(The Economic Collapse Blog)—What happens when millions of TikTok influencers scream in horror all at once? On Wednesday, the worst fears of TikTok addicts were realized when the U.S. House of Representatives overwhelmingly passed a bill that would ban the distribution of TikTok in the U.S. if ByteDance does not sell its shares to someone else. If this bill becomes law, it is not certain that there is a U.S. buyer that would be willing to purchase those shares, and it is not certain that the Chinese government would be willing to allow ByteDance to sell those shares.
So the fate of the platform is very much up in the air. 170 million Americans have accounts on TikTok, and 7 million small businesses use the platform. Needless to say, there are vast hordes of young people that are extremely upset about what Congress is trying to do, and lots of them will be voting in November.
It was apparent that this bill had a tremendous amount of support, but I was surprised that so many lawmakers from both parties ended up voting for it…
The House on Wednesday passed legislation that could ban TikTok in the U.S. if its Beijing-based parent company ByteDance doesn’t sell its stake in the massively popular social media platform.
The vote was 352 in favor and 65 opposed, underscoring its broad bipartisan support, with 197 Republicans and 155 Democrats voting to approve it. Fifteen Republicans and 50 Democrats voted against the bill. One Democrat voted “present.”
If you have not read the bill yet, you can find it right here. Prior to the vote, TikTok users absolutely flooded Congress with phone calls, but that didn’t work. So now countless TikTok influencers are completely freaking out because the future of their favorite platform is very much in doubt…
Describing herself as a ‘panicked influencer’ in a video with almost 250K likes, one creator said: ‘We might have to part our ways and say farewell tomorrow because what the actual freak?’
Others noted the rare efficiency that Congress showed in passing the legislation, with one TikTok user saying it stands out compared to the ‘months and months to even get aid to people when there’s a hurricane.’
‘Somehow the gremlins in Congress just really got together and finally agreed on something.’
Another prominent influencer boldly proclaimed that “THIS is going to be the reason why I hate the federal government”…
‘When I’m old an miserable and telling my grandkids about all the reasons why I hate the world, THIS is going to be the reason why I hate the federal government,’ another influencer fumed.
According to CNN, if this bill actually becomes law TikTok will disappear from app stores in the U.S. if ByteDance chooses not to divest…
If enacted, the bill would give TikTok roughly five months to separate from ByteDance, or else app stores in the United States would be prohibited from hosting the app on their platforms.
App stores that violate the legislation could be fined based on the number of users of a banned app. The bill establishes fines of $5,000 per user of a banned app. So, in the case of TikTok, Apple and Google could potentially be on the hook for up to $850 billion in fines each.
It’s unclear if ByteDance would agree to sell or spin-off TikTok. If it did, the company could struggle to find an American buyer willing to shell out, despite the app’s popularity.
TikTok is worth an estimated $100 billion, according to Wedbush analyst Dan Ives. And many major US tech companies already face fierce regulatory scrutiny that could prevent them from making such a major acquisition.
But of course even if TikTok was banned from app stores that would definitely not kill the platform.
The 170 million users that have already downloaded the app would still be able to use it, and new users would likely be able to download it using a VPN…
If TikTok were banned in the U.S., the hundred million plus users who have already downloaded the app would still likely be able to access it. New users would also potentially be able to download it using a virtual private network, or VPN.
Even with the app’s removal from app stores and experts expect that TikTok’s resourceful U.S. fans would still find ways to continue using it.
And at this point it is very unclear whether this bill will be able to get through the U.S. Senate…
The TikTok’s bill in the Senate is uncertain, as the Senate is unlikely to pass the bill as is.
Sen. John Cornyn (R-TX) said, “I think it’s more than likely that we will take up their bill and amend it and say we’ve come up with some areas where we think it needs improvement. My concern is that if you try to deal with this by name, you’re playing a game of Whack a Mole, because what’s TikTok today, next week it’s TokTik or TicTak or whatever.”
“We do things slowly over here, and this takes time,” he added.
Indeed, the Senate’s 60-vote threshold requires consensus to pass legislation.
Joe Biden has said that he will sign the bill if it eventually gets through the Senate.
But would he really want to alienate millions of young voters just before the presidential election in November?
Donald Trump seems to realize what will be better for his political future, and so he has come out against banning TikTok…
Former President Donald Trump came out against the app’s ban.
“If you get rid of TikTok, Facebook and Zuckerschmuck will double their business,” Trump said in a post on Truth Social.
“I don’t want Facebook, who cheated in the last Election, doing better. They are a true Enemy of the People!” the 45th president said.
I think that Trump makes a legitimate point.
Without a doubt, TikTok is doing a tremendous amount of damage.
For a long time, TikTok has been promoting very harmful content. And for a long time, TikTok has been suppressing content that many of us would consider to be good.
TikTok clearly has an agenda, and they are using their power to shape how our young people think. But of course the exact same things could be said about other social media platforms.
It could be argued that Facebook has had a far greater impact on our culture than TikTok has, but nobody is talking about banning Facebook. Collectively, the major social media companies are transforming our culture in ways that we have never seen before.
Let me give you an example of what I am talking about. According to a brand new Gallup survey that was just released, 22.3 percent of all Gen Zers now identify as LGBTQ+…
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More than one in five Gen Z adults identified as LGBTQ+ in 2023, having more than doubled over less than a decade.
Of the 22.3 percent of Gen Zers identifying as lesbian, gay, bisexual, transgender, or queer, more than 15 percent identified as bisexual, according to polling results from Gallup.
Pollsters reported that, overall, each younger generation is about twice as likely as the last to identify as LGBTQ+. Compared to the rate of Gen Z adults, far fewer millennials – one in 10 – say they belong to the LGBTQ+ community.
In the entire history of our country, we have never seen a shift of this magnitude.
At this point, nearly 30 percent of Gen Z women now identify as LGBTQ+…
“Almost 30% of Gen Z women identify as LGBTQ+, most as bisexual,” Jeffrey Jones, a senior editor at Gallup, told NBC News. “That’s where a lot of the growth seems to be happening.”
This is the first year Gallup has laid out its annual LGBTQ identification report in a way that breaks down each generation by gender. Looking at all generations, 8.5% of women and 4.7% of men identified as LGBTQ, the survey found.
If you ban TikTok, that is barely going to do anything to stop the cultural tsunami that we are witnessing.
For many of our politicians, the reason why TikTok is such a big deal is because it is controlled by China.
This just shows how much things have changed.
For many years, I have been warning my readers that China is our enemy. A decade ago, most people thought that was absurd. Over and over again I would be told that “China is our friend” and that a war with the Chinese would never happen.
But now most of our politicians clearly believe that China is our enemy. If they considered China to be a friend, there is no way that they would be trying to ban TikTok.
Relations between the United States and China are rapidly deteriorating, and it won’t be too long before they reach a breaking point.
Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.
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.
