Economists at the Federal Reserve (the United States central bank) said they expect a “mild” recession later this year, an escalation from their previous assessment. The staff expects the economy to dip into recession following the “banking crisis” that is likely not over yet.
“Given their assessment of the potential economic effects of the recent banking-sector developments, the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years,” according to the publicly posted minutes from the meeting, which took place over March 21-22 right after the collapse of Silicon Valley Bank and Signature Bank.
We are the slaves and the central banks are running the show, Greg Mannarino says in a recently uploaded video:
The Federal Reserve is crushing the consumer and killing off the economy. The goal of the central banks is to stave any small businesses to transfer the wealth to the top, Mannarino said.
While several economists, including the International Monetary Fund, have said the United States and global economies face a higher risk of recession after the recent bank failures, the Biden administration has painted a rosier picture, with Treasury Secretary Janet Yellen saying she does not anticipate a “downturn” in the U.S. economy.
According to a report by ABC News, White House press secretary Karine Jean-Pierre argued that economic indicators say “we are not headed to a recession or pre-recession.”
“Recent economic indicators are not consistent with a recession or even a pre-recession. And you can just look at the data: Twelve-point-five million jobs have been created since he took office — twelve-point-five million jobs. We’ve gained all the jobs lost during the pandemic and created three million more jobs. And so, unemployment is a near 50-year low, and black unemployment is at a record low. Annual inflation has fallen over the last nine months,” she said.
Once the dollar is no longer the reserve currency and the economy completely collapses, we will see the digital slave system rollout, and it’s going to be far more oppressive than the slave system we are living under now.
This is deliberate, says Mannarino. They plan to starve us out, create more slaves, and prevent escape from their system.
Article cross-posted from SHTF Plan.
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