millions of Americans lost their jobs and businesses, with good luck stretching $1,200 and whatever peanuts they get from the government over the next several months. And looking ahead, the next three months could be even more brutal in a drop to the economy. The crucial thing to watch will be consumer spending. Once shops do reopen for those that have been closed and people do have fewer restrictions on integrating the bags, are they going to spend money!. Put simply; there’s not going to be a recovery. Main Street is going to be crushed. It only took four weeks to destroy the entire Main Street economy.
It is on life support right now. The patient is dead.
There will be no recovery. Entire markets for the product were essentially deleted, and that loss of revenue can never be made up. Economist Paul Krugman says the country’s economy is in a medically induced coma. The lifeline pittance from the government may allow some businesses to keep operating with no revenue or real working employees for a month and a half, but that is it. Just delaying the absolute carnage. If we do not reopen the economy immediately, all commerce dies. The only solution is isolating those at greatest risk and reopening the economy, PERIOD!!! The big problem is that most of the people running the show have never ever had to produce anything but empty words. The idea of a V-shaped recovery is a joke.
This is not just a Recession. This is a horrible DEPRESSION.! And this is just the start of bad news. Now the United Nations is warning the coronavirus crisis has put the world on the brink of a hunger pandemic. Two hundred sixty-five million people could face acute food shortages by the end of the year. That is double last year’s projections. Even in the richest countries, the virus has left people hungry, but for the world’s poor, it means starvation. The world is facing a famine of biblical proportions.
The Monetary Fund says the pandemic and the lockdown measures will cause the worst recession since the Great Depression. Nine trillion dollars lost in total, which is the GDP of Japan and Germany combined. Actually, at the trough of the crisis, which is in the second quarter of 2020, we may be in the tune of minus 20 to minus 30% in most of the world. When you have half of the world in lockdown which is certainly more than 3/4 of the GDP of the world in lockdown; this is what major depression looks like. It is called the great lockdown recession. It’s very different from 2008-2009 because it didn’t originate in the financial sector. It originated in the real economy. It is about jobs; it is about the bedrock of the global economy. COVID-19 has been both faster and more severe than the 2008 global financial crisis and even the Great Depression.
According to Nouriel Roubini: in both previous episodes, it took three years for the economy to crash as far as it nearly has in three weeks. He writes: the current situation is far direr than the Great Depression. Not even during the Great Depression in World War two did the bulk of economic activity literally shut down as it has in China, the United States, and Europe today. In America, Factory orders are PLUMMETING! Factory output FALLING OFF A CLIFF! Unemployment numbers surpass 30 MILLION! Millions more bankruptcies, and mass layoffs within the coming days or weeks. The petrodollar kicked the bucket finally. 22% unemployment – the highest since 1934.
The Treasury borrows another $3 TRILLION to pump into the stock markets, and the DOW goes up! The ultra-wealthy and multinationals are looting the US Treasury on the way down. And when it does totally collapse, they’ll retreat into Versailles, Their gated communities and private islands, and leave us on our own. And in the end, the only thing the Senators cared about was how much wealth they could steal at the top . This is The Fall of Rome. We are witnessing the total collapse of a bankrupt, corrupt system. By design, it looks. Ponzi has run it’s course and needs to be refreshed. Part of the plan is to destroy the world economy.
You are here for your daily dose of the truth, the whole truth, and nothing but the truth. In France, for example, a country of 67 million people, it is estimated that between 12 and 15 000 people die every year because of poverty. The yellow vest movement started because of higher taxes on gas. But also because although the french pay more taxes than anywhere else in the world; they are getting less and less. A lot of that money goes straight to corporations (40 billion € a year) as tax breaks to help them employ people. Yup, you got it, people are sponsoring companies to get a job. But of course, that money goes straight into stock buybacks, a way of propping up the market.
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France saw its sharpest economic contraction since World War Two. In the first quarter as a lockdown for midMarch ; left shops shuttered and consumers hunkered down at home. It is the worst slump on record, a contraction of 5.8% for the French economy. These records began in 1949, which means it’s much worse than the slump seen during the financial crisis or during the social unrest of May 1968. Consumer spending for the month of March was down by almost 18%.
A huge drop of business investment. The output from manufacturing and construction was down sharply as well. Lebanon is another example, it has seen its currency lose more than half its value since October. And the government defaulted on its sovereign debt for the first time in March. Some forty-five percent of the population is currently living below the poverty line. And the COVID pandemic and lockdown has further worsened the situation, bringing the economy to a standstill.
The governor of the Central Bank has been accused of failing to prevent the Lebanese pound sliding to an all-time low against US Dollar. It is not only the banks that will clamp down. Individuals will do so as a form of self-preservation. You have some people that still have their job, but do you think many of them are now trying to cut every expense they can and build up savings!. So they stop spending, which then creates 2nd order effects. How about small businesses. Since the demand for their service or product is really unpredictable, how do they justify bringing everyone back, and building inventory? They don’t !. More 2nd order effects. 30 Million unemployed is a heck of a hole to climb out of.
There will be two types of people emerging into the post COVID world. The true “Covidiots” who were hiding under their beds and eagerly waiting for their next CDC programmed briefing. They are feeling better with masks and will take weeks to purchase anything that typically took them minutes or hours. And then, you have the people who woke up to the scam and are pissed that their governments have destroyed the global economy. They will only be spending on essentials, enter a store with masks if they absolutely have to. They will not waste their time standing in line to shop for furniture or cars. They will not get their temperature taken each time they need to enter a building. Not even considering the fact that purchasing power has been wiped out because jobs are gone, incomes are decimated, credit is tight, and the future looks as bleak as 1939. GDP will crash, and the most optimistic predictions are still way too rosy.
Economists and virologists have no clue how most people will behave in this scenario! None of their modelings covered human psychology! They will yes open restaurants under the new normal and then make it so grotesque that you will prefer to watch videos on cooking lessons and invite good friends (who have your conviction) over for a good meal. Honestly, it will be a joke to go out in the future. I’m already damned sick and tired of looking at people fumbling with their stupid masks in grocery stores and acting like everyone could potentially be infected with Ebola! Wait for the temperature checks. What a joke! Or the “immunity pass” to enter public buildings or businesses. There is really no end to what they can come up with. This virus is pushing more and more people to reuse/repurpose things, grow food, cut down on discretionary spending.
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THIS will crush the retail economy for years to come as well. Expect crime to skyrocket to levels we have never seen or heard of. Modern society has always been dependent on supply chains, i.e., grocery stores. We are getting NOTHING from China. That means even if we had a factory here, to produce something, we would still need raw ingredients for pharmaceuticals, packaged food, and alloys.
People and their families are going to go hungry and relentlessly rob others to survive. It is a huge vicious circle. If You are already living paycheck to paycheck, working some menial service job and maxed out on credit cards, your boss lays you off, and will likely never rehire you. You stop buying iGadgets, so the McConsumption stops. You stop paying your rent, so your landlord may default on their mortgage. All you have money for is food, so other goods and services sectors suffer. Publicly listed companies profits tank. Ultimately, you are in a bread line while paradoxically being morbidly obese with diabetes during a collapsing health system. I would not call this a perfect storm; I would call it more like all the economic plagues at once. No recovery, the virus put the Empire in its death rattle. Even if the Lockdowns were lifted Today,
The Economy would continue to Collapse.
People already spent free money from the government. Nothing to do, but watch your 401K plan go bust. Massive secret police and spy networks. Oligarchs and entrenched politicians running the country and handing power to their children. Wage slaves with no social security, no healthcare, and poor education. Ignorant masses who believe a draft-dodging, stupid, billionaire rapist is their savior. We will soon reach a critical tipping point when the American public realizes that it has been forsaken. This will be a difficult time in America, one where the nation may not survive.
The responsibility of the bankruptcy of the United States lies solely on the hunched and scheming shoulders of the international usurers. Their Federal Reserve System and every other privately-owned central bank in the world run Ponzi debt schemes which, from each one’s inception, were destined to fail. Of course, they end upholding all of the country’s assets when the inevitable default comes.