Editor’s Commentary: Our economy is currently in what I like to call a “Humpty Dumpty” state. Right now, it’s sitting on the wall, that wall being the various bricks that prevent us from being crushed under the weight of $31 trillion in national debt. For example, the petrodollar is a huge brick in that wall, and if that ever changes the wall will collapse and America along with it.
Will there be a great fall soon? That’s hard to say, but on thing is absolutely certain: If our Humpty Dumpty economy does have a great fall, all the nation’s horse and all the nation’s men will not be able to put it back together again. It’ll make The Great Depression seem like a minor fiscal blip, as I discussed in a brief for The JD Rucker Show. Here’s Michael Snyder from The Economic Collapse Blog to explain more…
Is your job safe? Right now, we are witnessing so much turmoil is so many different sectors of our economy. The housing market is crashing, the cryptocurrency industry has imploded, the tech industry is laying off workers at an extremely frightening pace, and some of our most important retailers are heading into bankruptcy. The information that I am about to share with you is deeply troubling. It has become exceedingly clear that our economy is in huge trouble, and I fully expect that our problems will accelerate even more as the year rolls along.
Let me start by pointing out what is currently happening at Microsoft. It is one of the wealthiest companies in the entire world, but due to a shift in “macroeconomic conditions” executives have decided that it has become necessary to lay off 10,000 workers…
Microsoft announced thousands of job cuts this week, becoming the latest tech company to pluck its workforce as the global economy slows.
The software company confirmed Wednesday its reducing workforce by 10,000 people through the end of the third quarter of the 2023 fiscal year.
The cuts come “in response to macroeconomic conditions and changing customer priorities,” the company’s CEO Satya Nadella released in a statement to its employees Wednesday.
If even Microsoft is laying off thousands of workers, is any job in the private sector truly safe?
Meanwhile, some of the biggest names in the retail industry are plunging into bankruptcy now that the holiday season is over.
On Tuesday, it was Party City’s turn…
Party City filed for bankruptcy protection Tuesday, weighed down by competition and years of financial losses.
The largest party goods and Halloween specialty retail chain in the United States said in a regulatory filing that it reached an agreement with debtholders to cut its $1.7 billion debt load.
Even more alarming is the fact that it is being reported that a bankruptcy filing for Bed Bath & Beyond has become “likely”…
Bed Bath & Beyond has been in discussions with prospective buyers and lenders as it works to keep its business afloat during a likely bankruptcy filing, according to people familiar with the matter.
The retailer is in the midst a sale process in hopes of finding a buyer that would keep the doors open for both of its major chains, its namesake banner and Buybuy Baby, said the people, who weren’t authorized to discuss the matter publicly.
So many brick and mortar retailers are really struggling right now, and many of them are blaming competition from Internet retailers such as Amazon.
But if Amazon is doing so well, why did they start laying off approximately 18,000 workers on Wednesday?…
Earlier this month, Amazon CEO Andy Jassy told employees in a blog post that the company was laying off about 18,000 people as it seeks to cut costs and would begin contacting impacted employees on Jan. 18.
“Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so,” Jassy said in the Jan. 4 post. “These changes will help us pursue our long-term opportunities with a stronger cost structure.”
The wave of layoffs that we have been witnessing in the tech industry is truly unprecedented.
Prior to this week, more than 25,000 tech industry workers had already been laid off this year, and this comes on the heels of the massive layoffs that we saw last year…
According to the data tracking website, more than 101 tech companies around the world have laid off 25,436 employees so far in 2023. Most of the layoffs have taken place in the United States, accounting for 22,400 employees fired.
The number of workers being laid off from tech companies is a trend that is continuing since 2022, when 154,336 workers were fired from over 1,000 tech companies around the world, according to the data.
But at least the tech industry is in far better shape than the cryptocurrency industry is.
Let me share four major announcements that have all happened within the past 10 days…
#1 It is being reported that Genesis Global Capital “is laying the groundwork for a bankruptcy filing”…
Genesis Global Capital is laying the groundwork for a bankruptcy filing as soon as this week, according to people with knowledge of the situation.
The cryptocurrency lending unit of Digital Currency Group has been in confidential negotiations with various creditor groups amid a liquidity crunch. It has warned that it may need to file for bankruptcy if it fails to raise cash, Bloomberg previously reported.
#2 Crypto.com announced that it will be laying off “20% of its workforce”…
Crypto.com announced plans to lay off 20% of its workforce Jan. 13. The company had 2,450 employees, according to PitchBook data, suggesting around 490 employees were laid off.
CEO Kris Marszalek said in a blog post that the crypto exchange grew “ambitiously” but was unable to weather the collapse of Sam Bankman-Fried’s crypto empire FTX without the further cuts.
#3 Coinbase has decided “to cut about a fifth of its workforce”…
On Jan. 10, Coinbase announced plans to cut about a fifth of its workforce as it looks to preserve cash during the crypto market downturn.
The exchange plans to cut 950 jobs, according to a blog post. Coinbase, which had roughly 4,700 employees as of the end of September, had already slashed 18% of its workforce in June saying it needed to manage costs after growing “too quickly” during the bull market.
#4 The founder of cryptocurrency exchange Bitzlato has actually been arrested. Apparently he was laundering money on a scale of epic proportions…
The founder of the Hong Kong-based cryptocurrency exchange Bitzlato was arrested early Wednesday in Miami in connection with a vast money laundering operation, accused of transmitting more than $700 million in illicit funds in the past four years.
Deputy Attorney General Lisa Monaco said Anatoly Legkodymov, 40, a Russian national, oversaw a major “high-tech financial hub that catered to known crooks,” including cybercriminals and drug dealers seeking to process dirty money.
The cryptocurrency industry will never look the same again after all of this turmoil.
On top of everything else, the Saudis appear to be poised to make a major move that could literally change everything.
At the yearly gathering of the World Economic Forum in Davos, the Saudi finance minister decided to drop a bombshell…
Saudi Arabia is open to discussions about trade in currencies other than the US dollar, according to the kingdom’s finance minister.
Needless to say, this could potentially completely undermine the dominance of the petrodollar.
Of course we cannot afford to have that happen, because the dominance of the dollar is one of the only things that is keeping our system afloat.
At this point just about everything is moving in the wrong direction for the U.S. economy, but most people still do not understand the bigger picture.
A lot of the “experts” assume that we will just suffer through a temporary recession and then things will eventually return to normal. I wish that was true.
Unfortunately, our entire system is starting to crack and crumble all around us, and those that are currently running things are not going to be able to put it back together again.
***It is finally here! Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.***
About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com. In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, 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 copies as gifts 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 definitely 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 invite Jesus Christ to be your Lord and Savior today.
Article cross-posted from The Economic Collapse Blog.
Alternative video sources:
We Are Witnessing an Enormous Wave of Bankruptcies and Layoffs During the Early Stages of 2023 https://t.co/uFkMhcIzpI
— JD Rucker (@JDRucker) January 21, 2023
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.
