Bypass Big Tech Censors
(The Economic Collapse Blog)—Businesses are declaring bankruptcy at a much faster rate than they did last year. Thousands upon thousands of once thriving businesses are failing, but this just must be another sign that the economy is “fine”. No matter how bad the numbers get, we are assured that the people running things have everything under control and that the outlook for the future is wonderful. Of course I understand that this is an election year and virtually everyone is trying to put their own unique spin on things. But there is no possible way that you can make numbers like these look good…
Personal and business bankruptcy filings rose 16.2 percent in the twelve-month period ending June 30, 2024, compared with the previous year.
According to statistics released by the Administrative Office of the U.S. Courts, annual bankruptcy filings totaled 486,613 in the year ending June 2024, compared with 418,724 cases in the previous year.
Business filings rose 40.3 percent, from 15,724 to 22,060 in the year ending June 30, 2024. Non-business bankruptcy filings rose 15.3 percent to 464,553, compared with 403,000 in the previous year.
Read that last line again.
Business bankruptcy filings were up by more than 40 percent in just one year. But don’t worry. Everything is “fine”.
Sadly, more businesses continue to file for bankruptcy with each passing day. Earlier this week, I was saddened to learn that even Avon has been forced to file for bankruptcy…
Avon Products filed for Chapter 11 bankruptcy on Monday as the beauty brand looks to address its debt and legal liabilities stemming from lawsuits that alleged its talc-based products were contaminated with cancer-causing substances.
The holding company hasn’t sold Avon products in the U.S. since it divested its North America business in 2016, but remains the holding company for the Avon brand’s operating entities outside the U.S.
Once upon a time, Avon was one of the most iconic brands in the beauty industry.
But now times have changed.
Also on Monday, a chain of gyms that has more than 100 locations in seven states announced that it had filed for bankruptcy…
Gym chain Blink Fitness announced Monday that it filed for Chapter 11 bankruptcy.
The Chapter 11 filing is meant to help the Equinox Group-owned chain “execute an efficient and value-maximizing sale process to optimize its footprint and position the business for long-term success,” according to a news release.
Blink said it will keep its gyms open in the meantime. It has more than 100 locations spread across seven states.
I could give you endless examples if you would like.
LL Flooring is another big name that has decided that it is time to file for bankruptcy…
One of America’s biggest flooring suppliers has filed for bankruptcy – the latest in a long line of retailers this year to face money problems.
LL Flooring will shut 94 of its 442 stores, which are spread out across 47 states, to cut costs and make the company attractive to a buyer.
The retailer, which specializes in hardwood flooring, has faced falling sales over the past year as families cut back on remodelling their homes.
Needless to say, this tsunami of bankruptcies is going to cost a lot of people their jobs.
When Rite Aid filed for bankruptcy protection, they originally indicated that 154 stores would be closing…
After filing for Chapter 11 bankruptcy protection in October, Rite Aid announced it would initially shutter 154 underperforming stores across a dozen states.
Since that time, Rite Aid has announced the closing of an additional 702 locations…
Rite Aid has now shut almost all of the stores it once had in Michigan and Ohio – as it cuts all ties with the two Midwest states.
In total across the US, the drugstore has now closed 856 stores since October 2023 – more than a two-fifths of the roughly 2,000 locations it operated before it fell into bankruptcy.
The latest closures – 74 so far in August- were all in the two Midwest states apart from one each in California and Washington. That is on top of 169 in July, all in Ohio and Michigan.
It is probably just a matter of time before the entire chain goes belly up and everyone that works for Rite Aid loses their jobs.
Speaking of failing drug store chains, Walgreens is in the process of closing more than 2,000 locations…
Coffee the Christian way: Promised Grounds
Walgreens Boots Alliance will close a significant portion of its roughly 8,600 U.S. stores as the pharmacy chain seeks to turn around its struggling business, which has been hit by inflation-weary customers paring their spending.
“The current pharmacy model is not sustainable,” CEO Tim Wentworth told investors on a Thursday earnings call.
With 75% of the company’s U.S. stores accounting for 100% of its adjusted operating income, the company plans to examine the remaining 25% of its stores for closures, which would occur over the next three years, said the executive, who took the company’s helm in 2023. Shuttering 25% of its 8,600 U.S. locations would result in about 2,150 store closures.
Of course it isn’t just retailers that are laying off workers.
According to Fox Business, Paramount has started the process of laying off approximately 15 percent of its total workforce…
Paramount has begun laying off a significant portion of its workforce, with hundreds of employees expected to be cut in the coming weeks.
A memo signed by co-CEOs Chris McCarthy, Brian Robbins, and George Cheeks was leaked to entertainment outlets on Tuesday, including Deadline, in which the chief executives braced employees for the cuts.
“This process will take place in three phases, starting today and continuing through the end of the year,” the memo reads. “We expect 90% of these actions to be complete by the end of September.”
Employers all over the country are conducting mass layoffs, but the government is telling us that unemployment is low.
Thousands upon thousands of businesses are declaring bankruptcy, but the government is telling us that the economy is booming.
The cost of just about everything just keeps going up, but the government is telling us that inflation is under control.
You can believe them if you want.
But they aren’t going to be able to hide the truth for long.
Decades of very bad decisions are starting to catch up with us in a major way, and unprecedented chaos is ahead.
So instead of using this summer to party, I am encouraging all of my readers to prepare for the very difficult months and years that are in front of us.
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.
Coffee the Christian way: Promised Grounds