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The economic collapse has arrived but the Federal Reserve just continues to insist that the U.S. economy is in good shape. On Wednesday, Federal Reserve Chair Jerome Powell told the nation that “the economy has performed relatively well” in 2019 and he insisted that “the baseline outlook is a good one.” Of course he didn’t say anything about our collapsing manufacturing numbers, the worst global trade numbers since the last recession, the “bloodbath” in the U.S. trucking industry and the imminent stock market crash. Powell did concede that “the risk of less favorable outcomes has risen”, but other than vague statements like that he really didn’t acknowledge our growing economic collapse threat. Considering the fact that Powell has more power over the U.S. economy than anyone else in the entire country, this should deeply concern all of us. To me, Powell’s performance on Wednesday was quite reminiscent of the moment in 2008 when Fed Chair Ben Bernanke told us that the Federal Reserve was not “currently forecasting a recession” after a recession had already begun.
As I have been documenting for weeks, evidence that another major economic collapse has already started can be clearly seen all around us. For example, we got some very alarming news from the steel industry on Wednesday. When the Trump administration slapped a 25 percent tariff on steel imports last year, that was supposed to greatly help the U.S. steel industry. But instead, a dramatic drop in demand due to this new economic downturn is forcing steel companies to take dramatic measures.
Sadly, the truth is that major industry after major industry is deeply in economic crisis at this moment…
-Our ongoing “retail collapse” is absolutely hit the retail industry, and we are on pace to have the worst year for store closings in our entire history.
-Auto industry sales have been absolutely abysmal, and auto loan delinquencies have shot up to alarmingly high levels.
-The agriculture industry is going to have the worst year it has seen in at least several decades.
-Our 800 billion dollar trucking industry is already in the total collapse
-The real estate industry is poised for the worst downturn that we have seen since the subprime mortgage meltdown during the last financial collapse.
-The manufacturing industry has not seen numbers this bad since the last recession, and things are rapidly getting worse.
But yeah, let’s tell the American people that the economy is “booming” and see if they will buy it.
Let’s get real. The economy is mired in the worst slump in a decade, and economic conditions continue to deteriorate rapidly. The next major stock market crash and financial crisis is here and most of us are not getting prepared for the exceedingly hard times that are coming.
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Scripts written by Michael Snyder, author of www.theeconomiccollapseblog.com
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