Money

It appears that the crisis facing auto dealerships is far more dire than any of us thought.  Financial institutions are starting to get extremely tight with their money, and that is putting extreme stress on dealers all over the nation.  Many of us expected that this would happen, but it seems that things are moving much faster than anyone would have anticipated.  Earlier today, I came across a tweet that absolutely floored me.  It was posted by a highly respected account known as “CarDealershipGuy”, and it contained some rather ominous news…

Past 10 days have been wild:

— Capital One shut off all dealer floorplans (aka inventory lines of credit)

— USA Auto Sales shut down 39 dealerships after losing its Ally floor plan

— Wells fargo laid-off all its junior Auto loan underwriters and capped future loans

Insanity.

Is all of this true?

I had to find out.

So I started digging around, and I discovered that Capital One has indeed decided to completely get out of the “floor plan financing” business…

It’s been a weird few years for the car market, and things could get weirder still. As first reported by Twitter user CarDealershipGuy and now confirmed by Automotive News reports, Capital One is out of the dealer “floor plan financing” business, and while I realize this may not sound like the sexiest of topics, it could have some interesting effects on the car market. In case you think of homes when you think of the term “floor plan,” allow me to introduce the way dealers are able to hold massive inventory.

Here’s a little secret: Dealerships usually don’t pay for every car on their lots, just like how consumers don’t usually buy cars outright. Instead, they take advantage of a form of financing called floor plan financing. Companies that offer this sort of financing give dealers lines of credit to buy vehicles with an interest-free period. If a car on floor plan financing sells within that period, the dealer takes the customer’s money or the customer’s lender’s money and uses some of it to pay off the line of credit. If a car doesn’t sell within that period, the dealership gets charged what has usually been a small fee since credit was nearly free for a decade. This allows a dealership to have very little money tied up in inventory despite amassing a huge selection of cars.

This is a really big deal.

A lot of dealers will simply not be able to operate without such financing.

Which brings us to the second point in the tweet.  According to the official website of U.S. Auto Sales, they have “temporarily closed” all 39 of their dealerships…

Attention U.S. Auto Customers. We have temporarily closed our dealerships and are working on a solution to re-open them as soon as possible. But don’t worry, we aren’t going anywhere! U.S. Auto’s affiliated loan servicing company (USASF Servicing LLC) is still open to accept your payments and assist in servicing your account. Please continue to make your payments as scheduled and reach out to us with any account questions.

Hopefully U.S. Auto Sales will be able to secure another source of floor plan financing, but that may not be easy in this environment.

Another major chain, American Car Center, suddenly shut down more than 40 dealerships in February and has now filed for Chapter 7 bankruptcy…

American Car Center, the Memphis-based used car dealer which suddenly closed all locations in February, has officially filed for bankruptcy in a Delaware court.

According to federal court records, the company, also known as RAC Dealership, LLC, filed for Chapter 7 bankruptcy in the Delaware Bankruptcy Court on March 14.

Sadly, this is probably just the beginning.

A lot more dealerships are likely to go belly up as we get deeper into this economic downturn.

And as economic conditions deteriorate, financial institutions are likely to get even tighter with their money.

Which brings us to Wells Fargo.  Apparently the bank really is giving the axe to all junior auto underwriting staff…

Wells Fargo laying off all junior Auto underwriting staff.

As of 4/27 any auto loans greater than 110% loan-to-value and 15% payment-to-income will be declined.

For more than a decade, the U.S. economy operated in an environment in which money was flowing like wine and it was really easy for everybody to get credit.

But now even officials at the biggest banks in America are openly admitting that a “credit crunch” has begun…

The credit crunch stemming from the fallout of Silicon Valley Bank has begun, with data showing clear tightening of lending standards by banks, according to Morgan Stanley’s top stock strategist Mike Wilson.

In a note on Sunday, the Morgan Stanley CIO said that the last two weeks have shown the steepest decline in lending on record as banks scramble to offset the breakneck pace of deposit flight, which has accelerated in the month since SVB failed.

“The data suggest a credit crunch has started,” Wilson said in the note, adding that $1 trillion in deposits has been withdrawn from US banks since the Federal Reserve began raising rates a year ago.

There is no possible way to spin “the steepest decline in lending on record” to make it sound good.

Our economy runs on mortgages, auto loans and credit cards, and so a dramatic reduction in lending will inevitably lead to a dramatic reduction in economic activity.

A lot of people are comparing this new crisis to what we went through in 2008 and 2009, because that is the only downturn in recent memory that is comparable.

Unfortunately, I am entirely convinced that this new crisis will eventually greatly surpass what we experienced during the Great Recession.

So I would encourage you to do whatever you need to do to get ready for harsh economic times, because what is ahead is not going to be pleasant for any of us.

Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com.  In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned)  When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending copies as gifts to family and friends.  Time is short, and I need help getting these warnings into the hands of as many people as possible.  I have also started a brand new Substack newsletter, and I encourage you to subscribe so that you won’t miss any of the latest updates.  I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help.  These are such troubled times, and people need hope.  John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”  If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.

Our leaders were able to successfully kick the can down the road for a long time, but now many of our long-term problems are becoming short-term problems, and the economic outlook for the remainder of 2023 is extremely bleak.  But none of the economic hardships that we are experiencing at this moment should shock any of us.  The truth is that we were warned about all of these things well ahead of time.  Many independent voices have been warning us that there would be severe consequences for the exceedingly foolish economic decisions that our leaders were making, and now those severe consequences are starting to play out right in front of our eyes.  The following are 5 economic disasters we were warned about in advance that are happening right now…

#1 We were warned that a great commercial real estate crisis would be coming, and now it is here.  In fact, we just witnessed another massive default…

With recent stress in the regional banking sector, sentiment in US commercial real estate (CRE) – and especially the office sector – has turned negative as investors prepare for potential spillover effects (with JPM, Morgan Stanley, and Goldman Sachs all joining the gloom parade), especially as high-profile defaults continue to make headlines as borrowers face higher debt service costs and refinancing becomes much harder ahead of a $400 billion CRE debt maturities this year alone.

The latest headline fueling concerns about a potential CRE crisis involves a fund belonging to CRE giant Brookfield defaulting on a $161.4 million mortgage for twelve office buildings in Washington, DC.

According to Bloomberg, the loan was transferred to a special servicer working with “the borrower to execute a pre-negotiation agreement and to determine the path forward.”

#2 We were warned that there would be widespread layoffs as economic conditions in the United States deteriorated.  Sadly, that is now happening all around us.  For example, on Monday accounting firm Ernst & Young announced that they will be laying off thousands of highly paid workers…

Ernst & Young said Monday that it would eliminate roughly 3,000 jobs from its US workforce as it pivots to address shifts in demand and “overcapacity” in sections of its business.

The cuts represent less than 5% of the US firm’s total workforce. EY described the workforce reduction as “part of the ongoing management of our business” and said it didn’t stem from the firm’s recent failure to implement a global breakup.

#3 We were warned that the largest corporate debt bubble in the history of the world would eventually burst, and now corporations are beginning to default on their debts at a rate that should deeply alarm all of us…

More companies around the world defaulted on their debts in the first three months of this year than in any quarter since late 2020, when businesses were still hamstrung by restrictions to stop the spread of Covid.

In a report Tuesday, credit rating agency Moody’s said 33 of the corporations it rates defaulted on their debts in the first quarter, the highest level since the last quarter of 2020 when 47 companies defaulted. Almost half, or 15 companies, defaulted last month — the highest monthly count since December 2020.

Defaulting firms included Silicon Valley Bank, which collapsed in March, its holding company SVB Financial Group and Signature Bank.

#4 We were warned that we would witness a dramatic surge in bankruptcies in 2023, and that is precisely what is happening…

Bankruptcy filings across the United States rose for the third straight month in March in all major industries. A total of 42,368 new bankruptcies were filed last month, according to data from Epiq Bankruptcy, a provider of U.S. bankruptcy court data, technology, and services.

This is 17 percent up from the 36,068 filings in March 2022 and is the highest number of monthly bankruptcy filings since April 2021.

Data from S&P Global Market Intelligence showed 71 corporate bankruptcy petitions in March, a jump from 58 in the previous month. This is the highest monthly total since July 2020 and the fourth straight month of increases.

#5 We were warned that the rest of the world would eventually start rejecting the U.S. dollar, and now “de-dollarization” is happening at a “stunning” pace…

The dollar is losing its reserve status at a faster pace than generally accepted as many analysts have failed to account for last year’s wild exchange rate moves, according to Stephen Jen.

The greenback’s share in global reserves slid last year at 10 times the average speed of the past two decades as a number of countries looked for alternatives after Russia’s invasion of Ukraine triggered sanctions, Jen and his Eurizon SLJ Capital Ltd. colleague Joana Freire wrote in a note. Adjusting for exchange rate movements, the dollar has lost about 11% of its market share since 2016 and double that amount since 2008, they said.

“The dollar suffered a stunning collapse in 2022 in its market share as a reserve currency, presumably due to its muscular use of sanctions,” Jen and Freire wrote. “Exceptional actions taken by the US and its allies against Russia have startled large reserve-holding countries,” most of which are emerging economies from the so-called Global South, they said.

Unfortunately, we are still only in the very early stages of this economic meltdown.

The general population is starting to understand that things have gone horribly wrong, and a CNBC survey that was just released discovered that Americans “have never been more negative about the economy” than they are at this moment…

Amid persistent inflation, higher interest rates and recession worries, Americans have never been more negative about the economy, according to the latest CNBC All-America Economic Survey.

A record 69% of the public holds negative views about the economy both now and in the future, the highest percentage in the survey’s 17-year history.

Even during the darkest days of 2008 and 2009 Americans were more optimistic about the future of the economy than they are right now.

Just think about that.

We are in really deep trouble.

Of course this new economic crisis will take some time to fully play out.

But it has officially arrived.

The months ahead are going to be filled with economic pain, and that is going to cause a tremendous amount of turmoil throughout our entire society.

Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com.  In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned)  When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending copies as gifts to family and friends.  Time is short, and I need help getting these warnings into the hands of as many people as possible.  I have also started a brand new Substack newsletter, and I encourage you to subscribe so that you won’t miss any of the latest updates.  I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help.  These are such troubled times, and people need hope.  John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”  If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.

This isn’t what a civilized society is supposed to look like.  We aren’t supposed to have vast mobs of very angry young people rioting, looting and generally going nuts all over the country.  But this is what our nation has become.  Our major cities have become cesspools of lawlessness where violence can literally erupt at any moment.  But if Americans are this eager to riot and loot now, what is going to happen once we are in the midst of a severe economic recession?  Needless to say, harsh economic times are certainly not going to improve the mood in this country.

It appears that Monday night is Kansas City’s turn to experience civil unrest.  According to Time Magazine, protests “have erupted” even before the sun has gone down…

Protests have erupted in Kansas City, Mo., after a Black teenager was shot in the head and arm by a white homeowner late last week after accidentally ringing the wrong doorbell.

Ralph Yarl, 16, has been hospitalized with life-threatening injuries. He was shot after he went to collect his two younger brothers on Thursday after 10 p.m., according to police. Police said Yarl mistook the address 115th Terrace for 115th Street, where he was shot.

Any time a young person dies a tragic death like this, we should all mourn.

Unfortunately, for a lot of people any sort of an incident like this is used as an excuse to riot, loot and burn things down.

And sometimes the criminals don’t need any sort of an excuse at all.  Less than 24 hours ago, hundreds of looters completely gutted a gas station in Compton…

Sheriff’s deputies in Compton are returning to their patrol duties Monday following a chaotic weekend that involved a series of street takeovers and a mob of looters that left a trail of destruction at local stores.

Video captured a wild scene at an Arco gas station near Alondra Boulevard and Central Avenue early Sunday morning where a large group was caught on video bum-rushing an Arco gas station and stealing thousands of dollars’ worth of merchandise, all while the clerk on duty hid inside.

The video shows one man breaking the glass door while dozens of looters crowd behind him. Moments later, the group was seen grabbing everything from drinks, snacks, alcohol and even condoms.

Go back and read that first sentence again.

The mainstream media is actually admitting that criminals are taking over entire streets in Los Angeles right now.

And the police are admitting that they couldn’t do anything about the looting because they were so greatly outnumbered.

Watching hundreds of young men work together to loot a gas station should send a chill down all of our spines.

In this case, there was absolutely no political motivation for the attack.  These young men just saw an opportunity to steal, and they gleefully took advantage of it…

The day before that, there was a massive riot in downtown Chicago that made headlines all over the nation, and a “huge brawl” erupted at a Chicago White Sox game…

A huge brawl broke out at Saturday’s Chicago White Sox game for over two minutes with several spectators involved.

Fists were flying all over the place before a woman was dragged from behind over a row of seats on the first-base side.

One lone security guard attempted to make peace, while another pair of women were throwing haymakers at one another.

If we are seeing this much chaos while economic conditions are still at least somewhat relatively stable, what will things be like once millions of Americans become truly desperate?

Earlier today, I was quite alarmed to read former Home Depot CEO Bob Nardelli’s assessment of the economy…

Former Home Depot CEO Bob Nardelli issued a grim warning over the U.S.’s “very complex” economy, cautioning consumers that middle market companies are under “tremendous pressure.”

“I think we’re going to see a lot of bankruptcies. Like Bed, Bath and Beyond. We got Walmart not only laying people off, but closing stores. We got Accenture laying people off. We got Amazon closing distribution centers. So I think there’s a tremendous-mixed message,” Nardelli said during an appearance on “Cavuto: Coast to Coast.”

The former CEO continued, saying that the “complexity” of the U.S. economy is “different than anything I have seen in my 52 years.”

Sadly, he is quite right.

So many companies are going to go out of business in the months ahead.

In fact, we just learned that David’s Bridal has just filed for bankruptcy…

David’s Bridal filed for bankruptcy protection days after the company announced it would lay off more than 9,200 employees across the nation.

The wedding retailer said in a press release Monday that its stores would remain open and fulfill orders without delay as the company looks to sell all or some of its assets. Its online platforms will also remain available to help with customers’ wedding planning needs.

As economic conditions deteriorate, Americans are going to increasingly turn to debt as a short-term solution, and this will particularly be true for financially-distressed young people that don’t have a lot of resources…

Many young adults overwhelmed by financial stress cope by ignoring the problem.

Some tune out bank and credit-card balances, lose track of their spending and rack up debt. Average credit-card debt rose 29% to $5,800 in March from a year earlier for millennials and increased 40% to $2,800 for Gen Z, Credit Karma said. Younger people were also more likely to have paid late fees or taken advances from their credit cards, a survey from NerdWallet found.

Unfortunately, U.S. banks are starting to get really tight with their money, and so that means that credit lines will be reduced and fewer credit cards will be issued.

A lot of people will soon find that they are maxed out and are unable to get more credit.

And all of this comes at a time when the U.S. money supply is steadily shrinking…

The U.S. money supply contracted for the third consecutive month, and is declining at the fastest pace since the Great Depression, new Federal Reserve data show.

In February, the M2 money supply – a benchmark for how much cash, bills, bank deposits, coins, and money market funds are circulating throughout the national economy – tumbled 2.24 percent from the same time a year ago, down from negative 1.7 percent in January. This represented the third straight month of a contracting money supply.

There is so much economic pain on the horizon.

And the American people are certainly not mentally or emotionally equipped to deal with hard times.

So we better hope that our leaders can find a way to artificially prop up the economy, because if they are unable to do so there will be much more rioting, looting and chaos ahead.

Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com.  In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned)  When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending copies as gifts to family and friends.  Time is short, and I need help getting these warnings into the hands of as many people as possible.  I have also started a brand new Substack newsletter, and I encourage you to subscribe so that you won’t miss any of the latest updates.  I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help.  These are such troubled times, and people need hope.  John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”  If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.

If virtually everyone is expecting a recession, and most people start acting accordingly, do you think that will make an economic downturn less likely or more likely?  Needless to say, the answer to that question is obvious.  Right now, banks all over the country are getting really tight with their money, large corporations are laying off workers at a frightening pace, and consumers are cutting back on their spending.  In other words, it really is starting to look a lot like a recession out there, and economic conditions are only going to get even more harsh in the months ahead.

I know that this is not good news.  Things are already far from great, and one recent survey found that 70 percent of all Americans are “feeling financially stressed”…

Inflation, economic instability and a lack of savings have an increasing number of Americans feeling financially stressed.

Some 70% of Americans admit to being stressed about their personal finances these days and a majority — 52% — of U.S. adults said their financial stress has increased since before the Covid-19 pandemic began in March 2020, according to a new CNBC Your Money Financial Confidence Survey conducted in partnership with Momentive.

Unfortunately, the truth is that the financial stress is just beginning for many families, because a significant economic downturn is on the way.

At this point what is approaching is so obvious that the Federal Reserve is even publicly admitting that a recession will start “later this year”…

Federal Reserve economists believe that recent banking turmoil will trigger a mild recession later this year, a potentially ominous sign for President Joe Biden as he heads into an election campaign.

Their projection was for “a mild recession starting later this year, with a recovery over the subsequent two years,” according to the minutes, released Wednesday. That would spark a jump in unemployment. They estimated the economy would fully recover by 2025.

I honestly cannot remember the last time that the Federal Reserve actually predicted that a recession would be coming.

Normally, the Fed is wildly optimistic with their projections because they want us to have faith that their policies are working.

But now even they have thrown in the towel.

Bank of America is also sounding the alarm.  Analysts at the bank recently shared 12 charts “that show that the economy is about to enter a full-blown recession”, and I was particularly interested in what they had to say about tightening credit conditions…

“US banks have been tightening lending standards to small companies past few quarters. Credit crunch to intensify and highly correlated with small business demand for workers. Should May SLOOS report show drop in loan availability to -10 or below = unambiguous credit crunch,” BofA said.

A major credit crunch is here, and that is going to send major shockwaves throughout the entire economy.

The last time we witnessed anything like this was in 2008, and we all remember what happened back then.

If you still believe that our leaders will magically find some way out of this economic mess, you are definitely in the minority at this point.  According to a survey that KPMG conducted not too long ago, 91 percent of corporate CEOs in the U.S. “are convinced we are heading toward a recession in the next 12 months”…

Just when it seemed there was a light at the end of the tunnel with pandemic-related disruptions subsiding, the vast majority of U.S. CEOs (91%) are convinced we are heading toward a recession in the next 12 months. Moreover, only about a third of U.S. CEOs (34%) believe this recession will be mild and short.

91 percent.

Just think about that.

And many CEOs have already started laying off workers in anticipation of what is coming.

In fact, we just learned that Best Buy will be giving the axe to workers “in hundreds of stores”…

Best Buy is cutting workers in hundreds of stores across the US as the electronics retailer looks to cut costs and shift focus towards e-commerce.

Last week workers who specialize in selling complex products in stores, sometimes called ‘consultants’, were told they would lose their job, according to the Wall Street Journal.

The layoff will affect jobs across the more than 900 stores Best Buy operates in the US. Those laid off were invited to reapply for open positions within the company or receive severance.

Sadly, the entire retail industry is in huge trouble at this point.

The “retail apocalypse” that we went through a few years ago will be nothing compared to what we will soon experience.  According to analysts at UBS, we could eventually see more than 50,000 retail stores in this country permanently close their doors…

Tens of thousands of store closures are looming across the U.S., according to analysts.

More than 50,000 retail locations could permanently shut their doors over the next five years, according to UBS analysts.

This is one nail in the coffin for commercial real estate.

A second nail in the coffin for commercial real estate is the fact that so many restaurants are in trouble all over the nation.

For example, dozens of Burger King locations will soon be shut down as the entire chain grapples with disappointing sales…

Last month, Meridian Restaurants Unlimited, which has 118 Burger King locations across the US, filed for bankruptcy having racked up $14 million in debt.

It is set to close 27 locations in Minnesota, Utah, Montana, Kansas, Nebraska and North Dakota.

It came as another franchisee, EYM King, announced it was closing 26 restaurants in Michigan and 90-unit operator Toms King was sold out of bankruptcy for $33 million.

A third nail in the coffin for commercial real estate is the record high office vacancy rates that we are seeing all over America.

In San Francisco, the vacancy rate is almost up to 30 percent…

A sobering report from Coldwell Banker (available to pro subs in the usual place) reveals that San Francisco’s office vacancy rate hit a record high of 29.4%, as net absorption (total new square footage leased minus the total square footage of vacated space) registered -1.56 million sq. ft.

To that end, software giant Salesforce has put the last of its San Francisco office space up for sublease as part of its January plan to lay off approximately 7,000 employees and reduce office space, SF Gate reports.

A lot of people thought that I was overstating things when I said that we are heading into the greatest commercial real estate crash in U.S. history.

But I wasn’t.

And many others are now issuing similar warnings.  The following comes from Fox Business…

The commercial real estate market may be headed for a crash that rivals the 2008 financial crisis this year.

Office and retail property valuations could plummet as much as 40% from peak to trough this year as higher interest rates make it harder for investors to refinance trillions in looming debt, according to Lisa Shalett, chief investment officer for Morgan Stanley Wealth Management.

The recession of 2023 won’t just be the end of a typical business cycle.

The truth is that what we are witnessing is the culmination of many long-term economic trends that I have been watching for a long time.

Our leaders have been making disastrous decisions for decades, and now we are going to reap what they have sown.

Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com.  In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned)  When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending copies as gifts to family and friends.  Time is short, and I need help getting these warnings into the hands of as many people as possible.  I have also started a brand new Substack newsletter, and I encourage you to subscribe so that you won’t miss any of the latest updates.  I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help.  These are such troubled times, and people need hope.  John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”  If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.

A new global currency just launched, but 99 percent of the global population has no idea what just happened.  The “Universal Monetary Unit”, also known as “Unicoin”, is an “international central bank digital currency” that has been designed to work in conjunction with all existing national currencies.  This should set off alarm bells for all of us, because the widespread adoption of a new “global currency” would be a giant step forward for the globalist agenda.  The IMF did not create this new currency, but it was unveiled at a major IMF gathering earlier this week…

Today, at the International Monetary Fund (IMF) Spring Meetings 2023, the Digital Currency Monetary Authority (DCMA) announced their official launch of an international central bank digital currency (CBDC) that strengthens the monetary sovereignty of participating central banks and complies with the recent crypto assets policy recommendations proposed by the IMF.

Universal Monetary Unit (UMU), symbolized as ANSI Character, Ü, is legally a money commodity, can transact in any legal tender settlement currency, and functions like a CBDC to enforce banking regulations and to protect the financial integrity of the international banking system.

As the press release quoted above indicates, this new “Universal Monetary Unit” was created by the Digital Currency Monetary Authority.

So who in the world is the Digital Currency Monetary Authority?

Honestly, I had no idea until I started doing research for this article.

The press release says that the organization consists of “sovereign states, central banks, commercial and retail banks, and other financial institutions”…

The DCMA is a world leader in the advocacy of digital currency and monetary policy innovations for governments and central banks.  Membership within the DCMA consists of sovereign states, central banks, commercial and retail banks, and other financial institutions.

Basically, it sounds like a secretive cabal of international banks and national governments is conspiring to push this new currency down our throats.

We are being told that the “Universal Monetary Unit” is “‘Crypto 2.0”, and those that created it are hoping that it will be widely adopted by “all constituencies in a global economy”…

The DCMA introduces Universal Monetary Unit as Crypto 2.0 because it innovates a new wave of cryptographic technologies for realizing a digital currency public monetary system with a widespread adoption framework encompassing use cases for all constituencies in a global economy.

I don’t know about you, but this sounds super shady to me.

Of course the Digital Currency Monetary Authority is not the only one that has been working on a new digital currency.

The UK has also been working on one.

The same is true for the European Union.

And would it surprise anyone that the Biden administration is touting the potential benefits of a “digital form of the U.S. dollar”?  The following comes from the official White House website…

A United States central bank digital currency (CBDC) would be a digital form of the U.S. dollar. While the U.S. has not yet decided whether it will pursue a CBDC, the U.S. has been closely examining the implications of, and options for, issuing a CBDC. If the U.S. pursued a CBDC, there could be many possible benefits, such as facilitating efficient and low-cost transactions, fostering greater access to the financial system, boosting economic growth, and supporting the continued centrality of the U.S. within the international financial system.

I don’t think that it is a coincidence that governments all over the western world are simultaneously developing CBDCs.

And the IMF has actually already put together an extensive handbook “to assist central banks and governments throughout the world in their CBDC rollouts”…

The International Monetary Fund (IMF) is putting together a Central Bank Digital Currency (CBDC) handbook to assist central banks and governments throughout the world in their CBDC rollouts.

Published publicly on April 10, the “IMF Approach to Central Bank Digital Currency Capacity Development” report outlines the IMF’s multi-year strategy for aiding CBDC rollouts, including the development of a living “CBDC Handbook” for monetary authorities to follow.

A lot of people out there will cheer when these digital currencies are introduced.

But it is imperative to understand that once everyone is using them, your financial privacy will be almost totally gone.

Authorities will be able to track virtually everything that you buy and sell, and I am sure that they won’t hesitate to use that information against you.

Needless to say, the potential for tyranny in such a system is off the charts.

Can you imagine a world in which you are restricted from buying meat for a while because you have already used your “carbon credits” for the month?

Your “financial privileges” could potentially be restricted at any time at the whim of a government bureaucrat, and if you are a big enough troublemaker you could be “deplatformed” from the system permanently.

Of course in order for such a system to have real teeth, cash and other forms of payment will need to be phased out, and that is precisely what is happening right now in Europe.  The following comes from the official website of the European Parliament…

To restrict transactions in cash and crypto assets, MEPs want to cap payments that can be accepted by persons providing goods or services. They set limits up to €7000 for cash payments and €1000 for crypto-asset transfers, where the customer cannot be identified.

Ultimately, they will just keep lowering the limits until the use of cash is almost completely eliminated.

Everyone will be slowly but surely forced on to the new digital system, and it will be a system that they control with an iron fist.

And most people will willingly go along with it.  These days, most people are just scraping by from month to month and one recent survey found that 70 percent of all Americans are “financially stressed” at this point…

Inflation, economic instability and a lack of savings have an increasing number of Americans feeling financially stressed.

Some 70% of Americans admit to being stressed about their personal finances these days and a majority — 52% — of U.S. adults said their financial stress has increased since before the Covid-19 pandemic began in March 2020, according to a new CNBC Your Money Financial Confidence Survey conducted in partnership with Momentive.

Most Americans simply do not care that these new digital currencies could open a door for great tyranny.

They just want to be able to pay the bills and take care of their families, and if our politicians tell them that this new system is good for the economy they will be all for it.

But those of us that are awake know that more globalism doesn’t lead anywhere good.

Concentrating even more power in the hands of the international elite is always a bad idea, and hopefully we can start to get more people to understand this.

Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com.  In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned)  When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending copies as gifts to family and friends.  Time is short, and I need help getting these warnings into the hands of as many people as possible.  I have also started a brand new Substack newsletter, and I encourage you to subscribe so that you won’t miss any of the latest updates.  I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help.  These are such troubled times, and people need hope.  John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”  If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.

Once things start getting really crazy in this country, where you live could make all the difference.  As global events have accelerated in recent months, a number of people have been seeking my advice about relocation.  Ultimately, there is no solution that is 100 percent perfect for everybody.  But there are some general principles that I do believe apply broadly, and I will share some of those principles with you in this article.

First of all, when things finally start hitting the fan you don’t want to be some place that has a high population density.

In particular, you will want to avoid the big cities, and last year we definitely witnessed a mass “exodus” from the largest cities in the country…

Last year the counties that are home to LA, Chicago and New York City suffered the largest exodus of people in the country – while tens of thousands flocked to Arizona, Texas and Florida.

Crime has become a major problem in urban areas from coast to coast, and the level of violence in this nation just continues to rise.

In fact, the mass shooting that just happened in Louisville was already the 146th that we have seen so far this year…

Kentucky is the latest state in America to be shaken by gun violence, as the mass shooting inside a Louisville bank marked the 146th in 2023.

The US reached the grim milestone on Monday of more Mass Shootings than days on Monday, which has already surpassed previous years – following the fatal shooting that left five dead, including the gunman, and eight injured at the Old National Bank.

And theft is completely and utterly out of control in many of our inner cities.  It is costing retailers billions upon billions of dollars, and that is one of the biggest reasons why Walmart just decided to shut down four “underperforming” stores in Chicago…

Walmart announced Tuesday it will abruptly close four underperforming Chicago stores, citing millions in annual losses.

The company said its eight Chicago stores collectively have not been profitable since the first opened 17 years ago. This has amounted to a loss of “tens of millions of dollars a year,” according to a press release, losses that have nearly doubled over the last five years.

According to a statement that was put out by Walmart, the losses that those stores have been experiencing have “nearly doubled in just the last five years”…

“The simplest explanation is that collectively our Chicago stores have not been profitable since we opened the first one nearly 17 years ago — these stores lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years,” Walmart said in a statement.

The problem isn’t that those stores weren’t popular.

The problem is that they were constantly being looted.

In San Francisco, Whole Foods is closing their “flagship store” just a year after it opened…

The Whole Foods Market location in downtown San Francisco is set to close at the end of business Monday, just a year or so after opening in March of 2022, KRON4 has confirmed. Employees at the store will be transferred to other locations nearby.

“To ensure the safety of our Team Members, we have made the difficult decision to close the Trinity store for the time being,” said a Whole Foods Market spokesperson. “All team members will be transferred to one of our nearby locations.”

San Francisco is an ideal location for a Whole Foods store, but “deteriorating street conditions” have forced company officials to make this move…

“Deteriorating street conditions” involving drug use and crime forced the store to close, according to one City Hall official quoted in the report.

The news didn’t shock some journalists and Bay Area residents, who blamed city and state leadership for the city’s growing problems with crime and homelessness.

Sadly, the entire state is rapidly falling to pieces, and that has resulted in California losing approximately half a million people over the past few years…

California’s population fell by 500,000 people between April 2020 and July 2022, Fox News previously reported.

“Sure San Francisco continues to decline rapidly, with Whole Foods closing just a year after opening due to rampant crime & drug dealing after SF lost ~8% of its population from 2020-2022, but hey, at least Gavin Newsom is lecturing Ron DeSantis on how to be a successful governor,” he tweeted sarcastically.

Of course most of my readers are not located in core urban areas.

But those that are living in the suburbs are not safe either.

When economic conditions get bad enough, many of the criminals in the big cities will be coming out to the suburbs to look for easy prey.

With that in mind, I am encouraging people to consider moving away from large metropolitan areas entirely.

If you are considering such a move, I would also avoid anywhere that is experiencing persistent drought.  That would include much of the Interior West, although some areas have been blessed with quite a bit of precipitation lately.

I would also keep potential natural disasters in mind when selecting a new destination.

Personally, I would not move anywhere close to the New Madrid fault zone.  If you do not understand why, there is an entire chapter in my latest book that explains this.

I would also avoid both coasts.

The west coast is way overdue for a major seismic event.  Scientists assure us that it is just a matter of time before “the Big One” strikes, and you don’t want to be anywhere around when that happens.

On the east coast, there is the potential for a giant tsunami to completely wipe out our major cities.  In particular, the terrain of Florida is extremely flat and so there would be very little resistance if a giant tsunami were to start ripping across the state.

And unless you want to die a very quick death once a nuclear war starts, I would highly recommend not living near a military base or a nuclear missile silo.

Once you account for all of the factors that I have mentioned in this article, that doesn’t leave a whole lot of areas to choose from.

And the real estate in such highly desirable areas has become quite expensive.

But the longer you wait, the more difficult it is going to become to relocate.

Global events are starting to spiral out of control, and I fully expect that they will accelerate even more during the months ahead.

Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com.  In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned)  When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending copies as gifts to family and friends.  Time is short, and I need help getting these warnings into the hands of as many people as possible.  I have also started a brand new Substack newsletter, and I encourage you to subscribe so that you won’t miss any of the latest updates.  I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help.  These are such troubled times, and people need hope.  John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”  If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.

Everyone can see the slow-motion train wreck that is unfolding right in front of our eyes, but nobody has a plan to stop it.  Unfortunately, from a short-term perspective I don’t know if there is anything that can be done to prevent the commercial real estate bubble from imploding.  Vacancy rates are surging to historic highs all over the nation, and without sufficient rental income many property owners will be forced to default.  In addition, a giant mountain of commercial real estate mortgages will be up for refinancing over the next few years, and substantially higher interest rates will make refinancing those mortgages exceedingly difficult.  We really are facing a “perfect storm” for the commercial real estate industry, and the fallout is going to be absolutely devastating for U.S. banks.

This is not a small problem.  Offices are sitting empty from coast to coast, and the total commercial real estate market in this country is currently valued at somewhere around 20 trillion dollars…

From Dallas and Minneapolis to New York and Los Angeles, offices sit vacant or underused, showing the staying power of the work-from-home era. But clear desks and quiet break rooms aren’t just a headache for bosses eager to gather teams in person.

Investors and regulators, on high alert for signs of trouble in the financial system following recent bank failures, are now homing in on the downturn in the $20 trillion US commercial real estate market.

The pandemic sparked a “remote work” revolution, and now we have a lot of office space that is simply not needed any longer.

In fact, office vacancies in Manhattan are now at the highest level ever recorded…

In New York’s Manhattan, office vacancies are at a record high, Bloomberg reported last week, even as new properties come online, adding even more space to the struggling market. And in Los Angeles and Chicago, office vacancies sat at 22.5% as of the fourth quarter of 2022.

This is a huge problem for property owners, because many of them don’t have enough tenants paying rent.

And as I mentioned earlier, an enormous pile of commercial mortgages “will be up for refinancing in the next couple of years”…

They are a bellwether for what is likely to come, as more than half of the $2.9 trillion in commercial mortgages will be up for refinancing in the next couple of years, according to Morgan Stanley.

“Even if current rates stay where they are, new lending rates are likely to be 3.5 to 4.5 percentage points higher than they are for many of CRE’s existing mortgages,” wrote Morgan Stanley Chief Investment Officer Lisa Shalett, in a recent report.

In the end, we are going to see an unprecedented wave of defaults and commercial property prices are going to crash really hard.

As I noted yesterday, Morgan Stanley is actually warning that commercial property prices “could fall as much as 40%”…

With small- and medium-size banks accounting for 80% of commercial real estate lending, the situation might soon get worse, says experts.

Commercial property prices could fall as much as 40% “rivaling the decline during the 2008 financial crisis,” forecast Morgan Stanley analysts.

Actually, I believe that projection is probably too optimistic.

At this point, commercial property prices are already down 15 percent from the peak of the market…

Prices in the United States were down 15% in March from their recent peak, according to data provider Green Street. The rapid increase in interest rates over the past year has been painful, since purchases of commercial buildings are typically financed with large loans.

In some markets, the carnage that we have already seen is quite breathtaking.

For example, Blackstone recently sold two office towers in southern California at a 36 percent loss…

Private equity firm Blackstone sold two 13-story Class A office towers, the Griffin Towers, in Santa Ana, Orange County, California, for $82 million to a joint venture between Barker Pacific Group and Kingsbarn Realty Capital. The towers, built in 1987, have a vacancy rate of 24%.

Blackstone had bought the towers in 2014 for $129 million, according to the Commercial Observer yesterday. The selling price makes for a loss of 36%. And Blackstone was lucky on this deal.

And an office tower in Houston just sold at a loss of 47 percent…

In Houston, Parkway Property sold the 960,000-sf San Felipe Plaza in Uptown, to Sovereign Partners for $82.8 million in late March. The tower was built in 1984. Parkway Property ended up with the tower when it acquired Thomas Properties, which had bought the property in 2005 for $156.5 million. So this was a loss of 47%.

I don’t know why anyone would be willing to purchase commercial real estate at this stage.

Trying to catch a falling knife is a very dangerous thing.

Of course commercial real estate is not the only bubble that is bursting.

We have already seen the crypto bubble burst, we have seen the bond bubble burst, and residential real estate prices are starting to fall all over the nation.

So far, stock prices are hanging in there, but a number of experts are warning that a big crash is just around the corner…

Legendary investor Jeremy Grantham has topped the board for an extreme prediction about US stocks. The market historian has forecasted the S&P 500 could tank as much as 50% this year to about 2,000, as an “everything bubble” bursts.

Grantham said the prices of stocks, bonds, real estate, fine art, and other investments surged to unsustainable highs during the COVID-19 pandemic.

Market experts Stephanie Pomboy and Larry McDonald echoed Grantham’s view – but with a less bearish prediction. While the pair expect stocks to crash as much as 30%, McDonald said the plunge could happen over the next two months as higher interest rates choke demand.

Our leaders were able to artificially prop up the system for a number of years, but now they have lost control.

A great financial earthquake has begun, and things are going to get really bad during the years that are in front of us.

But many people out there truly believed that the party would last forever, and so now they are in a position to get very badly burned as the system melts down all around them.

Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com.  In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned)  When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending copies as gifts to family and friends.  Time is short, and I need help getting these warnings into the hands of as many people as possible.  I have also started a brand new Substack newsletter, and I encourage you to subscribe so that you won’t miss any of the latest updates.  I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help.  These are such troubled times, and people need hope.  John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”  If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.

This is moving even faster than a lot of us thought that it would.  For weeks, I have been warning my readers about the coming credit crunch.  When banks get into trouble, they start getting really tight with their money.  That means fewer mortgages, fewer commercial real estate loans, fewer auto loans and fewer credit cards being issued.  But I thought that it would take some time for the credit crunch to fully kick into high gear.  Unfortunately, I was wrong about that.  In fact, it is being reported that during the last two weeks of March bank lending in the United States “contracted by the most on record”…

US bank lending contracted by the most on record in the last two weeks of March, indicating a tightening of credit conditions in the wake of several high-profile bank collapses that risks damaging the economy.

In other words, we have never seen bank lending shrink faster than it did during the second half of March.

Wow.

And it turns out that small banks are getting particularly tight with their money…

Commercial bank lending dropped nearly $105 billion in the two weeks ended March 29, the most in Federal Reserve data back to 1973. The more than $45 billion decrease in the latest week was primarily due to a a drop in loans by small banks.

The pullback in total lending in the last half of March was broad and included fewer real estate loans, as well as commercial and industrial loans.

As I have noted previously, small and mid-size banks provide the bulk of the commercial real estate loans in this country.

We are already starting to see prices for commercial real estate plunge, and now Morgan Stanley is warning that the drop that we will ultimately see could rival “the decline during the 2008 financial crisis”…

Investors have sharpened their focus on this sector, given regional banks’ significant share in CRE lending. Even before the banking-industry turmoil, however, CRE was facing risks from long-term trends, with remote work threatening the office sub-sector.

What’s more, the sector is now facing a huge “refinancing wall”: More than half of the $2.9 trillion in commercial mortgages will be up for refinancing in the next couple of years. Even if current rates stay where they are, new lending rates are likely to be 3.5 to 4.5 percentage points higher than they are for many of CRE’s existing mortgages.

Commercial property prices have already turned down, and Morgan Stanley analysts forecast prices could fall as much as 40%, rivaling the decline during the 2008 financial crisis. These kinds of challenges can hurt not only the real estate industry, but also entire business communities related to it.

A lot of people thought that I was exaggerating when I stated that we are heading into the worst commercial real estate crisis in our history.

But I was not exaggerating one bit.

Of course the credit crunch that we are now experiencing will have enormous ramifications for the entire economy.

When consumers have access to less credit, they spend less money.

And when consumers spend less money, businesses bring in less revenue and they start laying off workers.

And when workers get laid off, they get behind on their debts.

And that creates even more stress on the banks.

This new credit crisis threatens to spiral out of control, but Fed officials insist that everything is just fine.

In fact, James Bullard seems convinced that interest rates should go even higher…

“Financial stress seems to be abated, at least for now,” Bullard told reporters Thursday after speaking at an event in Little Rock, Arkansas. “And so it’s a good moment to continue to fight inflation and try to get on that disinflationary path.”

The St. Louis Fed chief said he doesn’t think tighter credit conditions stemming from the recent banking turmoil will be substantial enough to tip the US economy into recession, noting that demand for loans is still strong.

Demand for loans may be strong, but the supply of credit is starting to dry up really quick.

Meanwhile, Americans continue to pull money out of the banks at a staggering rate…

Friday’s report also showed commercial bank deposits dropped $64.7 billion in the latest week, marking the 10th-straight decrease that mainly reflected a decline at large firms.

Every week that this happens, it is just going to cause banks to get even tighter with their money.

And bank economists surveyed by the American Bankers Association expect credit conditions to continue to tighten during the months ahead…

• The Headline Credit Index fell in Q2 to 5.8, decreasing 6.7 points to its lowest point since the onset of the pandemic. The reading indicates broad-based expectations for weaker credit market conditions over the next six months among bank economists, and banks are likely to grow more cautious about extending credit.
• The Consumer Credit Index fell 7.9 points to 5.8 in Q2. EAC members expect credit availability to deteriorate more than credit quality, though almost all expect both to decline. The sub-50 reading indicates that consumer credit conditions are likely to weaken over the next six months.
• The Business Credit Index fell 5.6 points to 5.8 in Q2. All EAC members expect business credit availability will deteriorate in the next six months, and most expect business credit quality to deteriorate. The sub-50 reading indicates that EAC members expect that overall credit conditions for businesses will continue to weaken over the next two quarters.

Just look at those numbers.

Any figure under 50 is bad, and those numbers are in the single digits.

In all the years that I have been writing, I have never seen anything like this.

So I am encouraging all of my readers to brace themselves for a massive economic avalanche.

A major credit crunch is already here, but most Americans still don’t understand that severe economic pain is dead ahead.

Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com.  In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned)  When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending copies as gifts to family and friends.  Time is short, and I need help getting these warnings into the hands of as many people as possible.  I have also started a brand new Substack newsletter, and I encourage you to subscribe so that you won’t miss any of the latest updates.  I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help.  These are such troubled times, and people need hope.  John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”  If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.