This article was originally published by Michael Snyder at The Economic Collapse Blog.
If the U.S. economy remains in shutdown mode for the next several months, we are going to witness layoffs like we have never seen before in U.S. history. Of course, what we have already witnessed is difficult to believe.
Last week more than 3.2 million Americans filed initial claims for unemployment benefits, and that was more than four times higher than the previous all-time record. This week another massive surge is expected, and we will continue to see lots more layoffs for as long as this pandemic persists. It is going to be a very challenging time for the country as a whole because we haven’t seen anything like this since the Great Depression of the 1930s.
Yes, shutting down most of the nation is saving lives, but it is also absolutely crippling our economy. According to a survey that was conducted from March 20th to March 26th by Challenger, Gray & Christmas, almost half of all U.S. companies say that it is likely that they will be conducting layoffs at some point “in the next three months”…
Forty-nine percent of companies told Challenger, Gray & Christmas they are very or somewhat likely to conduct layoffs in the next three months, while 11% reported they have conducted permanent layoffs; another 7% have conducted temporary layoffs.
If that actually happens, can you imagine what that will do to our unemployment rate?
I know that this may sound really crazy, but at this point, the St. Louis Fed is projecting that we will soon see a 32 percent unemployment rate…
Millions of Americans already have lost their jobs due to the coronavirus crisis and the worst of the damage is yet to come, according to a Federal Reserve estimate.
Economists at the Fed’s St. Louis district project total employment reductions of 47 million, which would translate to a 32.1% unemployment rate, according to a recent analysis of how bad things could get.
Could things really get that bad so quickly?
If we do see a number that high, it would surpass even the highest unemployment rates that we witnessed during the Great Depression of the 1930s.
The only way to avoid this sort of a nightmare scenario would be to put America back to work as quickly as possible, but that is simply not going to happen. President Trump just extended the federal coronavirus guidelines until at least April 30th, and that means that it is exceedingly unlikely that any state will end their lockdowns before then.
And actually more states continue to join the “shelter-in-place” party. For example, check out what just happened in Arizona…
Gov. Doug Ducey is ordering all Arizona residents to remain in their homes for the next month except for essential needs to limit the spread of the coronavirus, which has infected more than 1,000 people in the state.
The “Stay Home, Stay Healthy, Stay Connected” executive order is set to take effect Tuesday at 5 p.m. and remain in place at least until April 30.
It would be wonderful if the pandemic had subsided so much by April 30th that most Americans would be able to get back to work, but many states are already anticipating that this crisis will run much longer than that.
Officials in New York City are warning that the city may stay closed down for the next two months, and in Virginia, the current “shelter-in-place” order doesn’t expire until June 10th…
Virginia Gov. Ralph Northam issued a statewide stay-at-home order that’s effective immediately and will remain in place until June 10, unless the governor amends or rescinds it.
In the end, officials will be watching the raw numbers in order to determine when it is finally safe to resume normal activity.
Right now, the number of confirmed cases and the number of deaths is still increasing, but at least the rate at which they are rising is starting to slow down.
Hopefully, that means that the “shelter-in-place” orders are having a positive effect.
But if everyone is allowed to resume normal activity a couple of months from now, we could see a “second wave” erupt as the number of cases starts to explode once again.
The only way to truly defeat this virus would be to conduct a complete and total nationwide lockdown for at least 28 days at the same time that the rest of the world is also conducting simultaneous lockdowns, and there is no way that is going to happen.
So it looks like we will be dealing with this virus for a long, long time to come.
As Americans brace for the economic collapse that is now unfolding all around us, they are hoarding cash “at the fastest pace since Y2K”, and retailers are boarding up their stores all over the country…
High-end stores across the country have been boarding up their stores in anticipation of civil unrest due to the Chinese coronavirus pandemic.
In Beverly Hills, the Pottery Barn and West Elm stores near Rodeo Drive were spotted with boards across the windows according to TMZ.
Meanwhile, stores in New York, San Francisco, Seattle, Chicago, Paris, Vancouver and elsewhere were similarly boarded up.
The “Magnificent Mile” in Chicago today. It looks like Chile in November. All fancy stores boarded up. Are they afraid of #Covid19 or of something else? @DMatamala pic.twitter.com/Ag2SU2iJ2a
— Zingales (@zingales) March 29, 2020
If I was in their shoes, I would probably be doing the same thing. As unemployment soars and people get sick and tired of being confined to their own homes, it is probably only a matter of time before we see civil unrest, rioting, looting, and an unprecedented spike in the crime rate.
Of course, there are still a lot of people out there that are hoping for a “V-shaped recovery” once this pandemic begins to fade, but I wouldn’t count on that happening.
Scientists are warning that there could be multiple “waves” during this pandemic, and fear of this coronavirus is going to persist for a very long time to come. And now that all of the economic bubbles are starting to burst, experts such as Egon von Greyerz are convinced that “there will be no recovery at all”…
No one should believe for one moment that once CV is gone we will experience a V shaped recovery. There will be no V, there will be no U and nor will we see a hockey stick recovery. What few people understand, including the so called experts, is that there will be no recovery at all. An extremely rapid decline of the world economy has just started and will be devastating in the next 6-12 months, whether CV ends soon or not.
Personally, I do believe that there will be ups and downs throughout this process, but overall we are facing a “great unraveling” that will be more painful than most Americans would dare to imagine.
This coronavirus is not going to be the only challenge that we will have to face. We have entered a time when there will be one crisis after another, and there will be no way to reinflate the bubbles this time.
Sadly, so many Americans today have come to take such great pride in our debt-fueled “national prosperity”, and now that prosperity is going to be smashed into a thousand pieces.
Our day of reckoning has finally arrived, and it is going to be really, really painful for the American people.
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The average American, law abiding by their nature will not go on a looting or crime rampage UNLESS food becomes scarce or unavailable. The underclass who cannot behave in normal times will become opportunistic as police resources are thinned by them becoming ill leaving vacancies. Civil disorder ostensibly for social cause will be cover for their mass looting.
I walk to a far end of town, wearing-out a working-breed dog that has been cooped-up, for too long.
Aggressive migrants have taken over the sidewalks, alongside the new McMansions (or wherever there was white flight.) I can’t say this, enough times. Nature abhors a vacuum. Wherever you left, someone takes your spot. It took less then 10 days, here. Did you leave, based on court orders, living conditions, untenable debt, contagion? A protected class of wildlife has taken over your spot.
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I politely walk around them, but they will not allow for social distancing. They curtly let me know when I am not fast enough. I’m like Herman Munster. My legs are long, muscle bound, and working great. I am being pulled. My hecklers expect to be protected.
On every cross street, there is a smallish, unmarked suv, with weird, paper license plates. Corners come loose, and they fall off. There’s no dealership cover, etc, underneath. Facing the main drag, for at least a mile, on every street.
Now, newer models of vehicle, like the ones lurking in alleys and fields after the San Bernardino event, are blocking off driveways at crummy stripmalls. (A bargain store is named after an 80’s black gang rapper. Keep this boarded up. You can have it.) Authorities race, to close off the parking lot, fast, when you approach the sidewalk. When they see you have no interest in entering the shuttered businesses, but are keeping a respectful distance, they will circle the block and take notes on you.
You can be an average American.
Two groups of people are guaranteed to start rioting soon: blacks and Muslims. In fact the first moment of potential violence I have seen so far involved a group of black youths refusing to socially distance when asked by police.
That is going to be the flash point.
It would be prudent to roll out the tracking measures pronto so that ALL blacks and Muslims are in the grid and can be found when they commit crimes.
Enjoying your Trump Amerikka.
Enjoying your “changed” Amerikka.
How about that “Constitution”?
How about those “Billl of Rights”?
Has those magical Black Rifles helped you?
Amerikka is now “Normalised” as per Yuri Brezmenov.
Look him up on YouTube. Yuri explains what you are seeing.
You might also look up Dwight D Eisenhower’s farewell speech. Warning YOU of the “Military Industrial complex.”
Look up Kennedys “secret societies speech”. Kennedy warned you. That is why he died? They MURDERED your president. Then sealed the evidence. Then resealed. YOU allowed it.
They took your Freedom-Liberty-Closed your church/synagoge-are arresting church leaders-are setting up check points at state borders.
*** They have stolen your ability to earn a Living and provide for your family.
Not one shot fired. All it took was Fear-Lies-Hoax-False Narrative. Now they know they can bully you. It will now get much worse.
Who is “paranoid” now? See it with your own damn eyes. but you can’t, “You are afraid to Leave the House.”
Keep following your Lying politicians and Liar Media. Right to HELL and poverty they will lead you to.
1776 was a good year. Men were men. Not scared bleeting sheep. Cowering in fear from Media Hysteria.
And what are you doing to make a difference keyboard kowboy??!
wait till the ebt crowd goes to get their food tomorrow. im thinking its gonna be ugly. gonna be like black friday mobs.
ALERT! Silver is under 14 bux you better git sum! Oh ya you can’t lol. Maybe you can find some on craigslist for 22+ an oz. Canadian (most) are .9999 fine so you can make your own colloidial if you need to. Look for premiums to skyrocket for whatever is left for sale….
6.5 earthquake north of Boise, Id. 10km shallow. Hope you’re all ok.
26 states have issued quarantine orders. The President today asked that everyone, across the country, stay home for the entire month of April. A couple of states have extended their quarantine to end of May. Effectively, the states on both coasts, from the Caribbean/Mexico border to the Canadian border are locked down and have been for 2-3 weeks depending on the state. The quarantine extends west from the Atlantic to the Mississippi in some areas. These states/areas are the engines of the American economy.
All of these people are not going to be able to pay their rent or mortgages. Businesses will not be able to pay their business loans and/or building mortgages. No one is buying cars or new/existing homes.
No one is talking about the effect all of these quarantines will have on the banks. The banking industry faces a tsunami of defaults that will kill them and all of their depositors. There isn’t enough money in the UNIVERSE to bail out this puppy without Zimbabwe style inflation.
Old folks with savings accounts and IRA’s will be wiped out and have to go back to work to survive, myself included, IF they can find a job.
The majority of those losing their jobs are Millennials, classic grasshoppers immersed in frivolous pursuits.
Peteforester said it best, “many Millennials say “Debt is just a part of life,” take on debt, and then walk away from it, as if it was a video game they’ve tired of.”
h ttp://www.quickmeme.com/Scumbag-Baby-Boomers/
h ttps://knowyourmeme.com/memes/old-economy-steven
Besides knowing how to work with my hands, I got national honors, know about grooming and classical etiquette.
Too-big-to-fail recruiters talked about ‘intangibles’ (which is code for hiring subsidies.)
The people who came before me, and all their bosses, and the horse they rode in on, took on debt and walked away from it, and this is what is left.
CRISIS RESPONCE
SCORE CARD
Trump……..A
Congress…D-
WHO………..F
CDC…………F
S.G. …………F-
CRISIS RESPONSE SCORECARD
What Grade do you give the American People ?
340 million grades?
https://www.youtube.com/watch?v=qbG1HsgN8ZI
I give Ron Paul and Chris Rossinni, a dang A++++
Spoke to a lady in Tucson,Arizona when ordering a mower part,she said you need papers to go out,thought she was in an old movie .
I’ve had a GE washer part on order for over 3 months now. It never arrives.
I ordered it direct from their website, they cancelled the order without notice and the part itself is no longer available to be placed in the cart.
I ordered it through the local applicance warehouse, a national company. Every time I call, the part is still on 4 week back order.
Like, I’m going to have to find someone whom can repair plastic here…. If I would have bought the warranty, it would not matter, they can’t get this part, nobody can. It’s just the base round piece that spins the laundry, it’s a 30 dollar plastic round piece. I left a pocket knife in there and crunched it good, now we can’t use the new 600 washer because it will rip clothes if we try. So now, I guess find some waterproof caulk or repair it, get the file out to file it down. Just not sure, I mangled it. For certain though, the supply chain for foreign sourced parts has been down for at least 3 months now. I’m using this silly portable sink washer but I’m glad we had that as a backup.
Papers? We don’t need no stinking papers.
This is a marriage made in heaven, with a group called Renew, which employs women in Wheaton, IL who are refugees or similar) and are trying to make a life for themselves. FIVE measly bucks per mask, free shipping and follows CDC standards. You can protect yourself, help the medical community by not ordering “regular” masks, help hurting women rebuild their lives, and more Site is https://www.renewproject.org/ Another plus is they are learning to use the private sector and not be dependent on the public purse!
Watch the DOW people. If it approaches 9,000 fast (same day or two days), brace yourselves for tragically terrible times ahead. Troops, checkpoints, camps, martial law, crime, etc.
Stay ready, watch, monitor, act when needed.
God Bless!!