Tsunami of Unemployment , Store Closures and Homelessness !!
Channel: The Nomad Economist
Date: 2020-07-10

Tsunami of Unemployment , Store Closures and Homelessness !!
As the economic fallout from the coronavirus pandemic continues,
About 19% of Americans made no housing payment at all during the first week of the month, and 13% paid only a portion of their rent or mortgage.
32% of U.S. households missed their July housing payments.
The pandemic has intensified the rent burden on households across the nation. 
More than 20 million Americans may be evicted by September.
8,700 Stores Closing.
Dunkin' is closing 450 locations by the end of 2020.
Walgreens to cut 4,000 jobs.
This only counts large corporations that are closing stores. Mom and pop shops are closing at a rate of 10 to 1 of corporate.
This fake money that allows multi-national corporations to run decades while losing money bankrupts real enterprise.

In the drive to make Bezos a Trillionaire, a few eggs had to be cracked. The US middle class is being eviscerated. As the unemployment payments drop and evictions become possible again, we are setting up for a lot of financial hardship and homelessness in the next few months.
The FED is bluffing. They're almost out of ammo, and they know it. They jawbone to try to talk the market up, but in reality, they cannot continue to expand their balance sheet by trillions. They would eventually own every asset, and they know that's not sustainable.
   Enjoy it while you can you fed/banking shysters because the world is reaching the saturation point for your monopoly fiat. Soon people will demand something of real value for their assets.
The banks give out loans to anyone with assets, which then loan against those assets, thus inflating the price of those assets. And when the FED keeps pumping trillions in liquidity and when they keep interest rates low, more people are willing to go into more debt for that cheap money. It's a system that can never pause or end; otherwise, it completely crashes. Much like a Ponzi scheme, you always need new people taking entering the system, taking on more debt. It sacrifices the stability of your economy in return for rapid value and asset growth, but the growth is done via financial instruments and not by actual industrial or agricultural expansion. Stock buybacks didn't help either.
The central Banking ruined brick and mortar retailers. Commercial rents are retarded- you work three weeks a month just to pay the landlord and end up with no asset after decades. 
And with thousands of retail stores closing and the economy contracting, the next conversation Wall Street will have is about deep economic scarring and permanent job loss. 
On Thursday, we learned that another 1.3 million Americans filed new claims for unemployment benefits last week, and that number has now been above one million for 16 consecutive weeks. 
Not only do we have more than 30 million people unemployed, but the number is also actually climbing. Continuing claims for State unemployment and Federal unemployment offered through the CARES act (PUA) has actually been increasing over the past few weeks. It is currently up to 33 million. The fact that we're still seeing 1.3 million newly unemployed people collecting state benefits every week, months into this crisis is all the evidence you need to realize that the employment situation is nightmarishly bad. The notion that "only" 17.8 million people are unemployed is completely ridiculous.

For the full transcript go to https://financearmageddon.blogspot.com
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