The Truth About What Is Happening To The Petrodollar

This month, rumors about the petrodollar have spread like wildfire all over the Internet.  Some of what is being said is true, and some of what is being said is false.  When other sources were reporting on “the death of the petrodollar”, I was asked why I was not writing about it.  Well, the truth is that I was not writing about it because the petrodollar is not dead.  It is certainly in trouble, but it is not dead.  Today, most oil continues to be sold in U.S. dollars, and most global trade continues to be conducted in U.S. dollars.  But that could change as other countries lose faith in our currency.  In particular, we will want to carefully watch what the BRICS nations choose to do.  45 percent of the world’s inhabitants live in the BRICS nations, and they have been implementing strategies that are designed to promote their own currencies and reduce dependence on the U.S. dollar.  As U.S. relations with leading BRICS nations continue to deteriorate, I would expect that trend to accelerate.

So I am not optimistic about the future of the petrodollar at all.

But what some other sources reported about the petrodollar earlier this month was simply not accurate.

Let me start at the beginning.  According to Investopedia, petrodollars are “simply U.S. dollars accepted as payment by an oil exporter”…

Petrodollars are oil export revenues denominated in U.S. dollars. Petrodollars are not a distinct currency; they are simply U.S. dollars accepted as payment by an oil exporter.

Global crude oil exports averaged approximately 88.4 million barrels per day in 2020. That pace would generate annual global petrodollar supply of more than $3.2 trillion a year, assuming an average price of $100 per barrel.

Petrodollars are the primary source of revenue and wealth for many members of the Organization of Petroleum Exporting Countries (OPEC) as well as non-OPEC oil and gas exporters including Russia, Qatar, and Norway.

The fact that so many other countries all over the globe use the U.S. dollar to buy and sell oil is a major advantage to us.

Earlier this month, there was a flood of reports that the “50 year petrodollar agreement” between the United States and Saudi Arabia had expired and that the petrodollar was now dead.

But that wasn’t true.

As Peter C. Earle has accurately pointed out, there never was a formal treaty, there never was a formal expiration date, and Saudi Arabia has been trading oil for other currencies for a very long time…

Last week several reports suggested the termination of a US-Saudi petrodollar agreement, and speculated a Saudi Arabian move to sell oil on world markets in various currencies, including the Chinese yuan. The accounts were rife with inaccuracies: the Saudis’ have transacted in non-dollar currencies for decades, and there has never been a formal treaty, much less with a specified expiration date, governing the loose arrangement that has come to be called the ‘petrodollar system.’

Unfortunately, many of the false reports went viral, and Google searches for “petrodollar” spiked to unprecedented levels

Almost immediately, Google searches for the term “petrodollar” spiked to the highest level on record dating back to 2004, according to Google Trends data.

But as speculation about an imminent end to the U.S. dollar’s global dominance intensified, several Wall Street and foreign-policy experts emerged to point out a fatal flaw in this logic: The agreement itself never existed.

At least, not in the way it was being described in the posts that had gone viral on social media.

This is why I take my time and do my research before I report something.

It is so easy to be wrong, but it takes real work to develop a reputation for accuracy.

According to UBS Global Wealth Management chief economist Paul Donovan, the false story about the expiration of the petrodollar agreement “seems to have started in the crypto world”

Paul Donovan, the chief economist at UBS Global Wealth Management, in a blog post said that the story had gained unexpected traction, serving as yet another example of the dangers of “confirmation bias.”

“The story seems to have started in the crypto world. Many crypto speculators desperately want to believe in the dollar’s demise,” said Donovan.

It is true that a “Joint Commission on Economic Cooperation” was established in 1974.

Originally it was only supposed to last for five years, but it was “repeatedly extended”

The agreement referred to by Donovan is the United States-Saudi Arabian Joint Commission on Economic Cooperation. It was formally established on June 8, 1974, by a joint statement issued and signed by Henry Kissinger, the U.S. secretary of state at the time, and Prince Fahd, the second deputy prime minister (and later king and prime minister) of Saudi Arabia, according to a report found on the Government Accountability Office’s website.

The agreement, as initially envisioned, was intended to last five years, although it was repeatedly extended. The rationale for such a deal was pretty straightforward: Coming on the heels of the 1973 OPEC oil embargo, both the U.S. and Saudi Arabia were eager to flesh out a more formal arrangement that would ensure each side got more of what it wanted from the other.

At that time, the U.S. and Saudi Arabia very much needed one another.

Today, circumstances are quite different.

The U.S. is now much less dependent on foreign oil, and the Chinese have become one of the primary purchasers of oil from the Middle East.

Over time, more oil will be bought and sold in other currencies, but for the moment it is pretty much business as usual

Oil has always traded in non-dollar currencies. In January 2023, Saudi indicated it was happy to negotiate oil sales in other currencies. The possibility changes little for financial markets. Saudi Arabia’s riyal remains pegged to the dollar, and its stock of financial assets are dollar focused. The dollar’s reserve status depends on how money is stored, not how transactions are denominated.

However, as I noted earlier in this article, we need to keep a very close eye on what the BRICS nations are doing.

Saudi Arabia has been deepening relationships with China, Russia and India, and that is definitely bad news for the U.S. dollar

Owing to the US and Western Europe’s increasingly entangled alliances, and its own efforts to diversify away from dependence upon energy exports, Saudi Arabia has been increasing its diplomatic and economic engagements with China, Iran, Russia, nations considered primary US foreign policy adversaries. Recent moves toward accepting non-dollar currencies reflects broader geopolitical shifts away from US currency hegemony.

Of course the truth is that if we want to find the biggest enemy of the U.S. dollar all we need to do is to look at ourselves.

The rest of the world is rapidly losing faith in our currency because of what are own leaders are doing to it.

The U.S. dollar is no longer a stable currency.  We are creating, borrowing and spending trillions upon trillions of dollars, and if we continue to act with such extreme irresponsibility everyone else will eventually be forced to switch to new reserve currencies.

According to USdebtclock.org, our national debt will hit 46 trillion dollars on this day in 2028 if we continue to borrow money at the rate we are right now.

That is madness.

We are literally committing economic suicide, but most of the U.S. population is not interested in such warnings.

They just want our leaders to keep flooding the system with more money so that the party can continue.

Yes, the party will continue for a little while longer, but once the lights are finally turned off nobody will ever be able to turn them back on again.

Michael’s new  book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

About the Author: Michael Snyder’s extremely controversial new  book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com. He has also written seven other  books that are available on Amazon.com including “End Times”“7 Year Apocalypse”“Lost Prophecies Of The Future Of America”“The Beginning Of The End”, and “Living A Life That Really Matters”.  When you purchase any of Michael’s  books you help to support the work that he is doing.  You can also get his articles by email as soon as he publishes them by subscribing to his Substack newsletter.  Michael has published thousands of articles on The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and he always freely and happily allows others to republish those articles on their own websites.  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, we strongly urge you to invite Jesus Christ to be your Lord and Savior today.

In The Old Days We Had “Slumlords”, But In 2024 We Have “Vanlords”

If you live in a major city, you can see them all around you.  I am talking about aging vans, RVs and trailers that are parked on the side of the road for months at a time and that obviously have people living in them.  There is an entire class of people that live in such conditions, and there is an entire class of “businessmen” that prey on such people.  When I was growing up, there were lots of headlines about “slumlords” that were taking advantage of the poor.  According to the Merriam-Webster dictionary, a “slumlord” is “a landlord who receives unusually large profits from substandard, poorly maintained properties”.  Today, we have a different sort of a problem.  “Vanlords” are parking vans, RVs and trailers along the streets of the worst parts of our major cities, and they are renting them out to people that cannot afford regular homes.  Sadly, we live at a time when lots and lots of people cannot afford regular homes because homelessness is absolutely exploding all over the nation.  In some areas there have been efforts to crack down on the “vanlords”, but when things get too hot in one area they just move somewhere else.  As long as there are vast hordes of homeless Americans that are deeply suffering, there will be “vanlords” that are eager to take advantage of them.

Matt Feely just authored a very interesting piece about this phenomenon.  He says that things are particularly bad in the poorest sections of Oakland

The most familiar and ominous form of homelessness in Oakland, however, has become the vehicle encampment. A few small clusters of vehicles have gathered in my North Oakland neighbourhood, lines of dirty campers and battered cars seeking shade under an elevated freeway, but poor East Oakland has it the worst. There, such encampments have taken over long stretches of busy street, visiting already-distressed neighbourhoods with huge living sculptures of ugliness and disorder — cars filled with clothes and junk; hulking RVs parked for months at a time, drug and sex deals conducted streetside; trash gathering around and between the vehicles, and lots of new crime. Recently, the city had to replace traffic lights at an East Oakland intersection with stop signs, because people, presumably from the vehicle encampment close by, were constantly stealing the cables to sell the copper wire inside.

All over the country, this is how vast numbers of people are living now.

Unfortunately, most of the people that are living in RVs don’t even own them.  Instead, most of them are owned by the “vanlords”

But the people in those RVs don’t own them. They rent them, from people who’ve come to be called “vanlords”. These energetic businesspeople buy up old trailers and RVs and either drive or tow them to unfortunate neighbourhoods in cities like Oakland. There they enter into informal rental agreements with homeless people.

This is also happening on a very large scale in southern California.

In fact, it is being estimated that the number of people living in RVs in Los Angeles County actually increased by 31 percent from 2020 to 2023…

The number of people living in RVs across L.A. County has jumped 31% from 2020 to 2023, according to the annual homeless counts.

About 11,500 people are estimated to live in roughly 6,800 RVs.

With each passing day, more impoverished people are being forced out into the streets.

And with each passing day, more formerly middle class Americans are joining the ranks of the poor.

Our standard of living has declined so much that we have reached a point where even most middle class Americans are struggling financially

A majority of middle-class Americans are experiencing financial hardship that they expect will continue for the rest of their lives, according to a new poll.

Findings published by the National True Cost of Living Coalition show that 65% of Americans whose incomes are 200% above the national poverty line – which is about $62,300 for a family of four, often considered middle class – said they are struggling financially.

In many cases, a single accident or a single bad break is enough to push someone over the edge.

The vast majority of us are just barely scraping by from month to month, and that is because the cost of living has been rising much faster than paychecks have

The typical U.S. household needed to pay $227 more a month in March to purchase the same goods and services it did one year ago because of still-high inflation. Americans are paying on average $784 more each month compared with the same time two years ago and $1,069 more compared with three years ago.

If you are still doing well, please don’t look down on those that are hurting.

Many of them were once just like you.

Sadly, many more Americans will be dumped out into the streets soon as economic conditions continue to deteriorate.

This week, we learned that initial claims for unemployment benefits have hit the highest level in 10 months

The number of Americans filing for unemployment benefits last week unexpectedly jumped to the highest level in 10 months, the latest sign that the labor market is starting to cool in the face of high interest rates.

Figures released Thursday by the Labor Department show initial claims for the week ending June 8 increased by 13,000 to 242,000, above the 2019 pre-pandemic average of 218,000 claims. It marks the highest level for jobless claims since August 2023.

Continuing claims, filed by Americans who are consecutively receiving unemployment benefits, also rose to 1.82 million for the week ended June 1, an increase of 30,000 from the previous week.

Virtually all of the economic numbers that we have been getting lately tell us that the economy is rapidly heading in the wrong direction.

So if you think that things are bad now, just wait until you see what is coming.

Personally, I fully expect conditions to get steadily worse throughout the rest of 2024.

All of the “vanlords” out there will soon have even more potential customers to prey on, and that is not good news for any of us.

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

About the Author: Michael Snyder’s extremely controversial new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com. He has also written seven other books that are available on Amazon.com including “End Times”“7 Year Apocalypse”“Lost Prophecies Of The Future Of America”“The Beginning Of The End”, and “Living A Life That Really Matters”.  When you purchase any of Michael’s books you help to support the work that he is doing.  You can also get his articles by email as soon as he publishes them by subscribing to his Substack newsletter.  Michael has published thousands of articles on The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and he always freely and happily allows others to republish those articles on their own websites.  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, we strongly urge you to invite Jesus Christ to be your Lord and Savior today.

Surveys Show That The American People Absolutely HATE What Is Happening To The Economy, And This Is Why…

The health of the economy has been one of the primary determining factors in many presidential elections, and it will be the same this time around too.  Of course that is really bad news for Joe Biden, because the American people absolutely hate what is happening to the economy.  Even though the media is constantly telling us that the economy is doing just fine, the vast majority of the population is not buying into the propaganda.  Hordes of small businesses are failing, retailers are shutting down thousands of stores, and poverty is exploding all over the nation.  But inflation is the biggest reason why Americans are so dissatisfied with the economy.  According to one recent survey, it is “far and away” the biggest issue for American voters…

Inflation is “far and away” the biggest issue for Americans heading into the 2024 election, but economic outlooks and President Biden’s approval rating vary by race and ethnicity, according to a new Harvard CAPS/Harris poll.

That survey found that 58 percent of Americans consider the economy to be weak, and only 34 percent think that it is on the right track

When asked how strong they think the economy is today, 42 percent of respondents said it was strong while 58 percent perceive the economy as weak, according to the online survey of 1,660 registered voters conducted May 15-16, 2024.

Just 34 percent of respondents said they believe the economy is on the right track, although that answer varied significantly depending on whether the respondent was a Republican or Democrat — 13 percent and 59 percent, respectively.

Other surveys have come up with similar results.

According to a recent ABC News/Ipsos survey, 85 percent of U.S. adults consider inflation to be an important issue…

U.S. adults trust former President Donald Trump over President Joe Biden on the issue of inflation by a double-digit margin, according to a new ABC News/Ipsos poll this month, which found that price increases remain a top concern for voters, with less than six months to go until Election Day.

In all, 85% of poll participants said inflation is an important issue, making it the second-highest priority among adults surveyed. The top priority, the economy, also relates to individuals’ perceptions of price increases.

On each of those issues, the economy and inflation, adults surveyed by ABC News/Ipsos said they trusted Trump over Biden by a margin of 14 percentage points.

Why are we seeing poll results like this when inflation is supposedly not even a problem?

Right now, headlines all over the country are bolding declaring that inflation is under control.

You can believe that if you want, but the truth is that the cost of just about everything has been soaring in recent years…

Gas prices are currently sitting at a national average of $3.45 per gallon, down from $3.50 last week as low demand and increasing supply provide relief at the pump, AAA said. But overall, today’s prices are still 45% more expensive than in January 2021, when it cost $2.38 per gallon to fill up.

Electricity costs are up about 29% since Biden took office.

It also costs more to buy a car (20.4% increase), maintain it (30.5%) and insure it (51.3%) than it did four years ago.

Housing costs have become particularly painful.

Just check out these numbers

The real estate firm Zillow reports that since January 2020, the monthly mortgage payment on a typical U.S. home has nearly doubled. It’s up 96% in just four years.

According to Zillow, a typical buyer will now pay nearly $2,200 a month, with a 10% down payment. Meaning, homeownership now costs well above the 30% of median income that was once thought to equate to “affordable” housing cost in America.

And with the 30-year fixed-rate mortgage hovering around seven percent right now, there’s not a whole lot of light at the end of this tunnel.

Small businesses are also being crushed by inflation.

In a recent piece for the Daily Mail, Kevin O’Leary explained that food costs for restaurants have spiked “30 to 40 percent over the last 36 months”

Supply chains crippled by the COVID pandemic lockdown haven’t recovered. Food costs – especially for proteins like chicken, beef and seafood – are up 30 to 40 percent over the last 36 months. Worst of all for the restaurant industry – customers haven’t returned from the shutdowns.

Meanwhile, a lot more Americans are working from home these days, and so there is a lot less foot traffic for restaurants that are located in our core urban areas…

And while Americans rarely worked from their home prior to the pandemic, an estimated 22 millions employed adults (about 14 percent of the workforce) haven’t returned to the office, according to Pew Research Center.

That means fewer people are going out to lunch or meeting colleagues for dinner after work.

This has been devastating to businesses that invested in brick-and-mortar locations. Eateries in urban locations have been hit especially hard as their expensive locations are no longer receiving the footfall they need to meet rent.

On top of everything else, California and other blue states have been changing minimum wage laws

Indeed, the restaurant industry’s struggles are most pronounced in deep-blue California – where Democratic Governor Gavin Newsom has turned the not-so-Golden State into the closest American facsimile to Venezuela.

Newsom signed a law in September jacking up the minimum wage for fast-food workers from $16-per-hour to $20 – making decades-old businesses unprofitable overnight.

One California trade group estimated the Maduro-style edict led to the firing of nearly 10,000 workers even before the law went into effect on April 1.

Last month I wrote about the “restaurant apocalypse” that is sweeping across America, and unfortunately conditions are not going to improve for America’s restaurants any time soon.

So if you have a favorite restaurant, you may want to visit it while you still can.

We really have reached an economic tipping point, and the months ahead are going to be filled with uncertainty.

I believe that the economy is going to steadily deteriorate as we get closer to the election.

Needless to say, that is good news for Donald Trump and bad news for Joe Biden.

But whoever wins is going to have a colossal mess on their hands.

It has taken decades of incredibly bad decisions to get us to this point, and our economic future looks incredibly bleak indeed.

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

About the Author: Michael Snyder’s extremely controversial new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com. He has also written seven other books that are available on Amazon.com including “End Times”“7 Year Apocalypse”“Lost Prophecies Of The Future Of America”“The Beginning Of The End”, and “Living A Life That Really Matters”.  When you purchase any of Michael’s books you help to support the work that he is doing.  You can also get his articles by email as soon as he publishes them by subscribing to his Substack newsletter.  Michael has published thousands of articles on The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and he always freely and happily allows others to republish those articles on their own websites.  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, we strongly urge you to invite Jesus Christ to be your Lord and Savior today.

The Entire System Is Crumbling! Major Red Flags Are Popping Up For Banks, Small Businesses And Retailers

If the economy is fine, why are so many signs of trouble erupting all around us?  Those that keep insisting that the U.S. economy is heading in the right direction conveniently ignore the very troubling facts and figures that I regularly share with my readers.  When you take an honest look at the cold, hard numbers that the economy keeps producing, there is only one logical conclusion.  Our entire system is crumbling, and it appears that conditions will soon get significantly worse.

Just look at what is happening to our banks.

The FDIC’s most recent report tells us that there are 63 “problem banks” in the United States, and collectively our banks now have 517 billion dollars in unrealized losses

According to the Federal Deposit Insurance Corporation’s first quarter report, the US banking system is sitting on a collective $517 billion in unrealized losses and has 63 “problem banks.”

Those losses have been sparked primarily by a surge in interest rates over the past two years, which have driven down the price of fixed-income securities held by banks.

Unrealized losses held by banks increased by $39 billion in the first quarter relative to the fourth quarter of 2023.

“Higher unrealized losses on residential mortgage-backed securities, resulting from higher mortgage rates in the first quarter, drove the overall increase,” the FDIC said.

I would love to know what banks are on that list.

Wouldn’t you?

But the FDIC will not tell us.

As Daisy Luther has accurately noted, the FDIC won’t release that information because they are afraid of bank runs…

We don’t get to know which banks are in trouble.

It could be my bank. It could be yours. Or maybe it’s not.

Are they big banks? Small ones?

The list is confidential to inhibit the likelihood of bank runs finishing off these institutions.

So we just don’t know.

If Americans had the truth, there would be bank runs all over the country tomorrow morning.

That is a rather comforting thought.

And the condition of our banks just continues to deteriorate because mountains of commercial real estate loans are going bad.

At this point, it has become clear that we have never faced a commercial real estate crisis of this magnitude in our entire history…

The CRE sector faces the triple whammy of falling pricesfalling demand, and rising interest rates. The post-pandemic rise of telecommuting and work-at-home programs crushed demand for office space. Vacancy rates in commercial buildings have soared.

This has put significant stress on commercial real estate companies. The biggest bankruptcy in 2023 was the failure of the Pennsylvania Real Estate Investment Trust. The company had loaded up with more than $1 billion in liabilities.

The collapse of the commercial real estate market could easily spill over into the financial sector. That’s because a lot of loans are coming due.

According to the Mortgage Bankers Associationaround $1.2 trillion of commercial real estate debt in the United States will mature over the next two years.

A lot of financial institutions will fail during the months and years that are ahead of us.

Just hope that your money is not in one of them.

Meanwhile, one recent survey discovered that approximately two-thirds of all small businesses in the United States are teetering on the brink of disaster

A new survey reveals that over two-thirds of small business owners are terrified of the state of the economy under Joe Biden’s watch, fearing that current conditions and ongoing downward trends will lead to them having to close their businesses.

As reported by the Daily Caller, the poll from the Job Creators Network Foundation (JCNF) shows that 67% of small business owners maintain such fears about the economy as it stands today, marking a 10-point increase from sentiments two years ago. In the same poll, participants’ perceptions of economic conditions for their own businesses fell from 70.2 to 68.1. Perception of national conditions fell even more drastically, from 53.2 to 50.4.

Maybe you don’t care about what is happening to our small businesses.

But you should, because close to half of all workers in the United States are employed by small businesses

Forbes estimates that at least 46% of all employees in the United States, around 61.6 million people in total, are employed by small businesses.

I think that it is quite an ominous sign that the household survey showed that the U.S. economy lost a whopping 408,000 jobs last month.

Sadly, I think that a lot more months like that are coming.

Retailers are also really struggling right now.

In fact, as Mark B. Spiegel recently discussed, major retailer after major retailer has been reporting disappointing sales numbers…

The U.S. economy seems to finally be cracking. This month a slew of retailers (off the top of my head: Target, Lowe’s, Macy’s, Kohl’s, Best Buy and Foot Locker) reported negative year-over-year sales comps, and that’s before adjusting for the inflation that makes them 3% to 4% more negative in “real” terms. Others (Dollar General and Burlington) reported same-store sales comps in the +2% range, but that too was negative when adjusted for inflation, while Walmart and Nordstrom comps managed to roughly keep pace with inflation, but were unable to exceed it.

At one time, Walmart was an unstoppable retail behemoth.

But now even Walmart is closing down stores

WALMARTS are closing across the country – and retail experts say the cuts are signals of a bleak future for shoppers.

The multi-million dollar corporation has closed nine stores so far this year, which could be a warning sign for other retail giants.

Of course the stores that Walmart is shuttering are just a drop in the bucket compared to what other chains are doing.

As I detailed in an article that I posted last week, we are on pace to lose 7,800 stores in 2024.

When the Drudge Report used the term “retail apocalypse” in one of their headlines on Monday morning, that was not an exaggeration at all.

We really are in the early stages of a historic meltdown.

And the outlook for the months ahead is extremely bleak.

In fact, Harry Dent just told Fox News that we should brace ourselves for “a bigger crash than we got in 2008 to ’09”

Speaking in an updated interview with Fox News Digital, Dent cautioned that the “everything” bubble has still yet to burst, and it may be a bigger crash than the Great Recession.

“In 1925 to ‘29, it was a natural bubble. There was no stimulus behind that, artificial stimulus per se. So this is new. This has never happened,” Dent said on Tuesday. “What do you do if you want to cure a hangover? You drink more. And that’s what they’ve been doing.”

“Flooding the economy with extra money forever might actually enhance the overall economy long-term. But we’ll only see when we see this bubble burst,” he added. “And again, this bubble has been going 14 years. Instead of most bubbles [going] five to six, it’s been stretched higher, longer. So you’d have to expect a bigger crash than we got in 2008 to ’09.”

Our leaders were able to keep the game going for years by pumping trillions upon trillions of dollars into the system.

But they didn’t fix anything.

Instead, they just delayed the inevitable.

Our entire system really is crumbling all around us, and as it crumbles we are going to see chaos on a scale that most people don’t even want to imagine.

Already, major cities from coast to coast are being terrorized by theft, violence, drugs, homelessness, gangs and anarchy.

If things are this bad already, what is America going to look like once our leaders completely lose control of the economy?

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

About the Author: Michael Snyder’s extremely controversial new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com. He has also written seven other books that are available on Amazon.com including “End Times”“7 Year Apocalypse”“Lost Prophecies Of The Future Of America”“The Beginning Of The End”, and “Living A Life That Really Matters”.  When you purchase any of Michael’s books you help to support the work that he is doing.  You can also get his articles by email as soon as he publishes them by subscribing to his Substack newsletter.  Michael has published thousands of articles on The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and he always freely and happily allows others to republish those articles on their own websites.  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, we strongly urge you to invite Jesus Christ to be your Lord and Savior today.

Retail Bloodbath: More Than 2,600 Store Closings Have Been Announced So Far In 2024

Retail stores are being shut down at a staggering rate all over the country.  If we stay on the pace that we are on, the total number of stores closed in 2024 will be nearly 40 percent higher than the total number of stores closed in 2023.  That is what you call a crisis!  Meanwhile, banks are shuttering hundreds of branches from coast to coast, and a “restaurant apocalypse” is sweeping across the nation.  Everywhere around us, “space available” signs are going up on buildings that were once considered to be prime commercial real estate.  If someone tries to convince you that the U.S. economy is in good shape, just show them this article and ask them why so many once prosperous businesses are closing.  Needless to say, they will not be able to win the argument after that.

According to the Daily Mail, nearly 2,600 store closings were announced during the first four months of 2024…

US retailers have announced the closure of almost 2,600 stores in 2024 – just four months into the year.

Big names including Macy’s, Walmart, Walgreens, Foot Locker and 7-Eleven have all said they are closing shops.

But discount stores like Family Dollar and bankrupt 99 Cents Only have been worst hit, as have drugstores like CVS and Rite Aid.

If the U.S. economy is heading in the right direction, why are many of the largest retail chains in the U.S. shutting down stores?

That wouldn’t make any sense at all.

If this pace remains constant throughout the rest of this year, we would hit a grand total of approximately 7,800 store closing announcements by the end of 2024…

If the closures were to continue at the same rate for the rest of the year they would total 7,800 in 2024 – almost 40 percent more than the total in 2023.

When the number of retail stores shutting down goes up by 40 percent in a single year, that is a sign that your economy is really “booming”, eh?

Sadly, we are losing more stores with each passing day.

On Thursday, we learned that a major convenience store chain in Wisconsin has decided to close down all of their locations

Wisconsin convenience store and gas station chain The Store is being forced to close all of its 25 locations.

The Store, established in 1976, will shutter its businesses at the end of July. It also has locations in Michigan.

In some cases, stores are being closed down due to rapidly slowing economic conditions.

But in other cases, stores are being permanently shuttered due to the unprecedented wave of retail theft that never seems to end.

Earlier this week, I was intrigued by an article that was cleverly titled “Lego thefts across Southern California leave police trying to piece together clues”…

Believe it or not, the Lego sets and figurines collecting dust in your childhood bedroom could fetch a pretty penny.

So pretty, in fact, that two suspects have allegedly stolen more than $100,000 in Lego merchandise from six Bricks & Minifigs stores across Southern California.

The Lego reseller, which stocks mini figures, accessories and bricks, has more than 100 outlets across the U.S.

The Riverside store was the first one burglarized, with the suspects hitting it April 3, followed by Ontario on April 12, Whittier on May 3, Irvine on May 9 and the Costa Mesa and Fullerton locations on June 1, Whittier store owner Katie Leuschner said.

“Shrink” is costing U.S. retailers more than 100 billion dollars a year at this point.

In this sort of an environment, it is difficult for any retailers to be profitable, and that is especially true in our major cities.

Meanwhile, our banks are shutting down branches at a feverish rate.

So far this year, more than 400 locations have been permanently closed…

US banks closed 79 branches in just six weeks – as the industry increasingly offers services online.

The figures suggest the axing of costly bricks-and-mortar locations will continue, with total closures so far for 2024 above 400.

California is worst affected by the recent closures with 20 registered shutterings between April 20 and June 1.

When banks get into trouble, they get really tight with their money, they fire workers, and they close branches.

So expect to see a lot more branches get shuttered during the months ahead.

We are also in the midst of a “restaurant apocalypse”, and that is very bad news if you like to eat out a lot.

For example, Red Lobster recently closed 93 locations earlier this year, and now we have learned that 135 more are on the brink of being canned if they continue to lose money

Red Lobster is ready to close another batch of more than 100 restaurants if it is unable to renegotiate cheaper rent with its landlords.

The seafood chain abruptly closed 93 of its 700-odd restaurants on May 13 – and the next week filed for Chapter 11 bankruptcy in the hope it can restructure its debts.

New court documents reveal that there are another 135 restaurants that bosses say will keep losing money if leases stay as they are, Restaurant Business reported. The option is for the company to pay less rent or shut them.

If I owned a restaurant chain, a bank, or a major retailer, I would be trimming locations too.

Economic conditions are horrible, theft is absolutely rampant, and the violence in our streets is rapidly approaching levels only seen in the most dangerous areas of the planet.

Earlier this week, Collin Rugg posted an account of a particularly alarming incident that just happened in Chicago

A woman identified as ‘Nina’ says she was walking down the street when she got surrounded by teens who assaulted her.

Her crime? Walking down the wrong street.

“We own the street, we own the street. You can’t just walk around prancing in your little dress,” the gang of about 10 said.

They then held her husband back as they beat her, ripped out her hair, pepper sprayed her face and kicked her in the stomach.

“First someone approached him and hit his head, punched him in the head, and he looked back and he looked at me and told me ‘run’.”

“Another lady came to me and dragged me with my hair on the ground.”

“I started screaming she started pepper-spraying me right in the face, in the eyes.”

“Another person starts stomping all over me, and my husband ran towards me to save me and over 10 people held him.”

She lost her baby hours later.

For a long time, I have been warning that “chaos” would be coming to the streets of America.

Now it is here.

And it is getting worse every single day.

Unfortunately, most Americans still don’t understand the fundamental transformation that is happening to our society and they still believe that our leaders will be able to return things to “normal” eventually.

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

About the Author: Michael Snyder’s extremely controversial new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com. He has also written seven other books that are available on Amazon.com including “End Times”“7 Year Apocalypse”“Lost Prophecies Of The Future Of America”“The Beginning Of The End”, and “Living A Life That Really Matters”.  When you purchase any of Michael’s books you help to support the work that he is doing.  You can also get his articles by email as soon as he publishes them by subscribing to his Substack newsletter.  Michael has published thousands of articles on The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and he always freely and happily allows others to republish those articles on their own websites.  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, we strongly urge you to invite Jesus Christ to be your Lord and Savior today.

Money Is Power, And The Global Balance Of Power Is Rapidly Shifting In Favor Of The Ultra-Wealthy Elite

If  you have enough money, you can buy just about anything.  And when you are in a position where you can buy just about anything, you wield an enormous amount of raw power.  Today, our world is completely and utterly dominated by those at the very top of the economic pyramid.  Those in the top one percent of the top one percent are pretty much able to do whatever they want, and the rest of us are pretty much powerless to stop them.  Unfortunately, the gap between the ultra-wealthy elite and the rest of us just continues to get even larger.  Last year, the total wealth of the world’s millionaires reached a staggering 86.8 trillion dollars

The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday.

The number of “high net worth individuals” (HNWI) — defined as people with liquid assets of at least $1 million — rose by 5.1 percent last year to 22.8 million, according to consulting firm Capgemini.

Their total wealth reached $86.8 trillion in 2023, a 4.7 percent increase from the previous year, according to the annual World Wealth Report.

Meanwhile, 5 billion people have gotten poorer since the start of the pandemic…

Since 2020, the richest five men in the world have doubled their fortunes. During the same period, almost 5 billion people globally have become poorer.

How much power do the hundreds of millions of people around the world that are living on less than two dollars a day have compared to the billionaires in the western world that are constantly making headlines?

The truth is that they run the world and the rest of us are just living in it.

Here in the United States, the colossal gap between CEO pay and worker pay got even larger last year

Bosses have always made more money than workers. But the gap between CEOs and employees is growing.

The median CEO in the S&P 500 was paid 196 times as much as the median employee in 2023, according to an analysis by Equilar and The Associated Press.

That’s up from a ratio of 185 in 2022.

It would be a good thing if the rich were getting richer as long as everyone else was getting richer as well.

But instead, poverty is literally exploding all around us.

In 2020, there were approximately 140 homeless camps in Oakland, California.

Since that time, the city has closed 537 homeless camps, but there are still approximately 1,500 remaining all over the city…

Oakland officials passed a policy in 2020 to regulate homeless encampments when there were about 140 camps. The policy was created to prohibit encampments in specific areas of the city, including proximity to businesses, schools, playgrounds, traffic lanes, bike paths, housing and playgrounds.

Any encampments in those prohibited areas were supposed to be vacated, with the city offering shelter before evacuating the camp.

Since then, the city has closed 537 homeless camps with approximately 1,500 remaining, according to a city report.

I feel so bad for the law-abiding citizens that still live in Oakland.

Conditions have become so precarious that one construction company actually “refused to finish its pothole paving job because it got ‘too dangerous’ for its workers”

Frustrated Oakland residents are in the hole after a construction crew quit and refused to finish its pothole paving job because it got ‘too dangerous’ for its workers – as other businesses flee the Bay Area over the same concerns.

Residents in the Sobrante Park area in East Oakland said they weren’t even notified after the third-party general contractor decided to abandon the project before repaving the streets, leaving large potholes and dangerous loose gravel all over the neighborhood since mid-May.

If you still have a nice home and plenty of money, good for you.

But you should understand that you are solidly in the minority at this point.

Of course our politicians care far more about the economic health of the elite than anyone else, because it is the elite that fund their campaigns.

So even though just about all the rest of us have seen our standard of living go way down, in recent years there has been an all-out effort to prop up the stock market because that is where the elite have much of their wealth.

Today, the wealthiest 10 percent of all Americans own 93 percent of all the stocks.

And the poorest 50 percent of all Americans own just 1 percent of all the stocks.

The stock market wealth that the entire bottom half of the country controls is basically just a rounding error compared to the enormous holdings of the elite.

Unfortunately for the elite, it appears that trouble may be brewing for the financial markets…

The US stock market is shrinking, and investors are pulling their money out at a near-record pace as storm clouds gather over the US economy.

That means the titans of Wall Street may have to contend with choppy water as they cruise toward their Nantucket getaways this year.

In fact, Bank of America says that their customers have been pulling large amounts of money out of stocks for five consecutive weeks

Bank of America analysts said on Tuesday that their clients have now been large net sellers of US stocks for five weeks in a row. Just last week, they sold off $5.7 billion more in stocks than they purchased, the highest outflow since last July.

Bank of America recorded the second largest sell-off of tech stocks in their history last week. And while one week does not a trend make, it does stand in stark contrast with the Magnificent Seven fervor that ensnared Wall Street mere months ago.

Whether it happens sooner or later, it is inevitable that America’s financial idols will come crashing down at some point.

But for most of the country, it feels like the economy has already crashed.

Our cost of living crisis has become exceedingly painful, our entire society is drowning in debt, and poverty and homelessness are exploding all around us.

Just about the only people that are still doing really well are those that are at the very top of the food chain.

When you hear that “the economy is booming”, those are the people they are talking about.

But just like all the rest of us, the elite will not be able to escape the period of tremendous global chaos that is ahead of us.

Like I said, money can buy you just about anything, but it cannot purchase a free pass from the day of reckoning that is rapidly approaching.

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

About the Author: Michael Snyder’s extremely controversial new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com. He has also written seven other books that are available on Amazon.com including “End Times”“7 Year Apocalypse”“Lost Prophecies Of The Future Of America”“The Beginning Of The End”, and “Living A Life That Really Matters”.  When you purchase any of Michael’s books you help to support the work that he is doing.  You can also get his articles by email as soon as he publishes them by subscribing to his Substack newsletter.  Michael has published thousands of articles on The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and he always freely and happily allows others to republish those articles on their own websites.  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, we strongly urge you to invite Jesus Christ to be your Lord and Savior today.

Little By Little, The Economy Has Declined To A Point Where Almost Everyone Is Struggling

It happened so gradually that a lot of people didn’t even realize what was happening.  The cost of living just kept rising faster than paychecks were, and little by little our standard of living just kept going down.  Now we have reached a stage where the ultra-wealthy are thriving but almost everyone else is struggling.  For most people, it is a real fight just to pay the bills from month to month.  The majority of the population is deep in debt, and meanwhile the cost of just about everything is going up and up.  Millions of Americans feel like they are drowning financially, and there is no easy way out.  Sadly, many of them don’t even realize that the game was designed to get them on to a hamster wheel and keep them running for as long as possible.

When I was a kid, the United States had a very large and very prosperous middle class.

Life certainly wasn’t perfect in those days, but just about everyone that I knew could afford to live a comfortable middle class lifestyle.

Sadly, now everything has changed.

According to a survey that was just conducted by Seven Letter Insight, 65 percent of Americans “who earn more than 200% of the federal poverty level” admit that they are struggling financially…

In the large poll of 2,500 adults, 65% of people who earn more than 200% of the federal poverty level — that’s at least $60,000 for a family of four, often considered middle class — said they are struggling financially.

If 65 percent of those that “earn more than 200% of the federal poverty level” are struggling, what about those that earn less than that?

Needless to say, almost all of them are struggling.

That same survey discovered that 46 percent of Americans don’t even have 500 dollars saved up…

About 40% of respondents were unable to plan beyond their next paycheck, and 46% didn’t have $500 saved. The February poll found that more than half said it’s at least somewhat difficult to manage current levels of debt.

Over the past couple of years, the stock market has been “booming” and the ultra-wealthy have been getting richer and richer.

But things have been getting worse for virtually all the rest of us.

According to Zillow, over the past four years “the monthly mortgage payment on a typical U.S. home has nearly doubled”…

The real estate firm Zillow reports that since January 2020, the monthly mortgage payment on a typical U.S. home has nearly doubled. It’s up 96% in just four years.

According to Zillow, a typical buyer will now pay nearly $2,200 a month, with a 10% down payment. Meaning, homeownership now costs well above the 30% of median income that was once thought to equate to “affordable” housing cost in America.

Has your income doubled over the past four years?

If not, you are falling behind.

The American people absolutely hate what is being done to their standard of living.

In fact, during a recent interview Neel Kashkari astutely observed that Americans “really, viscerally hate high inflation”

Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, says one of the things he has learned in the past few years is that consumers would rather see the economy fall into a recession than to continue to suffer the pain of soaring prices.

“The American people – and maybe people in Europe, equally – really hate high inflation,” Kashkari told the Financial Times podcast “The Economics Show with Soumaya Keynes” last week. “I mean, really, viscerally hate high inflation.”

He is right.

I really detest inflation.

I am sure that you do too.

But what he didn’t mention is that the Federal Reserve and our politicians in Washington are responsible for creating the epic cost of living crisis that we are currently facing.

They caused this mess, and now they don’t seem to have any solutions for cleaning it up.

Meanwhile, economic activity just continues to slow down.

On Tuesday, we learned that the number of job openings in the U.S. has fallen to the lowest level in more than 3 years

Job openings fell more than forecast in April, signaling a potential weakening in the labor market that could provide the Federal Reserve with more impetus to start lowering interest rates.

The Labor Department’s Job Openings and Labor Turnover Survey released Tuesday showed that the level of employment vacancies slipped to 8.06 million for the month, down by nearly 300,000 from March and close to 19% lower than a year ago.

Moreover, the total marked the lowest since February 2021.

And more workers are being dumped into the streets with each passing day.

For example, Rubio’s Coastal Grill just announced that it will be permanently closing 48 locations in the state of California

California’s $20-an-hour fast food minimum wage has its first casualty.

Mexican chain Rubio’s Coastal Grill is shuttering 48 restaurants in the state – because of the ‘rising cost of doing business in California’.

‘While painful, the store closures are a necessary step in our strategic long-term plan to position Rubio’s for success for years to come,’ a Rubio’s spokesperson added.

As this year rolls along, we will see a lot more stories like this.

For a long time, our leaders were able to keep the party going by flooding the system with money.

But now inflation is out of control and we have reached the terminal phase of the “greatest credit bubble in human history”

Mark Spitznagel, chief investment officer of Universa Investments, is known for being a “permabear” when it comes to the stock market outlook.

Spitznagel told Bloomberg in an earlier interview that we’re witnessing the “greatest credit bubble in human history.”

“Credit bubbles end. They pop. There’s no way to stop them from popping,” he said, adding that the Fed has brought the economy to a place “where there’s no turning back.”

Spitznagel is right on target.

There really is no turning back now.

Our leaders have wrecked the greatest economic machine in the history of the world.

What is ahead of us is a tremendous amount of pain.

So if you think that things are bad now, just wait until you see what is coming next.

For years, little by little our standard of living has been collapsing.

But now we are entering a time when our economic slide will become an economic avalanche.

Decades of absolutely disastrous decisions have brought us to this point, and now we shall truly reap what we have sown.

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

About the Author: Michael Snyder’s extremely controversial new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com. He has also written seven other books that are available on Amazon.com including “End Times”“7 Year Apocalypse”“Lost Prophecies Of The Future Of America”“The Beginning Of The End”, and “Living A Life That Really Matters”.  When you purchase any of Michael’s books you help to support the work that he is doing.  You can also get his articles by email as soon as he publishes them by subscribing to his Substack newsletter.  Michael has published thousands of articles on The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and he always freely and happily allows others to republish those articles on their own websites.  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, we strongly urge you to invite Jesus Christ to be your Lord and Savior today.

During The Great Depression They Were Called “Hoovervilles”, But Today America’s Shantytowns Are Called “Bidenvilles”

To those at the bottom of America’s economic pyramid, it feels like the economy has already collapsed.  When you can’t afford to put a roof over your head and you barely have enough food to eat, nothing else really matters.  During the Great Depression of the 1930s, millions of homeless Americans created large shantytowns known as “Hoovervilles” all over America.  Unfortunately, we are witnessing the same thing today.  Our homeless population is rapidly exploding, and those that have nowhere to live are creating shelters for themselves out of wood, cardboard boxes, tents, tarps, construction materials and whatever else they can find.  In some cases, very large shantytown communities are being established, and they are primarily populated by our young adults

During the Great Depression (1929 to 1933), 48 percent of the nation was homeless, living with relatives or in “shantytowns,” “Hoovervilles.”  Today, between 47 and 52 percent of young adults are homeless, living with parents or shelters, a direct result of Biden’s radical overspending, energy and immigration policies, inflation, and high interest, turning America into a giant “Bidenville.”

One “Bidenville” that has been getting a lot of attention recently is located in Oakland, California.

A video of that “Bidenville” that was posted on social media on May 31st shows “massive temporary houses built along service roads”

Shocking footage has emerged showing a gigantic ‘shantytown’ that has sprung up in Oakland, as the California city’s slide into crime-ravaged squalor continues.

Michael Oxford, the host of CaliBased, posted a video on May 31 of massive temporary houses built along service roads that open up into main roads in Hooverville, Oakland.

The footage showed trash strewn around scores of houses that were built of wood, tarp and other discarded materials.

I write about this stuff all the time, but it is still hard to believe that so many people are living in third world conditions in the United States of America in 2024.

The man that shot the video, Michael Oxford, used the term “absolute squalor” to describe the conditions that he witnessed…

Particularly shocking was just how large the ‘shantytown’ is, with a lengthy stretch of road in the Bay Area city covered with the makeshift dwellings.

Oxford could be heard calling the area a ‘shantytown’ that is ‘absolutely mindboggling,’ as he remarked how ‘insane it is that [city officials] allow this.’

He captioned the video, ‘Parts of Oakland are worse than a third world country. They just allow people to live in absolute squalor, wherever they choose.

If you live in “wealthy America”, you may never even drive into areas where people are living like this.

Your reality may be filled with tree-lined streets and rich people sipping coffee.

But in the worst areas of Oakland, the lawlessness never ends.

In fact, authorities in Oakland recently removed traffic lights at one major intersection and replaced them with stop signs because thieves were constantly stealing copper wire from the electrical boxes

The city of Oakland recently removed traffic lights from one busy intersection and replaced them with stop signs after the electrical boxes that controlled the traffic lights were repeatedly tampered with and copper from them was stolen.

Local residents and those who own businesses in the area say the issue with the traffic lights stems from the nearby homeless encampment, which has grown over the years.

The owner of a vehicle repair shop on the corner of the intersection, Tam Le, said the city is signaling that it is ‘giving up on us,’ by installing the stop signs.

If you want someone to blame for this mess, you can blame the politicians in Washington.

Thanks to the horrific inflation that they have created, approximately a quarter of the population in California is either living in poverty or is very close to living in poverty…

Biden needn’t worry about losing California to Trump, but it has one of the nation’s highest rates of inflation, according to Moody’s Analytics, worsening its already outlandishly high costs of housing and other living expenses. It’s the biggest factor in California having the highest level of functional poverty of any state, 13.2% according to the U.S. Census Bureau, about 50% higher than the national rate.

The Public Policy Institute of California, using similar statistical methodology, has found that a quarter of Californians are either living in poverty or financially close. More recently, the PPIC has explored the impact of inflation, especially on California families which struggle to pay for housing, food and other necessities.

Sadly, this is just the beginning, because our economy is going downhill really fast.

In May, pending home sales plunged to a depressingly low level

Well, the analysts had the direction right but magnitude was way off as pending home sales plunged 7.7% MoM – the biggest drop since Feb 2021 (and below the lowest estimate), leaving sales down 0.7% YoY…

This is the 29th straight month of YoY declines for non-seasonally-adjusted pending home sales.

This MoM decline pushed the Pending Home Sales Index back to record lows…

Meanwhile, Zero Hedge reported that the Chicago PMI index fell so low in May that it suggested that “the economy is in a depression”…

After unexpectedly slumping last month to 37.9, the Chicago PMI index cratered even more unexpectedly in May, when it defied hopes of a rebound to 41.5, and instead tumbled even more, sliding to a cycle low of 35.4 which was not only below the lowest estimate, but was staggeringly low. To get a sense of just how low, the last two times it printed here was during the peak of the covid and global financial crises…

… which seems to suggest that at least according to Chicago-based purchasing managers, the economy is in a depression.

I would agree with that assessment.

Things are getting really bad out there.

To top everything off, in May the Dallas Fed Services Sector survey was in contraction territory for the 24th month in a row

Despite Bernstein and Biden demanding the great unwashed realize just how great they have it in America, this morning’s Dallas Fed Services Sector survey offers some insights from actual real people in the actual real world trying to do actual real business… and it’s not pretty.

For two straight years (24 straight months), the Texas Services sector has been in contraction (below zero) with May’s -12.1 print worse than expected. For context, the Great Recession of 2008/2009 also saw 24 straight months of negative prints…

But if you live in “wealthy America”, you may not care about these numbers because you still live in a nice home and you still have plenty of nice things.

Unfortunately, the number of people that can afford to live in “wealthy America” is shrinking with each passing day.

And the gap between the wealthy and the rest of us just continues to get larger and larger.

Ultimately, the stage is being set for a societal meltdown of absolutely epic proportions.

The bottom 50 percent of the population only owns just 2.6 percent of all the wealth, and they are becoming very restless.

When people have nothing left to lose, they become very desperate, and very desperate people do very desperate things.

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

About the Author: Michael Snyder’s extremely controversial new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com. He has also written seven other books that are available on Amazon.com including “End Times”“7 Year Apocalypse”“Lost Prophecies Of The Future Of America”“The Beginning Of The End”, and “Living A Life That Really Matters”.  When you purchase any of Michael’s books you help to support the work that he is doing.  You can also get his articles by email as soon as he publishes them by subscribing to his Substack newsletter.  Michael has published thousands of articles on The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and he always freely and happily allows others to republish those articles on their own websites.  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, we strongly urge you to invite Jesus Christ to be your Lord and Savior today.