{"id":208185,"date":"2020-06-02T07:08:15","date_gmt":"2020-06-02T07:08:15","guid":{"rendered":"http:\/\/www.thetruthseeker.co.uk\/?p=208185"},"modified":"2020-06-05T06:41:09","modified_gmt":"2020-06-05T06:41:09","slug":"there-will-be-a-lot-more-rioting-looting-and-civil-unrest-as-the-u-s-economy-continues-to-crumble","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=208185","title":{"rendered":"There Will Be A Lot More Rioting, Looting And Civil Unrest As The U.S. Economy Continues To Crumble"},"content":{"rendered":"

Michael Synder \u2013 The Economic Collapse May 28, 2020<\/strong><\/h1>\n
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Minneapolis riots. Click to enlarge<\/p><\/div>\n

What we have been witnessing on the streets of Minneapolis is just the beginning.\u00a0 Our nation is so deeply divided, and a large portion of the population is losing faith in the basic institutions that govern our society.\u00a0 Personally, I don\u2019t know how anyone can watch the video of what happened to George Floyd without having an emotional reaction.\u00a0 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.\u00a0 Of course the rioters are not helping their cause by burning down the communities that they are supposedly defending.\u00a0 And after causing so much chaos on Wednesday night, protesters were back in the streets of Minneapolis\u00a0on Thursday<\/strong><\/span><\/a>\u2026<\/span><\/p>\n

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.<\/span><\/p>\n

Hundreds of protesters flooded Minneapolis streets Thursday evening for a march through downtown.\u00a0Traffic was halted as a crowd of people stretched for up to four blocks. Protesters shouted \u201cI can\u2019t breathe\u201d and \u201cno justice, no peace; prosecute the police\u201d as volunteer marshals in highlighter-colored vests directed traffic.<\/span><\/p>\n

Sadly, this is just a small preview of what is coming to major cities all over America.<\/span><\/p>\n

If you think that these riots about police brutality are intense, just wait until the economic riots start.<\/span><\/p>\n

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.\u00a0 On Thursday, we learned that\u00a0another 2.1 million Americans<\/strong><\/span><\/a>\u00a0filed initial claims for unemployment benefits last week\u2026<\/span><\/p>\n

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.<\/span><\/p>\n

Economists surveyed by Dow Jones had been looking for 2.05 million. The total represented a decrease of 323,000 from the previous week\u2019s upwardly revised 2.438 million.<\/span><\/p>\n

This was the 10th week in a row when the number of new claims for unemployment benefits has been above 2 million.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

Overall, 40.8 million Americans have filed new claims for unemployment benefits over the past 10 weeks.\u00a0 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.<\/span><\/p>\n

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\u00a0are set to expire at the end of July<\/strong><\/span><\/a>\u2026<\/span><\/p>\n

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\u2019s 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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

And with each passing day, more bad economic news just keeps rolling in.\u00a0 We just learned that orders for durable goods\u00a0were down 19.4 percent<\/strong><\/span><\/a>\u00a0on a year over year basis last month, and we also just learned that pending home sales\u00a0were down 34.6 percent<\/strong><\/span><\/a>\u00a0in April compared to the same month a year ago.<\/span><\/p>\n

As I discussed yesterday<\/a><\/strong><\/span>, we are watching a full-blown economic collapse begin to unfold, and the fact that many U.S. states are starting to \u201creopen for business\u201d is not going to stop the momentum that has now been created.<\/span><\/p>\n

During the first few weeks of the pandemic, there was just a trickle of major bankruptcies, but now that trickle\u00a0has become a flood<\/a>\u2026<\/strong><\/span><\/span><\/p>\n

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\u2019s corporations.<\/span><\/p>\n

In May alone, some 27 companies reporting at least $50 million in liabilities sought court protection from creditors \u2014 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.<\/span><\/p>\n

And we are watching store closings occur at a rate that we have never seen before in our entire history.<\/span><\/p>\n

At this point, Coresight Research is projecting that about 25,000 stores will permanently close\u00a0by the end of this calendar year<\/strong><\/span><\/a>\u2026<\/span><\/p>\n

Coresight Research, which tracks retail openings and closings,\u00a0has 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.<\/span><\/p>\n

\u201cThat\u2019s unlike\u00a0anything\u00a0the industry has ever seen,\u201d Coresight CEO and founder Deborah Weinswig said. \u201cIt\u2019s the speed with which it\u2019s all happening which has been a little surprising.\u201d<\/span><\/p>\n

So much anger was building up all over America during the \u201cgood years\u201d, and now this new economic depression is going to make things much, much worse.<\/span><\/p>\n

When there are no jobs available and people can\u2019t 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.<\/span><\/p>\n

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.<\/span><\/p>\n

About the Author<\/strong>: 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\u00a0The Economic Collapse Blog<\/strong><\/span><\/a>,\u00a0End Of The American Dream<\/strong><\/span><\/a>\u00a0and\u00a0The Most Important News<\/a><\/strong><\/span>, 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\u00a0on Amazon.com<\/strong><\/span><\/a>\u00a0including\u00a0The Beginning Of The End<\/a><\/strong><\/span>,\u00a0Get Prepared Now<\/strong><\/span><\/a>, and\u00a0Living A Life That Really Matters<\/a><\/strong><\/span>. (#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 \u201cAbout the Author\u201d 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\u00a0Facebook<\/strong><\/span><\/a>\u00a0and\u00a0Twitter<\/a><\/strong><\/span>, and any way that you can share these articles with others is a great help.\u00a0 During these very challenging times, people will need hope more than ever before, and it is our goal\u00a0to share the gospel of Jesus Christ<\/a><\/strong><\/span>\u00a0with all many people as we possibly can.<\/span><\/p>\n

 <\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If you think that these riots about police brutality are intense, just wait until the economic riots start.<\/p>\n","protected":false},"author":39262,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[61,66],"tags":[],"class_list":["post-208185","post","type-post","status-publish","format-standard","hentry","category-Commentary","category-Economics"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/208185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/users\/39262"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=208185"}],"version-history":[{"count":7,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/208185\/revisions"}],"predecessor-version":[{"id":208192,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/208185\/revisions\/208192"}],"wp:attachment":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=208185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=208185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=208185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}