The Economic Depression Of 2020: Many Of The Restaurants, Bars And Retailers That Have Closed Will Never Open Again

It appears that we are heading into the worst economic downturn of the post-World War II era, and that is going to be true no matter how this coronavirus pandemic ultimately plays out.  There are some that believe that this virus will only kill thousands, and there are others that are warning that it could kill millions, but everyone can agree that this outbreak is causing an unprecedented amount of fear.  And even once this pandemic starts to fade, a certain percentage of the population will continue to be afraid to go to restaurants, bars and other small businesses that are open to the public.  Of course many restaurants, bars and small businesses were just barely scraping by during the “good times”, and so many of them will simply not be be able to survive if a substantial portion of the population is literally petrified to step through their doors for the foreseeable future.

As long as fear of the coronavirus persists, the U.S. economy is going to be in for a world of hurt, and it looks like we may still be in the very early stages of this pandemic.

In fact, we are now being told that the death toll in the U.S. “could reach 100,000 or more”

President Donald Trump acknowledged Sunday for the first time that deaths in the United States from coronavirus could reach 100,000 or more, adding that if the death toll stays at or below 100,000, “we all together have done a very good job.”

Trump’s assertion came after he was asked about comments the nation’s top infectious disease expert, Dr. Anthony Fauci, made earlier Sunday on CNN’s “State of the Union” that based on models, 100,000 Americans or more could die from the virus.

Of course the death toll could ultimately be much lower than that if effective treatments are made widely available to the general public.

We shall have to wait and see if that actually happens.

But meanwhile, fear of the coronavirus is absolutely devastating the economy.  According to the National Restaurant Association, our restaurant industry has lost 25 billion dollars in sales so far this month…

The U.S. restaurant industry has lost $25 billion in sales since March 1, according to a survey of 5,000 owners by the National Restaurant Association. Nearly 50,000 stores of major U.S. retail chains have closed, according to the companies.

An estimated $20 billion in monthly retail real estate loans are due as early as this week, according to Marcus & Millichap, a commercial real-estate services and consulting firm. Many retailers and restaurants have said they are not going to pay their April rents, which in turn poses a threat to the $3 trillion commercial mortgage market.

As this crisis stretches on, all of the dominoes in the commercial mortgage market are going to begin to fall.

What we are watching is deeply tragic, because those that work in our restaurants are some of the hardest working people in the entire country.  At this point, 3 percent of our restaurants “have already permanently closed”, and another 11 percent “anticipate they will permanently close within 30 days”

Three percent of restaurants have already permanently closed due to the coronavirus crisis, according to research from the National Restaurant Association. Forty-four percent of operators have temporarily closed their restaurants, and 11% anticipate they will permanently close within 30 days.

Can you imagine that?

By the end of next month, 14 percent of all restaurants in America could be gone for good.

And the longer this pandemic lasts, the higher that number will go.

We didn’t see anything like this back in 2008.  What we are now facing is truly unprecedented, and there is going to be a whole lot of vacant buildings in the days ahead.

Of course it isn’t just restaurants that are being hit extremely hard.  According to the Wall Street Journal, a wide variety of businesses all over the country are already in very serious trouble…

Companies of all sizes are feeling the squeeze, especially retailers and restaurants that have closed their doors during the outbreak. Nike Inc. is asking to pay half its rents. TJ Maxx is delaying payments to its suppliers. Victoria’s Secret and Men’s Wearhouse have furloughed thousands of workers. Cheesecake Factory Inc. closed 27 of the company’s locations and furloughed 41,000 hourly workers, nearly 90% of its total staff.

Even if all of the lockdowns all over the U.S. were immediately lifted, economic activity would not return to “normal”, because millions upon millions of Americans would still be deeply afraid of the virus.

And that isn’t going to happen anyway.  In fact, President Trump just extended the national “social distancing guidelines” through April 30th

President Donald Trump announced on Sunday that the White House would be extending its social distancing guidelines through April 30 – a month longer than an initial 15-day timeline when they were implemented on March 16.

“The peak in death rate is likely to hit in two weeks,” Trump said. “Nothing would be worse than declaring victory before the victory is won.”

So that means that it is probably unlikely that any of the lockdowns on the state level that we have witnessed will be lifted before April 30th.

Across the Atlantic, citizens of the United Kingdom are being warned that life may not get back to normal “for six months or even longer”

Britons should not expect to get back to ‘normal life’ for six months or even longer, the government’s deputy chief medical officer warned today.

Dr Jenny Harries told a Downing Street press conference that people should not be viewing the coronavirus crisis as something that will blow over soon.

Would they really try to keep people inside for that long?

I can promise you that people do not have that much patience.

If you doubt this, just look at what is happening in China

Angry crowds rioted near the Chinese city of Wuhan after the region’s two-month coronavirus lockdown was lifted but residents were told they could not travel elsewhere in China.

Shocking footage showed a mob overturning a police van on a bridge linking Wuhan, which is the capital of Hubei Province, and neighbouring Jiangxi.

Here in the U.S., I have been seeing people all over social media clamoring for a return to normalcy.

Sadly, that is simply not going to happen for the foreseeable future, and the consequences for the U.S. economy are going to be extremely, extremely bitter.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd 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 have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. 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. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. 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 a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

The Pace At Which The Coronavirus Is Changing Life In America Is Absolutely Breathtaking

Fear of COVID-19 has fundamentally transformed our entire country in a matter of weeks, and as long as people are afraid of this virus life is definitely not going to return to normal.  In fact, every “shelter-in-place” order in America could be lifted tomorrow and economic activity would not rebound even close to previous levels because a large percentage of the population would still be extremely hesitant to leave their own homes.  As coronavirus survivors tell us stories of the hellish ordeals that they have endured, an increasing number of Americans are finally realizing how dangerous this crisis has become.  If you have asthma, a history of respiratory problems or other serious underlying health conditions, I strongly recommend that you do everything in your power to avoid catching this virus.  The global death toll is more than nine times larger than it was back on March 1st, and you do not want to become a statistic.

Here in the United States, we now have more confirmed cases than anywhere else in the world.  If you would have told me at the beginning of this month that the U.S. would be the first nation to 100,000 confirmed cases, I would have laughed at you.  And even though about half the country is currently under some sort of a “shelter-in-place” order, the virus just keeps on spreading.  In fact, the number of confirmed cases in the United States has doubled in just three days

Confirmed COVID-19 cases in the U.S. surpassed 100,000 Friday, doubling in just three days as the pandemic accelerates and the U.S. rolls out broader testing measures.

Data from Johns Hopkins University showed the total number of coronavirus cases as 101,707 and the total number of deaths in the U.S. as 1,544.

We had better hope that the measures that have already been implemented will start to slow down this rate of growth, because otherwise every healthcare system in America will soon be completely overwhelmed.

Of course this has already happened in New York, and now other hotspots across the country are starting to become major problems.

For example, Louisiana Governor John Bel Edwards is openly admitting that his state is on pace to become “the next New York”

Louisiana Governor John Bel Edwards has warned that the state ‘doesn’t have long’ to bring the coronavirus pandemic under control, as he admitted the state is on track to become ‘the next New York’.

Speaking at a press conference Friday, Edwards announced that the number of cases in Louisiana had surged in the last 24 hours, rising to 2,746 as of noon – a spike of 441 in a single day.

Sadly, it looks like we will soon be seeing similar numbers virtually everywhere.

The very first coronavirus case in the U.S. was confirmed by the CDC on January 20th.  Just a little over two months later, we are in the middle of the biggest economic shutdown in U.S. history and according to one recent survey 11 percent of all Americans personally know someone that has caught the virus.

At first, a lot of Americans were mocking this pandemic, but now people are starting to understand that once you catch this virus you can go from being “perfectly healthy” to dead in just a matter of days

A “perfectly healthy” father of six from Texas died Thursday from the coronavirus — two days after he received his positive diagnosis, a report said.

Adolph Mendez, known as TJ, was 44-years-old.

Please pray for that family, and hopefully that community will rally and provide what they need now that their father is gone.

But if hundreds of thousands of fathers start dying, who will provide for all of those mourning families?

And millions of Americans all across the country are already trying to figure out how they will provide for themselves now that they have lost their jobs.

On Thursday, we learned that more than 3.2 million workers filed new claims for unemployment benefits last week, and unfortunately next week is going to be really bad as well.  The following comes from Wolf Richter

And it’s going to get worse. The five largest counties of the San Francisco Bay Area were the first major region in the US to go into lockdown on March 17. The State of California followed on March 20, toward the end of the unemployment-claims reporting week (through March 21), and many other states followed within days – and many of those claims were filed after this reporting week had ended.

In all of U.S. history, we have never seen anything like this.

Many experts are projecting that we will shoot past the peak unemployment rate during the last recession very rapidly, and I agree with that assessment.

In the months ahead, we are going to see things that most Americans never imagined were possible.  If you can believe it, one new survey has found that 23 percent of U.S. adults say that they are no longer working as a result of this economic downturn…

Twenty-three percent said they have already lost their jobs because of the coronavirus, or that their employer was forced to close and “I no longer go to work, but I am still employed by them.”

Many economists expect the U.S. unemployment rate will surpass the 10% level that the country experienced more than a decade ago during the Great Recession. St. Louis Fed President James Bullard said it may rise as high as 30%.

Of course many Americans are already losing patience and are quite eager to get back to work.

If the “shelter-in-place” orders stretch on for months, it is probably inevitable that we will see civil unrest and rioting like we are witnessing in China right now.

Unfortunately, it appears that vast sections of the country will remain shut down for the foreseeable future.  On Friday, New York City Mayor Bill de Blasio openly acknowledged that his city will almost certainly be closed down “through May”

New Yorkers should be prepared for the city to remain in “pause” due to coronavirus through May even as President Trump gives Americans “false hope” the country will reopen by Easter next month, Mayor de Blasio said Friday.

“We have to be ready for that and I think it’s going to spread in the country,” de Blasio said when asked if the city would be closed through May on ABC’s “Good Morning America.” “This idea of Easter is, unfortunately, a false hope. It would be better for the president to be blunt with people that we’ve got a really tough battle ahead.”

I would never suggest that the decisions that our leaders are facing are going to be easy.

On the one hand, if extreme measures are not taken it is likely that millions could die.

On the other hand, shutting everything down is going to take us directly into complete economic collapse and the next Great Depression.

And actually even if they do everything right we might end up with both results anyway.

At a time like this, we need more prayer than ever, but right now churches all over America are being shut down.  In fact,Virginia Governor Ralph Northam just made it a crime “for more than 10 people to gather in a church”

Virginia Gov. Ralph Northam issued an executive order on Monday that is aimed at stopping the new coronavirus — and, in the process, makes it a criminal offense to hold a church service attended by more than 10 people.

Yes, his order makes it a crime for more than 10 people to gather in a church.

But meanwhile, the abortion clinics in Virginia just keep humming along.

I think that says a lot about where we are as a society today.

Nobody should really be surprised that the time of “the perfect storm” has arrived.  We have been slowly but surely committing national suicide for decades, and now the consequences of our very foolish decisions are rapidly catching up with us.

In the short-term, let us pray that this pandemic will start to subside as quickly as possible and that some sense of normalcy can soon be restored.

But if we just go back to the way that we were doing things, it really won’t matter, because the path that we were on doesn’t lead anywhere good.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd 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 have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. 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. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. 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 a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

A Massive Surge Of Unemployment Like America Has Never Seen Before

The pace at which Americans are losing their jobs is absolutely breathtaking.  According to the Wall Street Journal, the largest number of new claims for unemployment benefits ever recorded in a single week prior to this year was 695,000 during the week that ended October 2nd, 1982.  So that means that what we are now witnessing is completely unprecedented.  About half the country is currently under some sort of a “shelter-in-place” order, and there has never been a nationwide shutdown of businesses anything like what we are currently experiencing.  Many are hoping that America will be able to “get back to normal” soon, but that all depends on the progression of this pandemic.  The number of newly confirmed cases in the U.S. spiked by more than 11,000 on Wednesday, and the number of new deaths continues to escalate at a very alarming rate.  Until those numbers start to improve, life is definitely not going to “get back to normal”.

In recent days, so many newly unemployed Americans have been trying to file for unemployment benefits that it has been crashing websites all over the country.  For example, a newly unemployed worker in Michigan named Aaron Garza never was able to file for benefits through Michigan’s unemployment website although he kept on trying throughout Monday and Tuesday

When Aaron Garza was dismissed this week from his job as a parts specialist at a Toyota dealership in Grand Rapids, Michigan, he joined a tidal wave of unemployed people swamping systems to help them and straining state finances to the breaking point.

On Monday, Garza went to Michigan’s unemployment website and tried logging on to apply for benefits electronically. After 30 minutes, he was able to sign on, but by the time a verification code was sent to his phone 25 minutes later, he had already given up. As of Tuesday afternoon, he still hadn’t been able to get through.

Last week, 108,000 workers filed for unemployment benefits in the state of Michigan.

That is 20 times more than normal.

Ouch.

In Louisiana, things are even worse.  If you can believe it, the number of people filing for unemployment benefits is more than 40 times higher than usual

In Louisiana alone, 71,000 people filed new unemployment applications last week, compared to the usual 1,400 or 1,500 people per week, said state labor secretary Ava Dejoie.

Louisiana has one of the highest per capita counts of coronavirus cases in the U.S. Democratic Gov. John Bel Edwards has ordered nonessential businesses to close, limited restaurants to takeout and delivery, banned gatherings over 10 people and directed residents to remain at home.

And in California, Governor Gavin Newsom says that a million residents of his state have filed for benefits “just since March 13”

California Gov. Gavin Newsom said Wednesday that the state has seen 1 million unemployment claims in less than two weeks as the coronavirus pandemic has led to businesses being shut down across the state.

“We just passed the 1 million mark, in terms of the number of claims, just since March 13,” Newsom said.

On Thursday, we will get the latest weekly total for the nation as a whole.

At this point nobody is quite sure what to expect, but most forecasts are ranging between one million and four million

Economists have issued widely varying estimates of Thursday’s jobless claims total based on anecdotal reports by about 40 states to news outlets for the first few days of last week. Goldman Sachs estimated the national count will be about 2.25 million but said it could be as low as slightly more than 1 million. Morgan Stanley reckons about 3.4 million. Oxford Economics says about 4 million.

If we even hit the lowest edge of that range, it will absolutely shatter the old record that was set back in 1982.

Of course similar things are happening all over the world.  Approximately one-third of the entire population of the globe is currently under some sort of a lockdown order, and that means that hundreds of millions of workers are sitting at home not working.

Here in the United States, so many people are already absolutely sick and tired of being idle at home, but the truth is that it looks like this pandemic is just getting started.

In fact, New York City Mayor Bill de Blasio believes that more than half of the residents of his city will eventually get the virus

More than half of New York City’s population can expect to be infected by the coronavirus, Mayor Bill de Blasio said. Most will suffer only a “mild experience,” but many will become very sick, and “we are going to lose some people,” he said. April will be tough and May tougher before the virus crisis eases, he said. The city has seen 192 deaths so far, and there are more than 17,000 confirmed cases of the virus.

“The world we knew is gone,” de Blasio said in a social media post. “And it’s not coming back, not for the next few months. That’s the blunt truth.”

If his projection is even close to accurate, that means that we are in for a very, very long battle with COVID-19.

A lot of people out there are still trying to downplay this pandemic, and that is a huge mistake.  The dead bodies are starting to pile up just like we saw in China, Iran and Italy, and already “New York City’s morgues are nearing capacity”

The Department of Homeland Security has been briefed that New York City’s morgues are nearing capacity, according to a department official and a second person familiar with the situation.

Officials were told that morgues in the city are expected to reach capacity next week, per the briefing. A third person familiar with the situation in New York said some of the city’s hospital morgues hit capacity in the past seven days. And a FEMA spokesperson told POLITICO that New York has asked for emergency mortuary assistance. Hawaii and North Carolina have asked for mortuary help as well, and the disaster response agency is currently reviewing the requests, according to the spokesperson.

You may have noticed that I have not said too much about what Congress is doing, and that is because any “stimulus package” is really not going to make that much of a difference.

Congress is not going to be able to make this pandemic go away, and they aren’t going to be able to convince people that are deathly afraid to leave their own homes to go out and spend money normally.

But thanks to Congress there will be a lot more money chasing a rapidly dwindling pool of goods and services in the days ahead, and that will eventually cause very painful inflation.

And if they are going to start handing out giant checks to everyone, they better keep on doing it all throughout this crisis.  Because as Gerald Celente has warned, what we are heading for is “the Greatest Depression”

“People are going to go bankrupt. You are going to see suicide rates increase. You are going to see crime escalate and people OD’ing on drugs because of depression…

Our leaders are totally closing down the economy. Again, this has never been done before. It’s not only Wall Street going down, Main Street went down simultaneously. That is unprecedented. Usually, the markets go down and then the ripple effects start hitting Main Street. This time–boom, they are both down…

It’s going to be worse than the Great Depression. It’s going to be the Greatest Depression.”

Sadly, one element of Celente’s warning is already coming to pass.  It is being reported that calls to the National Suicide Prevention Hotline have risen 300 percent

Isolation and anxiety over the coronavirus pandemic are taking a toll, with calls to a National Suicide Prevention Hotline call center rising 300 percent, KVLY reports.

Other suicide prevention services across the United States also have seen spikes in calls since the COVID-19 virus threw everyday life askew for millions.​​​​​

In this hour, people are going to need hope.

But trying to convince them that this virus does not exist is not giving them hope.

And those that are boldly proclaiming that this virus will magically go away very quickly are only giving people false hope.  When they later realize that they were lied to, that false hope will give way to even deeper depression and despair.

This virus is very real, and we are going to be battling this pandemic for an extended period of time.  But God knew all about this in advance, He is in control, and He will accomplish His purposes.

And God specifically has a plan for you and your family, but you have got to be willing to embrace it.  Your future is likely to look far different than you originally imagined, but with God’s help it can also be far greater than you originally imagined as well.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd 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 have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. 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. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. 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 a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

Here Are The Very Alarming Things That Scientists Have Just Discovered About This Coronavirus…

The biggest public health crisis of our time just continues to get worse.  The global death toll is rapidly approaching 20,000, and approximately a third of the world is currently under some sort of a lockdown order.  Needless to say, this is going to be absolutely devastating for the entire global economy.  Here in the United States, the spread of this virus continues to track along a trajectory that is very similar to what we witnessed in Italy.  If you doubt this, just check out this chart.  At this hour, the official death toll in the United States is up to 782, and only 378 victims have officially “recovered”.  But of course the vast majority of the 54,867 confirmed cases will not come to a final resolution for quite some time.  Sadly, the numbers that I just shared with you are likely to be much higher by the time most of you actually read this article.  This is a full-blown national emergency, and a lot of people out there are still not taking this crisis very seriously.

This is no ordinary virus.  It moves from person to person with incredible ease, and it is rapidly changing.  In fact, it has just been announced that scientists in Iceland “have found 40 mutations of the coronavirus”

Scientists in Iceland claim they have found 40 mutations of the coronavirus, which has left the world gripped in fear.

The mutations were discovered by analysing swabs of COVID-19 patients in Iceland, where almost 600 cases have been reported so far.

Using genetic sequencing, the researchers identified how many mutations the virus had accumulated.

Those sentences should send a chill up your spine, and this discovery may help to explain why we are seeing far higher death rates in the western world than we have in Asia so far.

Meanwhile, a professor in the United Kingdom is warning that a single person that has the virus can potentially infect “up to 59,000 others”

An intensive care specialist has described how one person with coronavirus could infect up to 59,000 others – as the virus is more than twice as infectious as flu.

Dr Hugh Montgomery, a professor of intensive care medicine at University College London, explained how the virus could be passed from one person to thousands as he called on Britons to heed advice on social distancing.

Previously, we have been told that someone can spread COVID-19 for many days before they even start exhibiting any symptoms.

That makes this the perfect “stealth virus” to spark a horrifying global pandemic.

And as I have discussed in previous articles, you don’t even have to encounter someone with the virus in order to become infected.

In fact, scientists have now discovered that this virus can linger on surfaces “for up to 17 days”

Researchers have made the startling discovering that a form of the coronavirus can linger around for more than two weeks.

Traces of new coronavirus were found on the Diamond Princess cruise ship on surfaces in cabins where people who were infected with the virus had stayed, for up to 17 days after they had left, according to a study released Monday along with the Centers for Disease Control and Prevention’s Morbidity and Mortality Weekly Report.

I know that this information is hard to take.

But it is absolutely critical that we understand what we are dealing with.

Just like elsewhere, our healthcare system is about to be completely overwhelmed.  On his Twitter account, a New York City emergency room doctor named Craig Spencer has described what his shifts are already like each day

You’re notified of another really sick patient coming in. You rush over. They’re also extremely sick, vomiting. They need to be put on life support as well. You bring them back. Two patients, in rooms right next to each other, both getting a breathing tube. It’s not even 10am yet

For the rest of your shift, nearly every hour, you get paged:

Stat notification: Very sick patient, short of breath, fever. Oxygen 88%.

Stat notification: Low blood pressure, short of breath, low oxygen.

Stat notification: Low oxygen, can’t breath. Fever.

All day…

Sadly, this is what life is going to be like for emergency room doctors all across America for as long as this pandemic lasts.

And it is inevitable that a lot of those doctors will end up catching the virus themselves.  In fact, it is already happening

Healthcare workers across the United States are now testing positive for the coronavirus even as they man the front lines against the rapidly spreading pandemic.

The medical professionals who have tested positive for COVID-19 include two ER physicians at a Chicago suburban hospital, two doctors associated with Washington University, a doctor in Austin, Texas, as well as a doctor at a children’s hospital in Wisconsin.

I know that a lot of you out there are quite eager for life to return to “normal”, but that isn’t going to happen.

So far, the number of confirmed cases and the number of deaths in the United States are both ahead of even the most pessimistic early projections.

We should definitely be hopeful that the “social distancing” measures that have been put in place will help to “flatten the curve”, but even if that happens we still have a very long battle ahead of us.

In some countries that had supposedly “contained” the virus, we are already starting to see a stunning resurgence in cases as people bring the virus back in from other areas.

Expert after expert has assured us that most of the U.S. population will eventually catch COVID-19, and if it hits you really hard it will be a nightmarish ordeal that you will never forget.

Like so many others, I wish that this pandemic had not happened.

But it is here, and we have to deal with it.

According to a survey that was just conducted, 19 percent of Americans think that they might already have the virus.  If you are one of those people, please get the medical help that you need, and please reach out to those around you for prayer.

So many people out there have been getting really angry, but this is a time when we need to work together and all pull in the same direction.  This is truly a great challenge for this generation, and with God’s help we can get through it.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd 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 have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. 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. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. 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 a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

Experts Warn Of A Complete And Utter Economic Meltdown As The Global Coronavirus Death Toll Explodes

Everyone that tried to tell us that this pandemic would fade away quickly has been proven dead wrong.  Right now, approximately 187 million Americans are under “shelter-in-place” orders as COVID-19 sweeps across the nation like wildfire.  There are now more than 43,000 confirmed cases in the U.S., but by the time many of you read this article that number is likely to be far higher.  But what is even more concerning is what we are seeing with the cases that have come to a final resolution one way or the other.  Of all U.S. cases that have been officially resolved, 553 patients have died and only 295 patients have recovered.  Over time, the number of patients that have officially recovered will eventually surpass the number that have died for a couple of reasons.  For one, some victims are dying in just a few days while it can take weeks for some patients to fully recover.  Secondly, more widespread testing will start to reveal more mild cases, and most of those mild cases will ultimately recover.  But without a doubt it is starting to appear that the U.S. will have a very high death rate like we are seeing in Italy, Spain and other western European nations.  Monday was the very first time that more than 100 Americans died in a single day, and it looks like the days ahead could be much, much worse.

Overall, the global death toll is rising at a pace that is very alarming.  It hit 16,000 on Monday, and that means it only took six days to double from 8,000.

If the death toll keeps doubling like that, we are going to be in very big trouble.

The number of confirmed cases is rising at an exponential rate as well, and on Monday the head of the WHO warned that this pandemic “is accelerating”

The coronavirus “pandemic is accelerating,” World Health Organization (WHO) Director-General Dr. Tedros Adhanom Ghebreyesus warned Monday.

Almost every country in the world has reported cases, he announced in a Geneva press conference.

“It took 67 days from the first reported case to reach the first 100,000 cases. Eleven days for the second 100,000 and just four days for the third 100,000,” he said.

As I write this article, there are 260,133 open cases around the world and 118,947 closed cases.

Out of the closed cases, 86 percent of the victims have recovered and 14 percent of the victims have died.

To put that into perspective, the Spanish Flu pandemic that stretched from 1918 to 1920 had a death rate of less than 3 percent.

But even after everything that has transpired, there are still lots of Americans that are not taking this pandemic seriously.  I don’t understand this, because all of our medical authorities are warning us that the worst is yet to come.  In fact, Surgeon General Jerome Adams just told us that “it’s going to get bad” …

Surgeon General Jerome Adams warned Monday that the coronavirus outbreak will worsen this week and said people across the country are not taking the threat seriously enough.

“I want America to understand this week, it’s going to get bad,” Adams said in an interview on the “TODAY” show.

And as I have been warning for weeks, this pandemic is going to plunge the United States and the entire globe into a horrifying economic nightmare.

At this point, even CNN is using “the d-word”….

A global recession, once unthinkable in 2020, is now a foregone conclusion and some experts warn that the pandemic could drag the world’s economy into a depression. More bad news: The coronavirus outbreak may just be getting started.

Central banks and governments are now unleashing a tsunami of interest rate cuts, loan guarantees and new spending, tapping emergency powers to reassure investors, cushion the shock to companies and workers and preserve the foundations of a functioning economy for the future.

A month ago, most Americans wouldn’t have imagined that such a thing could be possible.

But now “the everything bubble” has burst and we have just witnessed the fastest 30 percent decline for the S&P 500 in all of U.S. history

Twenty-two days.

That’s all it took for the S&P 500 to fall 30% from its record high, the fastest drop of this magnitude in history.

The second, third and fourth quickest 30% pullbacks all occurred during the Great Depression era in 1934, 1931 and 1929, respectively, according to data from Bank of America Securities.

In the short-term, the good news for investors is that we should see a substantial bounce in stock prices this week, and that could especially be true when Congress finally gets around to passing their “stimulus” package.

But whether the market goes up or down in the short-term, it isn’t going to stop the complete and utter economic meltdown that is now unfolding.

According to billionaire Tom Barrack, the commercial mortgage market is on the precipice of a historic collapse…

Real estate investor Tom Barrack said the U.S. commercial-mortgage market is on the brink of collapse and predicted a “domino effect” of catastrophic economic consequences if banks and government don’t take prompt action to keep borrowers from defaulting.

Barrack, chairman and chief executive officer of Colony Capital Inc., warned in a white paper and in a subsequent interview on Bloomberg Television of a chain reaction of margin calls, mass foreclosures, evictions and, potentially, bank failures due to the coronavirus pandemic and consequent shutdown of much of the U.S. economy.

Sadly, Barrack is 100 percent correct.

All of the dominoes are going to fall, and it is going to be horrifying to watch.

Meanwhile, we could be on the verge of a shutdown “of virtually all passenger flights across the U.S.”

Major U.S. airlines are drafting plans for a potential voluntary shutdown of virtually all passenger flights across the U.S., according to industry and federal officials, as government agencies also consider ordering such a move and the nation’s air-traffic control system continues to be ravaged by the coronavirus contagion.

No final decisions have been made by the carriers or the White House, these officials said. As airlines struggle to keep aircraft flying with minimal passengers, various options are under consideration, these people said.

To me, this is something that is exceedingly difficult to imagine, but we will see things a lot stranger than this in the days ahead.

As America literally shuts down from coast to coast, the job losses are going to be absolutely staggering.  In fact, we are being warned to expect numbers that are unlike anything we have ever seen before

Upcoming weekly jobless claims will shatter the standards set even during the worst points of the financial crisis and the early-1980s recession, with Bank of America forecasting a total of 3 million when the number is released Thursday. Those figures are expected to be so bad, in fact, that the Trump administration, according to several media reports, has asked state officials to delay releasing precise counts.

If this pandemic stretches on for an extended period of time, we will very quickly surpass the unemployment levels that we witnessed during the Great Recession.

Back then, the unemployment rate didn’t exceed 10 percent, but now the head of the St. Louis Fed is warning that we may see a 30 percent unemployment rate in the second quarter

Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, with an unprecedented 50% drop in gross domestic product.

Could things actually deteriorate that rapidly?

I sure hope not, because most American families are just barely scraping by

How long could you sustain your household if you were to stop earning income? If you are like most Americans, the answer is not for long. Only 40 percent of Americans can afford an unexpected $1,000 expense with their savings. In fact, nearly 80 percent of workers are living paycheck to paycheck. It is no surprise that the probability of an economic recession brought on by the coronavirus pandemic caused many to worry.

For years, many of us have been begging and pleading with people to get ready.  We warned that when things finally broke loose that events would move very quickly.  I even co-authored an entire book entitled “Get Prepared Now”, but now it is too late to get prepared in advance because a day of reckoning is now upon us.  I really like how Mike Adams of Natural News made this point

Over the last several days, I’ve been called by many people I haven’t heard from in years. Suddenly they’re interested in what I have to say, even though they ignored everything I said for the last decade. And they want to assure me they’re “fully prepared” with 2-3 weeks of food.

These are the same people who probably have four months’ worth of toilet paper, but only a 3-week supply of food.

I’m not even trying to educate them at this point. That day is long gone. Anyone who thinks “2-3 weeks of food” is going to carry them through a national food supply line collapse, a global consumer goods supply line collapse and a systemic, cascading finance and banking collapses is living in a land of sheer delusion.

A lot of the same people that didn’t listen and didn’t get prepared in advance are now trying to convince us that this crisis will soon be gone.

And it would be wonderful if they are right.

But at this moment the global numbers are rising rapidly with each passing hour, and the global economy is literally imploding all around us.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd 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 have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. 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. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. 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 a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

This Is Why People All Over America Are Scared To Death Of Being Tested For The Coronavirus…

How would you feel if you received a bill for more than $34,000 after being tested and treated for the coronavirus?  This pandemic is showing the entire world that the U.S. healthcare system is deeply, deeply broken, and there is no way that we can continue to go on like this.  If coronavirus testing is quick, inexpensive and widely available all over the rest of the globe, why can’t that be the case here too?  Democrats and Republicans have been fighting about fixing our healthcare system all the way back to the 1990s and they haven’t gotten the job done.  Now we have a system that is a complete and utter embarrassment, and it is about to be overwhelmed by the greatest public health crisis that any of us have ever seen.

Even under normal circumstances, most Americans are deathly afraid to go to the hospital because of what it will cost.

I have written about this numerous times before, but not even I would have imagined that getting tested and treated for coronavirus would cost more than $34,000

A woman in the United States says she was billed $34,927.43 after being tested and treated for the coronavirus, Time magazine reports.

When Danni Askini first came down with the symptoms of the virus — shortness of breath, a fever, a cough and migraines — she was told by a doctor to go to the emergency room. There, she was told she had pneumonia and could go home. She visited the emergency room two more times as her symptoms persisted and worsened before she was finally tested for the coronavirus. Three days later her results showed she had COVID-19.

How in the world is it possible for a bill to get that high?

As Danni pointed out, she now owes the hospital more than she paid for both of her college degrees.

Sadly, she is going to be far from alone.  According to the Kaiser Family Foundation, coronavirus victims all over America are going to get hit with extremely high medical bills…

A new analysis from the Kaiser Family Foundation estimates that the average cost of COVID-19 treatment for someone with employer insurance—and without complications—would be about $9,763. Someone whose treatment has complications may see bills about double that: $20,292. (The researchers came up with those numbers by examining average costs of hospital admissions for people with pneumonia.)

What this means is that if even a single member of your family catches the virus it could instantly wipe you out financially, and this is especially true if you do not have health insurance.

Congress has passed a bill which will now cover the cost of coronavirus testing, but the bad news is that “it doesn’t do anything to address the cost of treatment”

Public health experts predict that tens of thousands and possibly millions of people across the United States will likely need to be hospitalized for COVID-19 in the foreseeable future. And Congress has yet to address the problem. On March 18, it passed the Families First Coronavirus Response Act, which covers testing costs going forward, but it doesn’t do anything to address the cost of treatment.

For those that catch the virus, and officials are warning that will eventually be most of us, treatment is going to cost far, far more than testing will.

You may think that you will just tough things out at home, but if this virus hits you hard enough you will either go to the hospital or you will die.

For a moment, I would like for you to consider what a medical worker in Louisiana is saying about the patients that he is treating

“With our coronavirus patients, once they’re on ventilators, most need about the highest settings that we can do. About 90% oxygen, and 16 of PEEP, positive end-expiratory pressure, which keeps the lung inflated. This is nearly as high as I’ve ever seen. The level we’re at means we are running out of options.

“In my experience, this severity of ARDS is usually more typical of someone who has a near drowning experience — they have a bunch of dirty water in their lungs — or people who inhale caustic gas. Especially for it to have such an acute onset like that. I’ve never seen a microorganism or an infectious process cause such acute damage to the lungs so rapidly. That was what really shocked me.”

Many coronavirus victims have described being in a state where they constantly feel like they are drowning.

And this medical worker in Louisiana says that there is a really good reason for that, because the severe cases that he is treating are “essentially drowning in their own blood and fluids because their lungs are so full”

“When someone has an infection, I’m used to seeing the normal colors you’d associate with it: greens and yellows. The coronavirus patients with ARDS have been having a lot of secretions that are actually pink because they’re filled with blood cells that are leaking into their airways. They are essentially drowning in their own blood and fluids because their lungs are so full. So we’re constantly having to suction out the secretions every time we go into their rooms.”

For the moment, there are still enough ventilators in the U.S. for everyone, but we are still in the very early chapters of this pandemic.

Over in Europe, many hospitals are already being completely overwhelmed.  In Italy, one doctor is reporting that patients over the age of 60 are now being refused access to artificial respiratory machines

Peleg said that, from what he sees and hears in the hospital, the instructions are not to offer access to artificial respiratory machines to patients over 60 as such machines are limited in number.

When things get bad enough, doctors are going to have to make choices about who lives and who dies here too.

It is hoped that the measures that are being taken all over the nation will start to slow down the spread of this virus.

But millions of Americans continue to go to work each day, and many of them simply can’t afford not to work.

In fact, it is being reported that many delivery drivers continue reporting for work each day even though they are clearly very sick…

An increasing number of the workers sorting those boxes, loading them into trucks and then transporting and delivering them around the country have fallen sick.

They have coughs, sore throats, aches and fevers — symptoms consistent with the coronavirus. Yet they are still reporting for their shifts in crowded shipping facilities and warehouses and truck depots, fearful of what will happen if they don’t.

So the next time a delivery truck comes to your home, you may want to keep your distance.

We have never seen anything like this before.  The entire western world is shutting down simultaneously, and it is being estimated that nearly a billion people are now under lockdown orders

Close to one billion people worldwide were confined to their homes on Saturday as the global coronavirus death toll shot past 11,000 and US states rolled out lockdown measures already imposed across swathes of Europe.

The pandemic has completely upended lives across the planet, restricting movement, shutting schools and forcing millions to work from home.

Needless to say, this is going to be absolutely devastating for the economy.

If you can believe it, Morgan Stanley is now projecting a 30 percent decline in U.S. GDP on an annualized basis during the second quarter…

We now see 1Q GDP dropping by 2.4% as economic activity has come to a near standstill in March, followed by a record-breaking drop of 30.1% in 2Q. We estimate that March will also mark the first drop in nonfarm payrolls, down 700k. We expect a record-high unemployment rate, averaging 12.8% in 2Q.

We assume sharp declines in areas of consumer discretionary spending like travel, dining out, other services and motor vehicle spending among others. This will leave a large hole in consumer spending in 2Q, when we expect real personal consumption expenditures to contract at a 31% annualized pace.

And the president of the St. Louis Fed is being even more pessimistic

In an interview with Bloomberg, the president of the St. Louis Fed, predicted that U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, coupled with an unprecedented 50% drop in US GDP. That would be an outcome worse not only than every prior war the US has (officially) waged, but more than twice as dire as the worst days of the Great Depression.

It sure didn’t take much to plunge the U.S. into a horrifying economic depression.

Two months ago, everything seemed just fine to most people.

But now financial markets are crashing, workers are losing jobs at an unprecedented rate, and many of the businesses that are now being closed down will never open again.

Fear of the coronavirus has collapsed “the everything bubble”, and what we have experienced so far is just the beginning…

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd 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 have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. 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. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. 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 a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

This Was The Worst Week For The Stock Market Since 2008, And “Jobless Filings Are Growing Geometrically”

Just a few weeks ago everything seemed completely normal to most people, but now fear of the coronavirus has caused U.S. stock prices to absolutely implode.  The stock market crash of 2020 will forever be mentioned alongside the crashes of 1929, 1987 and 2008, and by the time it is over it could potentially end up being the largest of them all.  Close to a third of all stock market wealth in the entire country has already been wiped out, and many experts are warning that the worst is yet to come.  Of course the authorities are going to do their very best to try to prop up the market, but despite the most dramatic intervention by the Federal Reserve that we have ever witnessed, U.S. stocks just had their worst week since 2008

The Dow dropped more than 17% for the week, its biggest one-week fall since October 2008, when it slid 18.2%. The S&P 500 lost more than 13% week to date after dropping another 11.5% last week. The Nasdaq fell 12.6%. Both the S&P 500 and Nasdaq also had their worst weekly performances since the financial crisis in 2008.

And when you look at the numbers for the entire month so far, they are even more depressing

The Dow is down more than 24% for March and is currently on pace for its biggest one-month fall since September 1931. The S&P 500 has dropped 22% month to date and is headed for its worst monthly performance since May 1940.

Overall, the Dow Jones Industrial Average has fallen a whopping 35.2 percent from the all-time record high that we witnessed in February, and the S&P 500 has fallen 32.1 percent from the all-time record high that it set earlier this year.

In all of U.S. history, we have never seen a market crash of such speed and ferocity.

At this point, all of the stock market gains that we have witnessed since Donald Trump became president have been completely wiped out.

Ouch.

I know that many of you may find this difficult to believe, but stock prices are still substantially overvalued.

According to historical norms, stocks valuation ratios are still way too high, and so stocks still have a lot further to fall until they get back to “normal”.

Of course these aren’t “normal” times, and so there is no telling how far prices could eventually fall.

As financial markets continue to go wildly up and down, an increasing number of financial firms are inevitably going to get into very serious trouble.

On Friday, many were absolutely stunned when Ronin Capital completely imploded

Well, no more: according to CNBC’s Scott Wapner, one of the CME’s direct clearing firms was unable to meet its capital requirements on Friday, forcing the exchange to step in and invoke its “emergency protocols” to auction off the firm’s portfolios.

The firm in question: Ronin Capital, which on its website says “seeks the best and brightest people who embrace our Firm’s culture, and can thrive in a dynamic, entrepreneurial trading environment.” Apparently, that also meant being unable to quantify your risk exposure.

Sadly, what we have witnessed so far is just the beginning.

Meanwhile, the greatest corporate debt bubble in history appears as though it is about to burst in a major way.  According to Bloomberg, “the amount of distressed debt in the U.S. alone has doubled” over the past couple of weeks…

In less than two weeks, the amount of distressed debt in the U.S. alone has doubled to a half-trillion dollars as the collapse of oil prices and the fallout from the coronavirus shutters entire industries.

In all, U.S. corporate bonds that yield at least 10 percentage points above Treasuries, as well as loans that trade for less than 80 cents on the dollar, have swelled to $533 billion, data compiled by Bloomberg show.

But most ordinary Americans are not really too concerned about such matters.

What many Americans are worried about these days is whether or not they will actually have jobs next week.

As the U.S. literally shuts down from coast to coast, Americans are losing jobs at a pace that is mind blowing, and we are being told that state jobless claims “are growing geometrically”

State jobless filings are growing geometrically, a signal of how the national numbers will change when we have them. Last Monday, Colorado had 400 people apply for unemployment insurance. This Tuesday: 6,800. California has seen its daily filings jump from 2,000 to 80,000. Oregon went from 800 to 18,000. In Connecticut, nearly 2 percent of the state’s workers declared that they were newly jobless on a single day. Many other states are reporting the same kinds of figures.

When I first read those numbers, they took my breath away.

And since most workers in this country are living paycheck to paycheck, large numbers of them will almost instantly be struggling to pay their basic expenses once they are let go.

Sadly, more layoffs are coming, and we are now being warned to brace ourselves for job loss numbers that once would have been unthinkable

The first real bad U.S. economic data from the coronavirus outbreak was released on Thursday, as initial jobless claims surged 70,000 to 281,000, the highest level in 2.5 years.

But that is not anything compared with what is in store.

David Choi, an economist from Goldman Sachs, says initial claims for the week ending March 21 may jump to a seasonally adjusted 2.25 million.

Please pray for those that are losing their jobs, because most of them will not be able to find work for the foreseeable future.

What we are dealing with is not just another economic downturn.  In her most recent article, Annie Lowrey described this as an economic “shock” that is “more sudden and severe than anyone alive has ever experienced”…

What is happening is a shock to the American economy more sudden and severe than anyone alive has ever experienced. The unemployment rate climbed to its apex of 9.9 percent 23 months after the formal start of the Great Recession. Just a few weeks into the domestic coronavirus pandemic, and just days into the imposition of emergency measures to arrest it, nearly 20 percent of workers report that they have lost hours or lost their job. One payroll and scheduling processor suggests that 22 percent of work hours have evaporated for hourly employees, with three in 10 people who would normally show up for work not going as of Tuesday. Absent a strong governmental response, the unemployment rate seems certain to reach heights not seen since the Great Depression or even the miserable late 1800s.

So how bad could things ultimately get?

Well, Goldman Sachs is now forecasting that on an annualized basis U.S. GDP will plunge 24 percent in the second quarter

Goldman Sachs economists on Friday forecast an unprecedented 24% decline in second quarter gross domestic product, following a 6% decline in the first quarter, based on the economy’s sudden and historic shutdown as the country responds to the coronavirus pandemic.

If that projection is anywhere close to accurate, we are about to see economic suffering that will be off the charts.

Needless to say, cries for help from the federal government will soon become overwhelming.  At this point, even billionaires such as Ray Dalio are pleading for the government to do more

As the coronavirus spread Thursday, Bridgewater’s Ray Dalio said the outbreak will cost U.S. corporations up to $4 trillion, and “a lot of people are going to be broke.”

“What’s happening has not happened in our lifetime before. … What we have is a crisis,” the Bridgewater founder said on CNBC’s “Squawk Box.” “There will also be individuals who have very big losses. … There’s a need for the government to spend more money, a lot more money.”

So a broke government that is already 23.5 trillion dollars in debt is supposed to borrow and spend trillions more to bail everyone out?

Good luck with all that.

We have reached the beginning of the end.

We have reached a time when everyone and everything is going to be shaken, and life is never going to go back to the way it was before.

But as I keep stressing, now is not a time for fear.

With God’s help we can get through this, but God’s plan for your future may end up looking radically different from what your plan for the future would have looked like.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd 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 have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. 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. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. 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 a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

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