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Experts Warn Of A Complete And Utter Economic Meltdown

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Everyone that tried to tell us that this pandemic would fade away quickly has been proven dead wrong.  Right now, approximately 187 million Americans are under “shelter-in-place” orders as COVID-19 sweeps across the nation like wildfire.  There are now more than 43,000 confirmed cases in the U.S., but by the time many of you read this article that number is likely to be far higher.  But what is even more concerning is what we are seeing with the cases that have come to a final resolution one way or the other.  Of all U.S. cases that have been officially resolved, 553 patients have died and only 295 patients have recovered.  Over time, the number of patients that have officially recovered will eventually surpass the number that have died for a couple of reasons.  For one, some victims are dying in just a few days while it can take weeks for some patients to fully recover.  Secondly, more widespread testing will start to reveal more mild cases, and most of those mild cases will ultimately recover.  But without a doubt, it is starting to appear that the U.S. will have a very high death rate like we are seeing in Italy, Spain and other western European nations.  Monday was the very first time that more than 100 Americans died in a single day, and it looks like the days ahead could be much, much worse.

Overall, the global death toll is rising at a pace that is very alarming.  It hit 16,000 on Monday, and that means it only took six days to double from 8,000.

If the death toll keeps doubling like that, we are going to be in very big trouble.

The number of confirmed cases is rising at an exponential rate as well, and on Monday the head of the WHO warned that this pandemic “is accelerating”

The coronavirus “pandemic is accelerating,” World Health Organization (WHO) Director-General Dr. Tedros Adhanom Ghebreyesus warned Monday.

Almost every country in the world has reported cases, he announced in a Geneva press conference.

“It took 67 days from the first reported case to reach the first 100,000 cases. Eleven days for the second 100,000 and just four days for the third 100,000,” he said.

As I write this article, there are 260,133 open cases around the world and 118,947 closed cases.

Out of the closed cases, 86 percent of the victims have recovered and 14 percent of the victims have died.

To put that into perspective, the Spanish Flu pandemic that stretched from 1918 to 1920 had a death rate of less than 3 percent.

But even after everything that has transpired, there are still lots of Americans that are not taking this pandemic seriously.  I don’t understand this, because all of our medical authorities are warning us that the worst is yet to come.  In fact, Surgeon General Jerome Adams just told us that “it’s going to get bad” …

Surgeon General Jerome Adams warned Monday that the coronavirus outbreak will worsen this week and said people across the country are not taking the threat seriously enough.

“I want America to understand this week, it’s going to get bad,” Adams said in an interview on the “TODAY” show.

And as I have been warning for weeks, this pandemic is going to plunge the United States and the entire globe into a horrifying economic nightmare.

At this point, even CNN is using “the d-word”….

A global recession, once unthinkable in 2020, is now a foregone conclusion and some experts warn that the pandemic could drag the world’s economy into a depression. More bad news: The coronavirus outbreak may just be getting started.

Central banks and governments are now unleashing a tsunami of interest rate cuts, loan guarantees and new spending, tapping emergency powers to reassure investors, cushion the shock to companies and workers and preserve the foundations of a functioning economy for the future.

A month ago, most Americans wouldn’t have imagined that such a thing could be possible.

But now “the everything bubble” has burst and we have just witnessed the fastest 30 percent decline for the S&P 500 in all of U.S. history

Twenty-two days.

That’s all it took for the S&P 500 to fall 30% from its record high, the fastest drop of this magnitude in history.

The second, third and fourth quickest 30% pullbacks all occurred during the Great Depression era in 1934, 1931 and 1929, respectively, according to data from Bank of America Securities.

In the short-term, the good news for investors is that we should see a substantial bounce in stock prices this week, and that could especially be true when Congress finally gets around to passing their “stimulus” package.

But whether the market goes up or down in the short-term, it isn’t going to stop the complete and utter economic meltdown that is now unfolding.

According to billionaire Tom Barrack, the commercial mortgage market is on the precipice of a historic collapse…

Real estate investor Tom Barrack said the U.S. commercial-mortgage market is on the brink of collapse and predicted a “domino effect” of catastrophic economic consequences if banks and government don’t take prompt action to keep borrowers from defaulting.

Barrack, chairman and chief executive officer of Colony Capital Inc., warned in a white paper and in a subsequent interview on Bloomberg Television of a chain reaction of margin calls, mass foreclosures, evictions and, potentially, bank failures due to the coronavirus pandemic and consequent shutdown of much of the U.S. economy.

Sadly, Barrack is 100 percent correct.

All of the dominoes are going to fall, and it is going to be horrifying to watch.

Meanwhile, we could be on the verge of a shutdown “of virtually all passenger flights across the U.S.”

Major U.S. airlines are drafting plans for a potential voluntary shutdown of virtually all passenger flights across the U.S., according to industry and federal officials, as government agencies also consider ordering such a move and the nation’s air-traffic control system continues to be ravaged by the coronavirus contagion.

No final decisions have been made by the carriers or the White House, these officials said. As airlines struggle to keep aircraft flying with minimal passengers, various options are under consideration, these people said.

To me, this is something that is exceedingly difficult to imagine, but we will see things a lot stranger than this in the days ahead.

As America literally shuts down from coast to coast, the job losses are going to be absolutely staggering.  In fact, we are being warned to expect numbers that are unlike anything we have ever seen before

Upcoming weekly jobless claims will shatter the standards set even during the worst points of the financial crisis and the early-1980s recession, with Bank of America forecasting a total of 3 million when the number is released Thursday. Those figures are expected to be so bad, in fact, that the Trump administration, according to several media reports, has asked state officials to delay releasing precise counts.

If this pandemic stretches on for an extended period of time, we will very quickly surpass the unemployment levels that we witnessed during the Great Recession.

Back then, the unemployment rate didn’t exceed 10 percent, but now the head of the St. Louis Fed is warning that we may see a 30 percent unemployment rate in the second quarter

Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, with an unprecedented 50% drop in gross domestic product.

Could things actually deteriorate that rapidly?

I sure hope not, because most American families are just barely scraping by

How long could you sustain your household if you were to stop earning income? If you are like most Americans, the answer is not for long. Only 40 percent of Americans can afford an unexpected $1,000 expense with their savings. In fact, nearly 80 percent of workers are living paycheck to paycheck. It is no surprise that the probability of an economic recession brought on by the coronavirus pandemic caused many to worry.

For years, many of us have been begging and pleading with people to get ready.  We warned that when things finally broke loose that events would move very quickly.  I even co-authored an entire book entitled “Get Prepared Now”, but now it is too late to get prepared in advance because a day of reckoning is now upon us.  I really like how Mike Adams of Natural News made this point

Over the last several days, I’ve been called by many people I haven’t heard from in years. Suddenly they’re interested in what I have to say, even though they ignored everything I said for the last decade. And they want to assure me they’re “fully prepared” with 2-3 weeks of food.

These are the same people who probably have four months’ worth of toilet paper, but only a 3-week supply of food.

I’m not even trying to educate them at this point. That day is long gone. Anyone who thinks “2-3 weeks of food” is going to carry them through a national food supply line collapse, a global consumer goods supply line collapse and a systemic, cascading finance and banking collapses is living in a land of sheer delusion.

A lot of the same people that didn’t listen and didn’t get prepared in advance are now trying to convince us that this crisis will soon be gone.

And it would be wonderful if they are right.

But at this moment the global numbers are rising rapidly with each passing hour, and the global economy is literally imploding all around us.

Article posted with permission from Michael Snyder

Michael Snyder

Michael T. Snyder is a graduate of the University of Florida law school and he worked as an attorney in the heart of Washington D.C. for a number of years. Today, Michael is best known for his work as the publisher of The Economic Collapse Blog. Michael and his wife, Meranda, believe that a great awakening is coming and are working hard to help bring renewal to America. Michael is also the author of the book The Beginning Of The End
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