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Even the most wild optimists are starting to sound like “doom and gloomers”. In fact, even the most optimistic woman on Wall Street is now telling us that the U.S. economy is in a recession right now. At one time, Cathie Wood seemed like she could do no wrong. Many of her wildly optimistic stock predictions kept coming true, and she gained hordes of Internet followers that hung on her every word. In 2020, her ARK Innovation fund outperformed the S&P 500 by a very wide margin, and pundits such as Jim Cramer were calling her a “genius”…
In 2020, Wood’s predictions appeared to be on their way to coming true. She was riding high atop the Fed-driven bull market: Her ARK Innovation fund, often known by its ticker as ARKK, returned some 157 percent during that first year of the pandemic, compared to just 18 percent for the S&P 500 as a whole. It was a legendary performance that drew accolades from various market watchers, including CNBC’s Jim Cramer, who in February of last year tweeted, “Cathie Wood is a genius.”
But these days Cathie Wood sounds like she could be writing for The Economic Collapse Blog. The value of her ARK Innovation fund is down 67 percent over the past year, and she just did an interview with CNBC in which she stated that she believes that the U.S. economy has already plunged into a recession…
Ark Invest CEO Cathie Wood said Tuesday that the U.S. is already in an economic downturn, and she admitted that she underestimated the severity and lasting power of inflation.
“We think we are in a recession,” Wood said on CNBC’s “Squawk Box” Tuesday. “We think a big problem out there is inventories… the increase of which I’ve never seen this large in my career. I’ve been around for 45 years.”
Of course she is far from alone.
Economist Stephen Moore also believes that the U.S. economy has entered a recessionary period…
Economist Stephen Moore warned on Monday that the United States is already in a “soft recession,” noting that the “real question” is now whether the Federal Reserve can achieve a soft landing.
Moore, a visiting fellow at the Heritage Foundation, provided the insight on “Varney & Co.” Monday, reacting to former Treasury Secretary Larry Summers contradicting President Biden on Sunday by saying that a recession was “almost inevitable” in the next two years.
Peter Schiff is even more pessimistic.
In fact, he is using the word “crash” to describe what is ahead for our economy…
Stockbroker Peter Schiff, the chief economist and global strategist of Euro Pacific Capital, went a step further a couple of weeks ago by tweeting that most citizens have given up on the thought of a soft landing for the economy after the Fed’s interest rate hikes and now expect a harder fall.
“The only landing possible is a crash, where everyone on board dies,” Schiff tweeted. “That’s why the Fed won’t even attempt to land and give up its pretend inflation fight.”
Sadly, all three of them are correct.
At the moment, what we are currently experiencing could definitely be described as a “soft recession”, and it will inevitably get a whole lot worse.
And U.S. consumers certainly are not hopeful about the future at this point. On Friday, we learned that U.S. consumer confidence has now dropped to the lowest level ever recorded…
A closely followed University of Michigan survey released Friday found that US consumer sentiment hit a new record low in June -— the lowest recorded level since the university started collecting the data 70 years ago.
The June index saw a 14.4% drop since May as consumers became increasingly alarmed about inflation. About 79% of those consumers said they expected bad times for business conditions in the upcoming year, the highest level for that metric since 2009.
Just think about that for a moment.
In 70 years, U.S. consumers have never been more pessimistic than they are right now.
That is incredible.
Unfortunately, most consumers are also highly vulnerable.
One recent survey found that 58 percent of all Americans are living paycheck to paycheck. So when harder times come and many start losing their jobs, a lot of them are going to be in financial trouble very rapidly.
The pace at which things are now changing really is breathtaking.
Exactly one year ago, it seemed like the U.S. economy was riding high and stock prices would keep going up forever.
But now it appears that the first half of 2022 will end up being the worst first half of a year for the stock market since 1970…
Stocks are about to turn in the worst first half in fifty years when the second quarter wraps on Thursday as inflation sits at a 40-year high.
The S&P 500, the broadest measure of stocks, is down nearly 18% this year the worst since 1970, as tracked by Dow Jones Market Data Group. That makes 2022 the fifth-worst half performance on record.
Trillions upon trillions of dollars of paper wealth has already been wiped out, and we continue to get more bad economic news with each passing day.
And now that the Federal Reserve has decided to foolishly raise rates just as an economic downturn is picking up speed, there is no hope that things will turn around any time soon.
The reckless optimists on Wall Street didn’t see this coming in advance. If Cathie Wood had understood which direction things were about to go, her fund would not be down 67 percent over the past year.
But of course there are countless others on Wall Street that have been hit extremely hard as well.
The end of a party can often come very abruptly. In this case, many investors that didn’t get out in time are now feeling an extraordinary amount of pain.
Unfortunately, a lot more pain is coming for Wall Street and for the economy as a whole.
***It is finally here! Michael’s new book entitled “7 Year Apocalypse” is now available in paperback and for the Kindle on Amazon.***
About the Author: My name is Michael and my brand new book entitled “7 Year Apocalypse” is now available on Amazon.com. In addition to my new book I have written five other books that are available on Amazon.com including “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, “Get Prepared Now”, and “Living A Life That Really Matters”. (#CommissionsEarned) When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending digital copies as gifts through Amazon to family and friends. Time is short, and I need help getting these warnings into the hands of as many people as possible.
I have published thousands of articles on 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 always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article. 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.
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. 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, I strongly urge you to ask Jesus to be your Lord and Savior today.
Article cross-posted from The Economic Collapse Blog.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.