(The Economic Collapse Blog)—When you look at Joe Biden, you are also getting a visual picture of what is happening to our economy as a whole. Both have been getting artificially propped up for a long time, both are now sick once again, and both are starting to decline very rapidly at this point.
There is lots of speculation that Joe Biden is not going to be able to make it much longer, and of course the exact same thing could be said about the U.S. economy. Sadly, the truth is that the clock won’t stop ticking and time is not on the side of either one of them.
On Wednesday, we learned that Joe Biden has once again tested positive for COVID…
President Joe Biden tested positive for COVID-19 following an event Wednesday in Las Vegas, the White House confirmed.
This is the third time the president has tested positive for the virus. And Biden is not alone: the positivity rates for COVID-19 have been increasing recently, as have visits to the emergency department and deaths.
Biden, 81, is vaccinated and boosted and is “experiencing mild symptoms,” White House press secretary Karine Jean-Pierre said in a statement.
The White House is trying to make it sound like this isn’t a big deal, but Biden certainly didn’t look like he was just “experiencing mild symptoms” when he arrived in Delaware on Wednesday night…
The 81-year-old – whose political future is in jeopardy due to his age – walked very slowly off Air Force One, pausing multiple times.
He then put on a mask on inside the black SUV that carted him off to his beach house in Rehoboth.
Biden also appeared to need some assistance as he slowly nudged himself into the car before the motorcade pulled away.
Of course this is happening at a time when speculation that Biden could drop out of the race has reached a fever pitch. Axios is reporting that some “top Democrats” believe that Biden could make an announcement “as soon as this weekend”…
Several top Democrats privately tell us the rising pressure of party congressional leaders and close friends will persuade President Biden to decide to drop out of the presidential race, as soon as this weekend.
Personally, I don’t know if Biden is ready to throw in the towel quite yet.
But we shall see what happens.
Meanwhile, more bad economic news continues to pour in. For example, we are being told that home eviction filings are way up all over the nation…
Home evictions are on the rise in several major cities nationwide as Americans continue to grapple with the ongoing cost-of-living crisis.
Eviction filings over the past year are up more than 15% compared with the period before the COVID-19 pandemic began in 10 cities across the country, according to the Eviction Lab, a research unit at Princeton University. The Eviction Lab tracks 10 states and 34 cities.
However, the problem is noticeably worse in five cities, where the eviction rate is at least 30% higher than it was before the pandemic started.
Whether someone is seeking to rent or buy, housing costs have soared into unprecedented territory.
And this is one of the biggest reasons why so many Americans are so deeply frustrated with the economy right now.
According to Fox Business, the “median monthly housing payment for homebuyers in swing states” has risen 92 percent since the last presidential election…
The cost of buying a house has surged in recent years, as high mortgage rates and rising home prices put ownership out of reach for many Americans.
The problem is even worse for the millions living in key battleground states that could determine the outcome of the 2024 presidential election.
New findings from Redfin show the combination of steep mortgage rates and elevated home prices has pushed the median monthly housing payment for homebuyers in swing states to an all-time high of $2,161 – a 92% increase from the 2020 election.
This is going to have an enormous impact on how people vote, and that is not good news for the Democrats at all.
At the same time, banking industry problems continue to mount and local branches continue to be shut down at a staggering pace…
US banks closed 28 branches across the country in just one week in July.
Wells Fargo, Bank of America and US Bank each closed eight locations in the last week.
The remaining locations were closed by Greenville Fed, Chase and Schaumberg Bank & Trust, who each closed one branch.
Watch the banking industry, because I believe that this will eventually become a huge story during the months ahead.
Retailers are permanently shutting down lots of locations too. In fact Stop & Shop just announced that they will be closing 32 grocery stores…
Stop & Shop is closing 32 underperforming grocery stores across the US northeast as part of the company’s efforts to improve its financial performance.
Shoppers are also being squeezed by higher prices at the grocery store, with food prices experiencing modest upticks last month, according to the newest inflation report.
“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” said the chain’s president Gordon Reid in a release.
Needless to say, that isn’t even worth comparing to what Walgreens is getting ready to do.
The plan is to shutter more than 2,000 Walgreens locations before it is all over, and that is really bad news for those that have come to depend upon that chain…
Shoppers, it may be time to find a new pharmacy. Walgreens is closing up to a quarter of its 8,600 stores within the United States.
Walgreens CEO Tim Wentworth recently explained to the Wall Street Journal on June 27 that the closures would focus on locations that aren’t profitable, too close to each other or stores struggling with theft.
Unfortunately, this is just the beginning, because vast hordes are businesses are likely to go belly up during the coming years.
According to one recent survey, almost half of our small businesses are convinced that they will not survive “the current economic climate, ongoing inflation or another four years of Biden administration policies”…
Nearly half of 80,000 small businesses surveyed say they won’t survive the current economic climate, ongoing inflation or another four years of Biden administration policies, according to the survey conducted by RedBalloon and Public Square.
Their May Freedom Economy Index found that small businesses “remain in survival mode,” with 40% delaying paying bills to manage cash flow and 70 percent putting staffing plans on hold, neither hiring nor reducing staff, “the highest reading … over the past year,” the report states.
We are in far more trouble than most people realize.
I have been documenting the ups and downs of our inevitable economic decline for more than a decade, and now we have reached a stage where that decline is threatening to become an avalanche.
So I would encourage you to brace yourself for very hard times, because it has become clear that this is a story that is not going to end well.
Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
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.