Michael Synder – The Economic Collapse May 28, 2020
Minneapolis riots. Click to enlarge
What we have been witnessing on the streets of Minneapolis is just the beginning. Our nation is so deeply divided, and a large portion of the population is losing faith in the basic institutions that govern our society. Personally, I don’t know how anyone can watch the video of what happened to George Floyd without having an emotional reaction. Police brutality has been a massive problem in the United States for many years, and it has gotten to the point where most of the country no longer has faith in the police. Of course the rioters are not helping their cause by burning down the communities that they are supposedly defending. And after causing so much chaos on Wednesday night, protesters were back in the streets of Minneapolis on Thursday…
Protests and, in some cases, violence, continued Thursday in the aftermath of the death of George Floyd, a black man who died in police custody after a white officer pinned him to the ground under his knee.
Hundreds of protesters flooded Minneapolis streets Thursday evening for a march through downtown. Traffic was halted as a crowd of people stretched for up to four blocks. Protesters shouted “I can’t breathe” and “no justice, no peace; prosecute the police” as volunteer marshals in highlighter-colored vests directed traffic.
Sadly, this is just a small preview of what is coming to major cities all over America.
If you think that these riots about police brutality are intense, just wait until the economic riots start.
We are moving into a time when millions upon millions of Americans will become increasingly desperate as we plunge even deeper into a new economic depression. On Thursday, we learned that another 2.1 million Americans filed initial claims for unemployment benefits last week…
First-time claims for unemployment benefits totaled 2.1 million last week, the lowest total since the coronavirus crisis began though indicative that a historically high number of Americans remain separated from their jobs.
Economists surveyed by Dow Jones had been looking for 2.05 million. The total represented a decrease of 323,000 from the previous week’s upwardly revised 2.438 million.
This was the 10th week in a row when the number of new claims for unemployment benefits has been above 2 million.
As I keep reminding my readers, prior to this year the highest that number had ever been for a single week was 695,000 in 1982.
So even after so many catastrophic weeks in a row, we are still at a level that is approximately three times higher than that old record.
Overall, 40.8 million Americans have filed new claims for unemployment benefits over the past 10 weeks. That is the greatest spike in unemployment in all of U.S. history by a very wide margin, and it means that more than one-fourth of all the jobs in the United States have already been wiped out.
But for now, the impact of those job losses has been cushioned by the extremely generous $600 a week unemployment bonuses that the federal government has been handing out, but those benefits are set to expire at the end of July…
Right now, many are able to take advantage of an additional $600 a week in unemployment benefits provided by the federal government on top of each state’s standard jobless benefit. But that benefit is set to expire at the end of July if Congress does not pass another stimulus bill to extend benefits.
If those benefits are not extended we will see a massive national temper tantrum, and right now President Trump and Republican leaders in the Senate do not plan to extend them.
We shall see what happens, but we may soon have tens of millions of very angry unemployed Americans that are unable to pay their bills anymore.
And with each passing day, more bad economic news just keeps rolling in. We just learned that orders for durable goods were down 19.4 percent on a year over year basis last month, and we also just learned that pending home sales were down 34.6 percent in April compared to the same month a year ago.
As I discussed yesterday, we are watching a full-blown economic collapse begin to unfold, and the fact that many U.S. states are starting to “reopen for business” is not going to stop the momentum that has now been created.
During the first few weeks of the pandemic, there was just a trickle of major bankruptcies, but now that trickle has become a flood…
In the first few weeks of the pandemic, it was just a trickle: companies like Alaskan airline Ravn Air pushed into bankruptcy as travel came to a halt and markets collapsed. But the financial distress wrought by the shutdowns only deepened, producing what is now a wave of insolvencies washing through America’s corporations.
In May alone, some 27 companies reporting at least $50 million in liabilities sought court protection from creditors — the highest number since the Great Recession. They range from well-known U.S. mainstays such as J.C. Penney Co. and J. Crew Group Inc. to air carriers Latam Airlines Group SA and Avianca Holdings, their business decimated as travelers stayed put.
And we are watching store closings occur at a rate that we have never seen before in our entire history.
At this point, Coresight Research is projecting that about 25,000 stores will permanently close by the end of this calendar year…
Coresight Research, which tracks retail openings and closings, has upped its projected store closures for 2020 from 8,000 at the beginning of the year to 15,000 at the beginning of March to about 25,000 now.
“That’s unlike anything the industry has ever seen,” Coresight CEO and founder Deborah Weinswig said. “It’s the speed with which it’s all happening which has been a little surprising.”
So much anger was building up all over America during the “good years”, and now this new economic depression is going to make things much, much worse.
When there are no jobs available and people can’t even provide the basics for their families, we are going to see frustration on a scale that is unlike anything we have ever witnessed before.
So please take careful note of what is happening in the streets of Minneapolis right now, because that is what the future is going to look like in all of our major cities.
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 Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The End, Get 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.
After w w 1 the UK miners went on strike for better conditions and pay
Dr David Cohen on conspiracy news covered this well when he said the jews who owned the stocks and shares in the coal, saw profits dropping they got their toady Winston Churchill to set troops on the miners and shoot them.
In w w 2 when jews avoided conscription to the army, they became a real pain with protection rackets black marketeering loan sharking etc Oswald Mosely had to form his men who were recognisable in black shirts to stand guard outside shops and business
to protect them from the jews
is exactly the same today with jews behind all this unrest
God’s vengeance will soon be upon the USA. They celebrated abortion, adultery, blasphemy, satanism, secularism, materialism and all the sin available to man. They did this for decades. It is time they repent or perish. But they won’t repent, they are too proudful, so God will also sent war with China and Russia on top of the economic calamities. You are going to become a 3rd world country, and you are going to suffer war on your soil, like many other nations suffered war from you on their soil. Only those who pray to Jesus Christ will be spared.
You are “a voice crying out for change…” Wonderful. But what are the parameters of the “change” you have in mind? “Change” from what to what, why, and with what expectation of success? That is the information for which your readers are waiting, with breathless anticipation.
There will be a lot more (deliberate government-deep-state-NWO-globalist-politically-motivated) orchestrated unrest over the summer months to justify the imposition of martial law, to keep the people and the economy locked down. The disappointing low contagion and death rates and resulting skepticism from the Plandemic have necessitated this more messy contingency. When you have clear evidence all over the internet with numerous instances of cops and government agents dressed as protesters deliberately turning things ugly by instigating property damage and violence, you know it is to support that page of the lock-step Plandemic script to bring in the military which has been waiting in the wings around every major city since March.
The control freaks who set up the Plandemic are the same ones behind all the UN sustainability agenda and the fake news and fake science which the public with the fake crisis of an Armageddon from man-made global warming. By the time the common people wake up, few of whom are dot connectors, it will be too late. They just cannot understand that as far as the control freaks in the ruling class are concerned, the only real enemy on the planet are the ordinary common people, most of whom have little utility or are deemed to be unwanted in their overall plans. The totalitarian, technocratic and financial control measures being imposed on us presently are not only intended radically to limit our freedoms and opportunities, but to set us for an almighty culling, which is the most consistent intention in the wish list of our ruling elites.
All you have to do is go back to one of their greatest mentors, John Stewart Mill, who gave them utilitarian ethics, which utility entails the seemingly innocuous formula of “the greatest happiness for the greatest number”. You do not need God in your calculations, as the arid life of Mill demonstrated. The theory sounds good until you put it into practice, when the elites start making decisions for what they consider to be our greatest happiness, ignoring inalienable rights and the intrinsic worth endowed to each individual by God. It works particularly well to justify things like abortion and euthanasia. “Oh, the baby is unwanted.”, “They can’t afford it and we are not going to pay for it.”, or “That old dodger over there is a terrible burden.” “After all, God no longer exists.” “The government says it is okay.” “There will be more happiness in simply eliminating the problem rather than trying to solve it.”
In both cases of abortion and euthanasia calculations have been made, weighing the interests of the people to be burdened with the future obligations and expenses, over the interest in preserving the life of the subject victims. “No, not much happiness in store for that little black child if born with such a mother living in a slum like that.”, “No Einstein here to make us prosper and be more happy. Sure, get rid of it.” , “It will never know the difference. Well done. Fine. The world is a better place now. We have one less mouth to feed on welfare and have some kid who would probably grow up to be a burden anyway.” So go the justifications, and they are all utilitarian.
Next comes the old guy. “Why keep him on the expensive pain meds using up a bed. His short-term memory is gone, and he hardly even remembers who we are. Think of the care costs. Just let the doctor give him the injection. Besides, we can’t do anything with the estate until he is gone, and he will never know the difference. Don’t give me that religious crap. The government has made it all legal. Therefore, it must be the right thing to do.”
Both victims are human beings and both are virtually dependent on others for their continued existences. Their lives are in power and control of these others. In utilitarian thinking it is the person in a position to make decisions who must weigh the interests for the greatest happiness of the greatest number. Surely the happiness of those in power to make the decision will be more greatly enhanced in getting rid of the dependent unwanted subjects than by letting them continue with their lives. The inviolability and intrinsic worth of the continued lives is discounted. It does not have any real weight in the scales of the decisions making process. Therefore, call in a liberal prelate to give the deed a blessing. Their continued lives of burdensome victims are considered to interfere with the future interests and happiness of others to a greater extent than their usefulness to anyone else including themselves. That is the utilitarian formula at work in its finest, and it is the very process which our ruling elites have planted in us to justify their own designs over us. They began the process about 100 years ago by systematically eradicating the place of God in our lives. The process is the Kool-Aid of the devil, and it all sounds so reasonable.
However, it is in respecting and caring for these so-called “unwanted” burdens that we ourselves turn out from ourselves, become more alive and grow in other ways. Then there is the more pragmatic consideration, in protecting ourselves from our own eliminations should the ruling class and our governments ever deem us as unwanted, which most of them apparently already have. Unless the infinite and all-loving presence, or grace of God, is in our hearts, we fall into the trap of performing utilitarian calculations in weighing the relative value or interest to us regarding the lives of other people in our power. Even without reference to anything holy, the simple logic that the very liberties our governments have legislated which do enable us to eliminate the lives of others in our way, is the Kool-Aid of our own doom. The more we succumb to the power and control of the ruling class and their trained secular-humanist, utilitarian monsters in our governments, the more vulnerable our continued existences become. In the very least, the false liberties given to us to cull out the unwanted in our own gardens, it is the weed planted in all our gardens that without the restraint of a strong presence for the reverence for the lives of dependent others who are unwanted, that is the less visible weed which rapidly flourishes into all aspects of our lives, as it has done, and it eventually becomes our consent to the ruling elite, who believe we are all dependent upon and owed by them, to eliminate those of us they deem as unwanted.
Cannot people see that the very people who have given us such liberties over the lives of others, are the very ones who have advocated culling the population of the world by getting rid of “useless” eaters, or in more socially acceptable terms in these times, they phrase their same intentions as, “reducing the population of the world to accord with their sustainability goals”, while they go about injecting people with fertility toxins and other poisons. Even in their statements and publications there is enough evidence to conclude that their weapon of choice for their proposed culling operations is not a messy and destructive nuclear war, but a controlled pandemic. What we are seeing now is no doubt just the first wave of many to come.
Apart from the long-term and express intentions of the ruling cartel elites, their present efforts are to make us increasingly more dependent on the government. Their model nation which they have in fact spawned and nurtured to its present stature at the expense of our wealth and independence is the totalitarian regime of communist China, a nation where there are no real intrinsic and inalienable individual rights. Their only rights are those given to the people by the state, and those which one can either buy, steal or sneak. It is that kind of thralldom they envision for us, where to “compete” on an and social a d economic footing to surpass them we have to become even more media lobotomized and electronically controlled.
One day in America you will wake up Homeless on the continent that your Forefathers conquered.
Its happening.
Should have paid the ferryman after the journey hey Fred. You rode the ferry you pay.
It is the eurangloland that tried to shape China in its image Fred, when that failed Neoliberalism started to eat itself naturally and you’re here dribbling on as a result. Now China will bail out Neoliberalism as the Chinese people keep a close eye on growth. Under China’s system Fred the government is forced to compromise with the people that is direct democracy, under your system Fred government is forced to compromise with corporations leading to all out corruption unchecked. The people let this happen because most likely they kept pointing the finger elsewhere instead of themselves.
Israel exits in America, the Sauds, the Ukrainians, the British, the Germans and well established for how long? but Fred you point to China, China, China like Jan Brady screaming Marcia Marcia Marcia. Fairdinkum all those German ww2 imports and years of hugging extreme insurgents but you say China is the model. Come on get real as far as i know the CIA isn’t Chinese.
Hey dunno y, China as you see it today is a product of Western cartel money, logistics and control, all very well planned to ensure Western economic dependency and more control by the cartel by way of the fact that the process has made us all debtor nations and dependent on a highly-controlled foreign manufacturing machine. What you see being rolled out in the way of restructuring under the cover of Covid and NWO measures has also been justified by the cartel at the multinational corporate and military levels as “necessary” to compete with China both economically and militarily. Whether it is the USSR, the PRC, 9/11, WMD’s, fake climate peril, or Covid, the same corrupt crowd of criminals manufactures one fake crisis after another to milk and control us concentrating more and more wealth and power into their filthy hands all along the way.
The former United States is morally and fiscally bankrupt. Morally due to the Jew-driven Neocon agenda inciting immoral and grossly illegal wars of aggression, which capped decades of the agenda of incremental moral depravity and the engineered destruction of the family unit, also thanks to demonic Jews. Every American idiot out there who moronically blurts “support the troops” or “thank you for your service” has played a major role in that moral bankruptcy.