The UN Is Now Admitting That This Coronavirus Pandemic Could Spark Famines Of “Biblical Proportions”

What the head of the UN’s World Food Program just said should be making front page headlines all over the globe.  Because if what he is claiming is true, we are about to see global food shortages on a scale that is absolutely unprecedented in modern history.  Even before COVID-19 arrived, armies of locusts the size of major cities were voraciously eating crops all across Africa, the Middle East and parts of Asia, and UN officials were loudly warning about what that would mean for global food production.  And now the coronavirus shutdowns that have been implemented all over the planet have brought global trade to a standstill, they are making it more difficult to maintain normal food production operations, and they have forced countless workers to stay home and not earn a living.  All of this adds up to a recipe for a complete and utter nightmare in the months ahead. (Read More...)

The Oil Price Collapse Is Yet Another Sign That Economic Activity Is Crashing Dramatically All Over The World

The insanity that we are currently witnessing in the financial markets is difficult to believe.  Personally, even though I operate a website called “The Economic Collapse Blog” and I write about these things every day, when someone told me that the price of oil had fallen below minus 30 dollars a barrel on Monday I initially didn’t think that it could possibly be true.  Yes, I always knew that it was theoretically possible that the price of oil could go into negative territory, but we had never seen such a thing actually happen before.  And I knew that a crunch was coming as futures contracts expired, but I certainly did not expect the extreme carnage that we witnessed on Monday … (Read More...)

Killed By The Coronavirus Lockdowns: 1000s Of U.S. Businesses That Were Shut Down Will Be Closed Permanently

This economic downturn is turning out to be far deeper and far more severe than most experts were originally anticipating.  More than 22 million Americans have filed claims for unemployment benefits, and economists are telling us that the U.S. economy is contracting at the fastest rate that we have seen since the Second World War.  We are already starting to see some high profile companies move toward bankruptcy, but the real story is what is happening to thousands upon thousands of small and mid-size businesses because of the lockdowns.  Many of them were barely surviving even before this pandemic, and now these lockdowns have delivered a death blow. (Read More...)

U.S. Economy Contracting “At Its Sharpest Pace Since World War Two” And “The Worst Is Yet To Come”

Fear of COVID-19 has unleashed economic chaos on a scale that has already surpassed anything that we witnessed during the last recession, and as you will see below, we are now being warned that “the worst is yet to come”.  Many Americans are hoping that things can start to return to normal as the U.S. economy “reopens” in the weeks ahead, but the truth is that we are still in the very early chapters of this crisis.  In fact, it is being estimated that we are only one-tenth of the way through this pandemic, and by “flattening the curve” we have actually extended the economic pain.  You see, the truth is that most Americans are going to end up catching this virus one way or another.  All of the “shelter-in-place” orders have temporarily slowed down the spread of this coronavirus, but once they are lifted it is inevitable that we will see new waves of people becoming infected.  And if you think that a vaccine will be the golden ticket that gets us out of this mess, you might want to reconsider that belief, because there has never been a successful vaccine for any coronavirus.  Of course it is possible that scientists could come up with something this time around, but if the virus mutates significantly that could render any potential vaccine absolutely useless. (Read More...)

This Is The Worst Employment Collapse In U.S. History By A Very Wide Margin

We have never seen an “employment apocalypse” in the United States like we are witnessing right now, and it is not going to end any time soon.  Over the past several days, “coronavirus shutdowns” have officially been extended all over the nation, and the longer these shutdowns last the more jobs our economy is going to lose.  And because most Americans were living paycheck to paycheck before this pandemic hit us, many unemployed workers are already unable to pay their bills.  Yes, our authorities may be slowing down the spread of the virus, but in the process they have absolutely killed the economy.  On Thursday, I was stunned to learn that another 5.2 million Americans filed initial claims for unemployment benefits last week.  That brings the grand total for the last four weekly reports “to a staggering 22 million”… (Read More...)

Will You Resume Normal Daily Activities Once The Coronavirus Restrictions Are Finally Lifted?

COVID-19 has turned all of our lives upside down, and most people are quite eager for a return to normalcy.  But as you will see below, fear of the coronavirus is going to prevent the vast majority of Americans from immediately resuming all of their normal daily activities once the coronavirus restrictions have been lifted.  Every day there are more stories in the news about prominent individuals that have died from the virus, and the chilling testimonies of those that have wrestled with the virus and survived are extremely sobering.  Yes, most people that catch this virus will ultimately recover, but the fact that tens of thousands of Americans are dying is seriously scaring a lot of people.  And even though the “shelter-in-place” orders appear to be slowing the spread of the virus to a certain extent, the official U.S. death toll has actually doubled over the past week… (Read More...)

Now They Are Telling Us That Life In America Will Definitely Not Be Returning To Normal “For The Foreseeable Future”

If you thought that this pandemic would pass quickly and that life in America would soon return to “normal”, I am afraid that you are in for quite a shock.  Some of the restrictions currently in place will eventually be lifted, and efforts will be made to get people back to work, but life is still going to be radically different from what we had become accustomed to before COVID-19 started sweeping across the globe.  Authorities are telling us that there may be “rolling shutdowns” for up to 18 months, that social distancing guidelines will be necessary for a long time to come, and that this crisis will not ultimately be resolved until they can inject everyone with a vaccine.  If all of this greatly alarms you, please be assured that you are not alone. (Read More...)

Deep Economic Suffering Has Erupted All Over America, But Guess Who The Federal Reserve Is Helping?

As millions upon millions of Americans lose their jobs in the greatest wave of unemployment in U.S. history, the Federal Reserve has decided that now is the time to spend trillions of newly created dollars in a desperate attempt to protect financial asset values.  In other words, as much of the country suddenly plunges into poverty, the Federal Reserve is working exceedingly hard to protect the wealth of the elite.  Approximately fifty percent of all stock market wealth is owned by the wealthiest one percent of all Americans, and the amount of stock market wealth owned by the poorest 50 percent of all Americans is so small that it really doesn’t matter.  And those running the Fed certainly understand that their reckless policies will create very painful inflation that will hit average American families extremely hard, but they don’t seem to care.  At this point, they figure that asset values must be protected at all costs, and that is going to continue to expand the absolutely massive gap between the rich and the poor in this country. (Read More...)

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