The reality is that Bidenomics is working exactly as it was intended to work. Like Kamala Harris said, “Bidenomics is working!”

It’s challenging to suspend disbelief in this notion because no matter how badly Joe Biden, Kamala Harris, and the regime operates, most Americans work under the assumption that they’re not trying to tank the economy. It’s easier to blame incompetence, wokeness, and poor fiscal policies than to assume a darker intention. But the intention of tanking the economy comes from a false but persistent ideology that the regime won’t say out loud. They want to replace the system with Modern Monetary Theory and to do that requires everything that’s happening right now.

In other words, they think they’re doing “good” by destroying what we know to be a strong and vibrant American form of capitalism. This is how we know their intentions. If they openly discussed installing Modern Monetary Theory in America, their actions would be exactly what they are today.

MMT requires high unemployment, inflation, and a massive population surge from external sources. Does any of that sound familiar? As much as I loathe Wikipedia, their initial overview of Modern Monetary Theory is actually quite accurate:

Modern monetary theory or modern money theory (MMT) is a heterodox macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires.

According to MMT, governments do not need to worry about accumulating debt since they can pay interest by printing money. MMT argues that the primary risk once the economy reaches full employment is inflation, which acts as the only constraint on spending. MMT also argues that inflation can be controlled by increasing taxes on everyone, to reduce the spending capacity of the private sector.

MMT is opposed to the mainstream understanding of macroeconomic theory and has been criticized heavily by many mainstream economists. MMT is also strongly opposed by members of the Austrian school of economics, with Murray Rothbard stating that MMT practices are equivalent to “counterfeiting” and that government control of the money supply will inevitably lead to hyperinflation.

We know two things for sure. First, the Biden-Harris regime is working behind the scenes to lay the foundation for a near future iteration of Modern Monetary Theory. The reason we know this is ironic because it appears to have been an unintentional admission by the Chair of the White House Council of Economic Advisors, Jared Bernstein.

According to Fox News back in May:

A viral video of President Joe Biden’s chief economic adviser, Jared Bernstein, appearing to struggle to explain how monetary policy works has raised new questions about the administration’s handling of the economy.

Bernstein, who chairs the White House Council of Economic Advisers, was interviewed for a new film called, “Finding the Money,” a documentary made by advocates of Modern Monetary Theory (MMT) – a controversial line of economic thought. One of MMT’s central tenets is that government budget deficits don’t matter for countries like the U.S. that borrow money in their own currencies. Proponents argue this means the government should use tax and spending policies to manage the economy and address inflation instead of the central bank’s monetary policies.

“The U.S. government can’t go bankrupt, because we can print our own money,” Bernstein says in the video. He was then asked by the interviewer, “Like you said, they print the dollar, so why does the government even borrow?”

Bernstein’s reply seems to indicate uncertainty – at best – about monetary policy.

“Again, some of this stuff gets – some of the language and concepts are just confusing. The government definitely prints money, and it definitely lends that money by selling bonds. Is that what they do? They sell bonds, yeah, they sell bonds. Right? Since they sell bonds, and people buy the bonds, and lend them the money,” Bernstein replied.

If reading that makes you think he sounds like an idiot, watching it is even more disturbing.

The other thing we know for sure is that many Democrats have been pushing for the foundation of MMT to be built for years. If you don’t recall hearing many of them mention Modern Monetary Theory, it’s because they’ve been using a different name: The Green New Deal.

As Alexandria Ocasio-Cortez’s former Chief of Staff Saikat Chakrabarti famously noted, the Green New Deal wasn’t about the environment. It was about economic change. He would know. He’s the primary architect of the legislative abomination.

The Daily Caller noted his comments from 2019:

“The interesting thing about the Green New Deal, is it wasn’t originally a climate thing at all,” Chakrabarti said to Inslee’s climate director, Sam Ricketts.

“Do you guys think of it as a climate thing?” Because we really think of it as a how-do-you-change-the-entire-economy thing,” Chakrabarti added.

So when Kamala Harris says Bidenomics is working, she’s not misspeaking. She’s not delusional. Bidenomics is working exactly as it was always intended to work, as is the entirety of the Biden-Harris regime. We have to stop assuming they’re just idiots and realize that to be that stupid requires intent.

If you take a test with 100 multiple-choice questions, one can expect to get around a quarter of them right if they just answer “C” on every question. That’s based on ignorance and incompetence. To get EVERY question wrong means they know the right answer and they’re willfully picking the wrong one. That’s insidious intent and that’s exactly what we’re seeing from the Biden-Harris regime. They’re getting literally everything “wrong.”

The regime has acted to raise crime, inflation, and the illegal alien population. They have acted to reduce security, access, and freedom. These are all extremely important precursors to an economic collapse that would allow them to usher in Modern Monetary Theory as the “solution.”

In fact, it would be the only possible “solution” once the debt reaches a point of no return, which many believe has already happened.

Over the remaining months of the election I am going to be working to educate as many as possible about MMT, economic collapse, and Bidenomics. If, God forbid, Harris is able to steal the 2024 election, then I will shift focus to educating how we fight back before it’s too late. All of this will be done through my revived project, the Economic Collapse Newsletter on Substack.

Heart-stopping video footage shows the moment a Florida man plummets 60 feet into a creek after a branch he was standing on broke beneath him.

Christopher James Sikes Smalley was enjoying a day at Crystal Springs, a popular swimming spot in Vernon, when a branch he was climbing on snapped.

A clip shows Smalley hanging on to a branch above him with one hand and balancing on top of another.

Suddenly, the branch below Smalley gave way, causing him to fall and hitting other branches before landing in the water.

Fortunately, Smalley was not killed.

But this was a fall that he will never forget for the rest of his life.

I had to write about this, because it reminded me of what so many people out there are going through right now.

Millions of Americans are currently experiencing their own individual “economic collapses”, and that includes a lifelong Democratic in Pennsylvania named Stacey Ellis that was recently interviewed by the BBC…

She has switched stores, cut out brand-name items like Dove soap and Stroehmann bread, and all but said goodbye to her favourite Chick-fil-A sandwich.

Still, Ms Ellis has sometimes turned to risky payday loans (short-term borrowing with high interest rates) as she grapples with grocery prices that have surged 25% since Mr Biden entered office in January 2021.

“Prior to inflation,” she says, “I didn’t have any debt, I didn’t have any credit cards, never applied for like a payday loan or any of those things. But since inflation, I needed to do all those things….I’ve had to downgrade my life completely.”

Have you had to “downgrade” your life too?

If so, you are far from alone.

For example, a 26-year-old security guard in Brooklyn named Dylan Garcia now only eats two times a day because that is all that he can afford…

Dylan Garcia, a 26-year-old security guard from Brooklyn, says he’s never struggled to buy groceries as much as he has now.

Instead of the fresh food and brand-name items he used to enjoy, he now stocks up on ramen noodles and frozen vegetables – and only eats twice a day because he can’t afford more.

At checkout, he routinely uses “buy now, pay later” schemes, which allow him to pay the bill in installments, but have led to mounting debt.

If you can still eat three meals a day, you should be very thankful for what you still have.

Of course it isn’t just food prices that have been soaring.

Housing has become ridiculously unaffordable, and this week we learned that home prices are now higher than ever…

Findings from Redfin show the median U.S. home sale price soared to $397,954 in June – a nearly 5% increase from a year earlier. That marks the highest level on record and the biggest annual increase since March.

The monthly mortgage payment at that price, when accounting for the 6.86% median interest rate for a 30-year mortgage, is now $2,749. That is roughly $88 shy of April’s record, thanks to a slight drop in mortgage rates.

In a desperate attempt to make ends meet, many Americans have been going very deep into debt.

That worked for a while, but now delinquency rates are spiking.

In fact, the percentage of credit card balances that are considered to be in serious delinquency has risen to the highest level in more than a decade…

The flow of credit card debt moving into delinquency hit 8.9% in the first quarter at an annualized rate, above pre-pandemic levels. In fact, the percentage of credit card balances in serious delinquency – payments are at least 90 days late – climbed to its highest level since 2012.

This is an especially dangerous time to be piling up credit card debt, because credit card interest rates have moved into uncharted territory…

Finally, a vivid reminder that once credit card rates go up they almost never go down, in Q2 the average interest rate on credit card accounts rose again, up to 22.76% from 22.63% in Q1 and 1 basis point below the all time high.

While so far consumers have pretended they can afford to pay this interest upon interest, there will come a day when the brick wall will finally be reached and the US consumer’s Wile E Coyote moment will finally come meet its gravitational implosion.

Most people don’t realize this, but there is no federally mandated limit on credit card interest rates.

So these days many credit card companies are just going hog wild.

Some cards now come with a rate of more than 30 percent on unpaid balances, and that is deeply immoral.

Don’t fall into their trap, because the goal of these predators is to bleed you dry.

Many businesses all over America are also reaching a breaking point here in 2024.  For instance, one of the largest flooring suppliers in the entire country is on the verge of bankruptcy…

One of America’s biggest flooring suppliers is considering bankruptcy – the latest retailer to face financial problems.

LL Flooring, with 442 stores across 47 states, has seen its sales falling over the past year as Americans cut back on renovating their homes.

And I was deeply saddened to learn that the company that makes Tonka Trucks and Lincoln Logs has now officially filed for bankruptcy…

A toy company behind favorite brands including Tonka, K’nex, and Care Bears has filed for bankruptcy.

Basic Fun also owns Playhut, Fisher Price Classics, Lite Brite and Lincoln Logs, and makes toys for Walmart, Target and amusement parks.

Tonka – famous for its rugged toy trucks – was founded in 1946 and celebrated its 75th birthday two years ago with Shaquille O’Neal.

Meanwhile, Care Bears were one of the biggest toys of the 1980s after being launched at the start of that decade.

For years, the U.S. economy has been creeping farther and farther into the danger zone.

The limb that we are standing on is really starting to make some very alarming noises, but our leaders don’t seem to care.

Sadly, it is only a matter of time before disaster strikes.

If we had made much different choices, we could have ended up with much different results.

Ultimately, we shall reap what we have sown, and that is not going to be pleasant at all.

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.

Unfortunately, conditions won’t be relatively stable for long.  Global events have started to accelerate significantly, and that is really going to shake things up in the months ahead.

According to a report that was just released by the Institute of International Finance, the total amount of debt in the world has reached a grand total of 315 trillion dollars…

The world is mired in $315 trillion of debt, according to a report from the Institute of International Finance.

This global debt wave has been the biggest, fastest and most wide-ranging rise in debt since World War II, coinciding with the Covid-19 pandemic.

“This increase marks the second consecutive quarterly rise and was primarily driven by emerging markets, where debt surged to an unprecedented high of over $105 trillion—$55 trillion more than a decade ago,” the IIF said in its quarterly Global Debt Monitor report released in May.

We are in the midst of the greatest global debt binge in the history of the world.

Household debt is at a level we have never seen before, business debt is at a level we have never seen before, and government debt is at a level we have never seen before…

Of the $315 trillion debt stock, household debt, which includes mortgages, credit cards and student debt, among others, amounted to $59.1 trillion.

Business debt, which corporations use to finance their operations and growth, stood at $164.5 trillion, with the financial sector alone making up $70.4 trillion of that amount. Public debt made up the rest at $91.4 trillion.

For the moment, conditions are at least somewhat relatively stable, and so everything seems fine.

But it won’t take much to push us over the edge.

For example, during a recent interview with Greg Hunter, Chris Martenson suggested that a Chinese invasion of Taiwan could trigger a sudden meltdown of the bond market…

In a new market meltdown, Dr. Martenson sees chaos and gives a hypothetical example: “China attacks Taiwan, and there is a 10 sigma move in the bond market. Oh no, all these derivatives have blown up. These people are supposed to be winners, and these people are supposed to be all losers. No, no, they don’t have any money for that stuff. It’s too complicated. I don’t think anybody understands how this works anymore. I could not find anybody who could tell me the whole thing. I could find people who knew bits and pieces, but they knew their slice. . . . I am trying to stitch this thing all together. I get uncomfortable when I can’t answer the most basic questions, and that is how much risk is there in the system and where is it?”

In short, Dr. Martenson is worried about the whole financial system going down. Dr. Martenson says, “Yes, I am worried about the whole system going down, and that leads to all sorts of speculation. . . . Imagine this, we wake up one day, and the markets are not open on Monday. Oh no, glitch. Problem. Then, it’s two days and not open, three days not open. People are getting worried. Friday, and the markets are still not open. Monday comes, and they say it’s a super big problem, and we don’t know how to resolve it. . . . They offer you 100% value today in a Central Bank Digital Currency (CBDC) account or you can wait it out and hope it gets resolved, and it might take a decade.”

The moment that the Chinese invade Taiwan, the U.S. and China will be at war.

This is one of the three major wars that I have been warning about for a long time.

Unfortunately, the Chinese continue to become more aggressive toward Taiwan.  In fact, late last week they conducted the biggest practice run that we have seen so far…

China wrapped up a two-day, large-scale military exercise Friday after its forces deployed 111 aircraft and 46 naval vessels to areas around Taiwan.

Taiwan’s National Defense Ministry said 82 Chinese military aircraft crossed the median line of the Taiwan Strait and some got very close to the 24-nautical-mile line that Taiwan uses to define its contiguous zone.

The military drills, branded as a “punishment” for Taiwan’s new president, Lai Ching-te, who China views as separatist, focused on conducting joint sea-air combat-readiness patrol, joint seizure of comprehensive battlefield control and joint precision strikes on key targets involving China’s army, navy, air force and rocket force.

Meanwhile, both sides just continue to escalate matters in Ukraine.

It is being reported that French forces will soon be heading to Ukraine to help “train” Ukrainian troops, and that is a very ominous development…

Ukraine’s military says it is ‘welcoming’ French trainers in Ukraine, in new remarks which strongly suggest that for the first time France is deploying its troops to Ukraine soil. This marks the beginning of major ‘boots on the ground’ escalation in a formal, public capacity by a NATO state.

“Ukraine’s top commander said on Monday he had signed paperwork allowing French military instructors to visit Ukrainian training centers soon,” Reuters reported Monday, referencing head of the armed forces Col. Gen. Oleksandr Syrskyi.

“I am pleased to welcome France’s initiative to send instructors to Ukraine to train Ukrainian servicemen,” Syrskyi said following video link talks with French defense minister Sebastien Lecornu.

We are getting closer and closer to the day when western forces will be in direct conflict with Russian forces, and this is something that I have been warning about for many years.

The third major war that will greatly shake the entire planet is the war that has erupted in the Middle East. Israeli forces keep going even deeper into Rafah, and the IDF and Hezbollah continue to exchange fire along the northern front.

Eventually this war is going to escalate to an extremely dangerous level, and we could potentially see that happen by the end of this calendar year. In addition to military conflict, major pestilences are also a factor that could turn the global financial system upside down.

Earlier today, we learned that over 4 million chickens at just one farm in Iowa will have to be destroyed because of a bird flu outbreak there…

More than 4 million chickens in Iowa will have to be killed after a case of the highly pathogenic bird flu was detected at a large egg farm, the state announced Tuesday.

Crews are in the process of killing 4.2 million chickens after the disease was found at a farm in Sioux County, Iowa, making it the latest in a yearslong outbreak that now is affecting dairy cattle as well. Last week, the virus was confirmed at an egg farm west of Minneapolis, Minnesota, leading to the slaughter of nearly 1.4 million chickens.

Overall, 92.34 million birds have been killed since the outbreak began in 2022, according to the U.S. Department of Agriculture.

Please keep in mind that the figure that the U.S. Department of Agriculture is quoting is just for the United States.

Overall, hundreds of millions of birds have been killed around the globe since the beginning of this pandemic.

Let’s just hope that H5N1 does not mutate into a form that can spread easily from human to human, because if that happens our planet will be paralyzed by fear on a much higher level than we experienced during the last pandemic.

It is also being reported that a hemorrhagic fever that can cause “Ebola-like bleeding” is rapidly spreading among rodents in northern Europe…

A potentially deadly virus that can jump from animals to humans is already sweeping through northern Europe, putting the UK highly at risk.

The horrifying virus can be transmitted from rodents to humans and cause Ebola-like bleeding, according to new research.

Bank voles in Sweden carrying the pathogen have already infected two people, causing them to come down with a Viral Hemorrhagic Fever (VHF) – the same type of illness as Ebola.

I will be closely watching for any human cases of that disease, because any type of hemorrhagic fever that starts spreading widely among humans would cause a tremendous amount of panic.

On top of everything else, I believe that we should brace ourselves for unexpected natural disasters in the months ahead.

For example, our sun has been exceedingly active lately, and we are being warned that more coronal mass ejections may soon be heading our way…

Earth could be hit by another powerful solar storm this week that is predicted to trigger radio blackouts and incredible northern light displays.

Earlier this month, the sun unleashed the most powerful streams of plasma, known as coronal mass ejections (CMEs), in 20 years, causing communication disruptions worldwide.

The sunspot that caused the chaos has swung back around and released a powerful flare toward Earth’s region on Monday.

The National Oceanic and Atmospheric Administration (NOAA) a 60 percent chance of radio blackouts on Tuesday and throughout the rest of the week.

Before this current solar cycle is over, I believe that solar activity will make a lot more headlines.

So much is happening right now, but what we have experienced so far is just the tip of the iceberg compared to what is coming.

It won’t be too long before we are being hit by one catastrophic event after another, and that is going to cause tremendous chaos for the global financial system.

So take advantage of this period of relative stability while you still can, because we are moving into a time when everything that can be shaken will be shaken.

Sound off about this article on the Economic Collapse Substack.

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.

In fact, the latest wholesale inflation figure that was released on Tuesday came in much higher than expected.  Sadly, this is just the beginning and we are in far more trouble than most people realize.

According to an incredibly shocking new study, most Americans do not make enough money to “live comfortably” in the highly inflationary environment that we find ourselves in today…

A recent study has revealed the incomes needed for families to live comfortably across the United States – and the stark contrast in the cost of living between states is startling.

The study revealed that in the most expensive states, families need nearly $300,000 to simply live ‘comfortably.’

The least expensive state requires about half that salary – still over $100,000.

Meanwhile, the average annual salary in the US is $59,428, or $28.34 per hour, as of May 2024.

The study determined that Massachusetts is the most expensive state. It takes a whopping $301,184 a year for a family of four to “live comfortably” there.

The least expensive state is Mississippi. In the Magnolia State, it only takes $177,798 a year for a family of four “to cover their expenses and maintain a satisfactory quality of life”.

This is our country now.

I feel like I have been banging my head into a wall.  For more than a decade I have warned that this would happen, and now it is here.

And even more inflation is on the way…

Americans already contending with persistent and stubbornly high inflation just got more unwelcome news on Tuesday: There are more price hikes likely coming down the pike.

Wholesale inflation picked up in April to its highest rate in a year, according to Bureau of Labor Statistics data released Tuesday.

In April, inflation at the wholesale level jumped 0.5 percent in just one month…

Inflation at the wholesale level rose much more than expected in April, the latest sign that price pressures within the economy remain elevated and difficult to tame.

The Labor Department said Tuesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, rose 0.5% in April from the previous month.

If you multiply that figure by 12 months, you get 6 percent.

And of course you need to approximately double any number that the Biden administration gives us in order to come up with a figure that is anywhere close to accurate.

By now, just about everyone realizes that the rate of inflation in this country is massively understated.

For example, Joe Biden insists that the rate of inflation has been “low” for quite some time, but home prices have risen by more than 47 percent since the start of this decade…

Home prices have surged 47.1% since the start of 2020, easily outstripping the gains seen in recent decades.

That’s according to a recent analysis by ResiClub of the Case-Shiller National Home Price Index, which showed that house prices in the 1990s and 2010s grew a respective 30.1% and 44.7%.

Let’s all be honest with one another.

The truth is that we are in the midst of a raging cost of living crisis that has no end in sight.

And this should not surprise any of us.  Our politicians continue to borrow and spend trillions upon trillions of dollars, and all of this borrowing and spending is extremely inflationary…

An economic specter haunts America. It’s also one that many American politicians – Republican and Democrat – say a great deal about but are reluctant to address.

The name of that shadow is the United States National Debt: what the US Treasury Department defines as “the amount of money the Federal Government has borrowed to cover the outstanding balance of expenses incurred over time.”

If you go to the Treasury’s website, you can see just how big that debt is. In mid-May, it was 34.5 trillion dollars. The pace of the growth in that debt is equally stunning. Approximately 1 trillion dollars is being added to America’s National Debt every 100 days.

Borrowing and spending another trillion dollars every 100 days is a completely and utterly insane thing to do.

We really are in the endgame.

Today, Fed Chair Jerome Powell warned that interest rates may have to stay high for an extended period of time in order to fight inflation…

Federal Reserve Chair Jerome Powell said Tuesday that “it may take longer than expected” for high interest rates to lower inflation and gave no hint that a recently slowing labor market could mean earlier rate cuts.

“We’ll need to be patient and let restrictive policy do its work,” Powell said during a session at a Foreign Bankers Association meeting in Amsterdam. “It may be that (high interest rates) take longer than expected to do its work and bring inflation down.”

So far, higher rates have not solved our cost of living crisis, and that is because our politicians continue to spend money like drunken sailors.

But higher rates are crushing the overall economy.

Yesterday, I wrote about the “restaurant apocalypse” that is starting to sweep across America.

Today, it got even worse.

We just learned that at least 99 Red Lobster locations have been shut down and will be auctioned off…

At least 99 locations of Red Lobster are being auctioned off amid questions about the stalwart seafood chain’s long-term future.

In a post Monday on LinkedIn, Neal Sherman, founder and CEO of TAGeX Brands, a liquidation firm, announced he was leading the closure of more than 50 Red Lobster locations, with the restaurants’ equipment to be auctioned off.

A web page dedicated to the liquidations showed closure locations across the U.S. including in Denver; Indianapolis; Rochester, New York; Sacramento, California; San Antonio; and San Diego.

On Tuesday, Restaurant Business Magazine reported 99 locations were closing.

For the Red Lobster workers that just lost their jobs, the end came very suddenly…

A third Red Lobster employee took the news in stride, posting: ‘red lobster just laid all of us off without notice and closed for good LMAOO.’

The employee added in replied that Red Lobster didn’t tell managers until 8am yesterday.

Of course it isn’t just restaurant chains that are closing locations.

In fact, even Walmart is closing stores and auctioning off inventory…

After announcing that it would be shutting its doors for good, one Ohio Walmart auctioned off its remaining inventory, including flat-screen televisions, laptops and furniture, for a bargain.

The Walmart at 3579 S. High St. in Columbus opted not to renew its lease in a once-bustling strip plaza. Representatives announced the closure in February, claiming the store had failed to ‘meet financial expectations’.

Last week, the store offloaded its merchandise through a liquidation auction. Bidding closed the morning of May 10, with some items like laptops going for under $20.

If interest rates stay high, we are going to see a lot more of this sort of thing.

But the Federal Reserve is very hesitant to cut rates at this point because of the cost of living crisis.

Officials at the Fed really are caught in a “deer in the headlights” moment right now.

But no matter which way they ultimately choose to go, in the short-term more “stagflation” is ahead.

And in the long-term, the exceedingly foolish policies that our leaders have been pursuing are going to result in a systemic collapse of absolutely epic proportions.

Sound off about this article on the Economic Collapse Substack.

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

Even Western Europeans dealt with major famines during the World Wars and that experience has left an imprint on their collective consciousness. Most Americans, on the other hand, don’t get it. Because we have lived in relative security and economic affluence for so long the idea of ever having to go without food seems “laughable” to many people. When the idea of economic collapse is brought up they laugh and call it “conspiracy theory.”

Compared to the Great Depression, the US population is completely removed from agriculture and has no idea what living off the land means. These are not things that can be learned in a few months from books and YouTube videos; they require years of experience to master.

I will say that things have changed dramatically in the past 18 years I have been writing for the liberty media. When I started back in 2006 the preparedness movement was incredibly small and often people were afraid to broach such topics in public forums. Hell, believe it or not when I used to write about the need for unit based firearms training other preppers would to try to police my articles and they demanded I stop because it might make us “look militant.” That’s how different things were back then.

In the past several years preparedness culture has EXPLODED in popularity. Millions of Americans are now dedicated survival experts with extensive preps and firearms training. Prepping and shooting is no longer the realm of tinfoil hat “crazies”, now it’s cool.

The credit crash of 2008-2009 certainly helped wake people up to the reality of economic instability in the US. Then the covid pandemic, the lockdowns and the attempts at medical tyranny really shocked Americans out of their stupor. Everything we “conspiracy theorists” have been warning about was suddenly confirmed in the span of a couple of years. Every time globalists and governments create a crisis they only inspire more preppers.

The greater problem in terms of famine is not that individual Americans are not aware of the threat; many of them are. The problem is that our infrastructure and logistical systems are designed to fail and there’s not much the average citizen can do about it.

The just-in-time freight system is perhaps one of the worst systems in terms of redundancy ever devised. Any disruption no matter how minor could cut off supplies to an area for days or weeks. Then there is the interdependency that comes with food being produced outside most states. If your state does not have a solid agricultural base then it will be reliant on outside food sources during a crisis. What guarantees are there that your region will be able to secure food from elsewhere?

Furthermore, most of the populace, even those that are preparing, have never experienced large scale starvation events before. It’s difficult to adapt mentally to a threat that one has never seen.

I suggest people who want to know what real starvation feels like practice it from time to time. Try fasting for 24 hours, then try fasting for 48 hours. See how many days you can go without eating (just be sure to drink plenty of water). My maximum was seven days, and what I found was that after day three the hunger pangs actually stop altogether. You don’t go crazy, you don’t get violent; at most you might get tired, but you will also be surprised at how heightened your thinking becomes and how much energy you still have.

The human body can survive for three weeks or more without a single bite of food. My suspicion is that initial panic over potential hunger is the thing that causes most violence during famines. People encounter starvation and lose their minds within the first three days. The first-stage stomach pains and fogginess causes them to react without thinking and this leads to the widespread riots and other crisis events we are used to seeing in history during food shortages.

Fasting is a way to educate yourself on what it means to starve; it’s not as bad as it seems as long as you have some fat stores in your body. When you hit the point of muscle loss and organ deprivation, that’s when things change and the possibility of death arises. Having some familiarity with the feeling of true hunger will help you to avoid panic should the real thing ever occur in the future.

That said, the goal is of course to avoid famine altogether. Food storage is the foundation of any survival plan. Anyone who claims that jumping right into agriculture and hunting and wild edibles is the solution has never actually had to survive off the land in their lives. The reality is, finding enough food and growing enough food to live on is difficult for most people even in normal times.

During collapse, crops are often difficult to plant safely. They can be stolen or destroyed easily and require large communities of people to maintain and protect. Even smaller gardens can draw attention from undesirables and are hard to hide.

Hunting might be useful initially if you live in a rural area, but you won’t be the only person with the same idea and animals will move out of a region quickly if they are being hunted on a daily basis. You’ll have to go further and further out to find them and that’s risky during a collapse.

Wild edibles are nice in spring and summer when they are plentiful, but then again, if you’re hiking around expending more calories that you can get from these plants then the entire exercise is pointless. I tend to find that the wild edibles people are the most delusional when it comes to the logistics of survival. Survivalists who think they’re going to run to the woods and live off of the random plants they find will probably die.

Growing food, hunting food and foraging food are all supplemental measures, especially in the first year of any crisis event. Without a primary emergency supply most people will not make it. Food storage has been a mainstay of civilization for thousands of years for a reason – It works. Once larger secure communities are established then agriculture can return and self sustaining production makes food storage less important. Until then, what you have in your basement or your garage is the only thing that’s going to keep you alive.

I should mention the fact that there are some people out there who think they don’t need to store supplies because they plan to take other people’s stuff. Firstly, anyone who makes this their Plan A is probably a psychopath and I have zero empathy for them. Secondly, such people won’t stay alive very long. With every violent encounter the risk of injury or death increases; looters and raiders will be whittled down to nothing rather quickly as they get picked off by people defending their resources.

It’s not like the movies, folks; marauders will disappear swiftly during a crash. After the first year I would be surprised of any of these individuals or groups still exist.

In the meantime, that first year is going to be a shock for many Americans. It could be a grid down event, an economic collapse, a supply chain collapse, etc., but the panic associated with hunger will be ever present. People who understand the nature of famine, avoid panic and organize for safety will survive and thrive. People who don’t understand famine will freak and make detrimental mistakes.

Mental preparedness is just as important as physical preparedness. Keep that in mind as we move forward into uncertain times.

What do you think? Join the conversation at the Late Prepper Substack.

But even though we are absolutely flooding the system with cash stolen from future generations of Americans, economic performance has been extremely anemic.

On Thursday, the government reported that the U.S. economy grew at a 1.6 percent annualized rate during the first quarter of this year…

Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 1.6% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday.

That is much lower than the 2.4% increase forecast by LSEG economists and marks a sharp slowdown from the 3.4% pace seen during the fourth quarter. It is the slowest pace of growth in two years.

“This was a worst of both worlds report — slower than expected growth, higher than expected inflation,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “The biggest setback is the acceleration in core inflation, and in particular, the services sector rising above a 5% annual rate.”

Even if the GDP numbers were accurate, and I don’t believe that they are, that would still be absolutely terrible.

At this point, some pundits are using the term “slowdown” to describe what is happening to the economy…

Some analysts believe Thursday’s weaker-than-expected report signals the start of a broader slowdown in the economy.

Personally, I am entirely convinced that if honest numbers were being used they would indicate that GDP growth is negative.

But in any event, pretty much everyone agrees that we are heading in the wrong direction.

In response to this bad economic news, stock prices plummeted.

At one point on Thursday, the Dow Jones Industrial Average was down more than 600 points, and it closed the day down 375 points…

Stocks tumbled Thursday after the latest U.S. economic data showed a sharp slowdown in growth and pointed to persistent inflation.

The Dow Jones Industrial Average slid 375.12 points, or 0.98%, to close at 38,085.80, weighed down by steep declines in Caterpillar and IBM. The S&P 500 dropped 0.46% to finish the session at 5,048.42, and the Nasdaq Composite lost 0.64% to 15,611.76.

Not too long ago, the Dow was flirting with 40,000.

Since that time, it has lost nearly 2,000 points.

Will this “slide” eventually turn into an avalanche? What is happening in the bond market is of even greater concern.

The release of the GDP numbers caused U.S. Treasury yields to go completely nuts…

U.S. Treasury yields rose on Thursday after the first-quarter GDP report showed slowing growth and rising consumer prices.

The benchmark 10-year Treasury yield climbed 4.8 basis points to 4.702%, while the rate on the 2-year Treasury gained 6.1 basis points to 4.998%. At their session highs, the yields on both notes hit their highest levels since November.

Let’s keep a close eye on this.

If Treasury yields start swinging too wildly, that is going to have enormous implications for those that trade derivatives.

Shifting gears, we have also just learned that the median price of a home in the U.S. has just hit another brand new record high…

It is more expensive than ever to buy a home in the U.S., according to a new report from the real estate company Redfin.

The median home price hit a record $383,725 during the four-week period ending April 21. That’s up 5.2 percent from a year ago, Redfin found, one of the largest leaps in home prices since October 2022.

Sadly, home ownership is now out of reach for a very large chunk of the population. If you can believe it, Redfin says that the median monthly housing payment has risen “to a record $2,843”…

The median monthly housing payment also jumped to a record $2,843, up 13 percent from the same period last year.

Chen Zhao, the economic research lead at Redfin, said prospective buyers should “accept that this year is probably not the time to find a dream deal.”

Who can afford a mortgage payment of $2,843 a month? That is insane.

Home ownership has never been more unaffordable than it is right now, and young adults that are just starting out are being hit the hardest. Earlier today, I just had to laugh when I came across an article entitled “So you may never own a home. Here’s why maybe that’s … a good thing?”

To me, that sounds eerily similar to “you will own nothing and be happy”. That particular article is directed at young adults in Canada, but millions of young adults in the U.S. are also wondering if they will be renting for life.

Yes, there are some advantages to renting, but you aren’t building any equity. And I think that is what the wizards on Wall Street would like to see.

I think that they envision a future in which they own almost all of the homes and the vast majority of us are renters. The good news, if you want to call it that, is that I don’t think that things will ever get that far.

Our entire system has started to come apart at the seams, and it won’t be too long before it completely crashes. A lot of the “wealth” that we see on Wall Street is just a mirage.

For the moment, stock prices are absurdly high because there are people out there that are willing to pay those prices. But when conditions take a dramatic turn for the worse, the buyers will all disappear and so will the absurdly high stock prices.

So enjoy the last days of the bubble while you still can, because the clock is ticking…

Sound off about this article on the Economic Collapse Substack.

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

Take, for instance, the latest jobs report. For the third month in a row, the American economy added significantly more jobs than most economists had been expecting—a total of 303,000 for March. On its face, that’s a good number.

But as Ryan McMaken laid out over the weekend, things don’t look as strong when you dig into the data. For instance, virtually all the jobs added are part-time jobs. Full-time jobs have actually been disappearing since December of last year. In fact, as McMaken highlighted, “The year-over-year measure of full-time jobs has fallen into recession territory.”

Also, most of these new part-time jobs are going to immigrants, many of whom are in the country illegally. There has been zero job creation for native-born Americans since mid-2018. While immigrants are not harming the economy by working, the scale of new foreign-born workers has papered over the employment struggles of the native-born population.

Further, government jobs accounted for almost a quarter of those added—way above the standard ten to twelve percent. Just like with government spending and economic growth, government hiring boosts the official jobs number while draining the actual, value-producing economy.

Some economists, like Daniel Lacalle, argue that the US economy is already experiencing a private-sector recession but that government spending and hiring are propping up the official data enough to hide it.

A recession is inevitable, thanks to the last decade of interest rate manipulation by the Federal Reserve—and especially to its dramatic actions during the pandemic. The recession-like conditions in full-time jobs is further evidence that Lacalle is right.

But jobs numbers are only part of the story. The stock market has been fluctuating a lot recently, not because of changing consumer needs or the adoption of some new technology, but based on what Federal Reserve officials are saying about what the central bank will do this year.

At the same time, prices are still high. And they continue to rise at a rate that frustrates even some of President Joe Biden’s biggest economic cheerleaders. Our dollars are worth about 20 percent less than they were four years ago, with no prospect of that trend reversing. That hurts.

But instead of addressing this economic pain, much less their role in creating it, members of the political class are still pretending everything is great. They’re even gearing up to make things worse by, for example, sending even more of our money to the Ukrainian government. All to prolong a war it’s losing, not because of a lack of money, but because of a lack of soldiers.

And at home, President Biden is scrambling to put the brakes on energy production and to transfer money from the working class to his base of college graduates, all before he’s up for reelection in November.

Predictably and appropriately, the establishment’s head-in-the-sand economic strategy is coinciding with a notable decrease in support for the Democrats—the establishment’s preferred party these days. President Biden is behind in the polls in six of the seven swing states and is losing support from working-class and nonwhite voters.

The political establishment and its preferred candidates deserve to lose support, not only for failing to acknowledge America’s economic problems but for causing them in the first place.

Sound off about this article on The Economic Collapse Substack.

I agree. In fact, I don’t think the majority of Americans have a clue what the real consequences of a global war with Russia and its allies would look like. Even if the conflict never resulted in shots fired and stayed confined to the realm of economic warfare, the US and most of Europe would be devastated by the effects.

Carlson specifically mentioned dangers to the status of the US dollar, and I suspect this comment probably mystified a great number of people. Most of the population cannot fathom the idea of a US dollar implosion set in motion by a foreign dump of the greenback as the world reserve currency. They really do believe the dollar is invincible.

The most delusional people are, unfortunately, those within mainstream economic circles. They just can’t seem to grasp that the west is in the midst of financial collapse already, and war would accelerate the effects to levels not seen since the Great Depression.

I have been warning about this outcome for many years. I think I have made my position clear in the past; I suspect the conflict between east and west has been carefully engineered over the course of a decade or more, and Russia is not innocent in this affair.

Russia has consistently collaborated with globalist institutions including the International Monetary Fund in the effort to create a new “global reserve currency system.” In other words, the interests of Russia and the globalists do indeed intersect in a number of ways and the war in Ukraine has not necessarily changed that.  Time Magazine even complained last year about the IMF issuing positive reports about Russia’s economy – They thought the organization was going to repeat the false NATO narrative that Russia was in the midst of fiscal implosion.  Instead, the IMF essentially praised Russia’s resiliency in the face of sanctions.

As I noted in 2014 in my article ‘False East/West Paradigm Hides Rise Of Global Currency’ in reference to the burgeoning war with Ukraine.

“I would remind pro-Putin cheerleaders that Putin and the Kremlin first pushed for the IMF to take control of the Ukrainian economy, and the IMF is now demanding that Ukraine fight Russia in exchange for financial support. This might seem like irony to more foolhardy observers; but to those who are aware of the false East/West paradigm, it is all the part of a greater plan for consolidation of power.”

I also argued that:

“I have warned for quite some time that the development of East/West tensions would be used as a cover for a collapse of the dollar system. I have warned that among the American media this collapse would be blamed on an Eastern dump of foreign exchange reserves and treasuries, resulting in a global domino-effect ending U.S. world reserve status.”

From the moment Ukrainian President Viktor Yanukovych was deposed (many argue that this was done with the help of western intel agencies) the agenda for WWIII was set in motion. Both sides seemed to create the circumstances by which a conflagration was unavoidable.

Russia, strangely, supported the intervention of the IMF to secure Ukraine’s economy. The IMF then asserted that Ukraine would have to fight Russia to keep control of the Donbas or risk losing the financial aid that was keeping the country alive. Is this irony, or is there something else going on here?

NATO started arming Ukraine, and Ukraine used those arms to slaughter civilians in the Donbas. The eastern population wanted to join with Russia, and Ukraine had no intention of allowing this (IMF funding was on the line). In the meantime, the government began openly discussing the official inclusion of Ukraine into NATO. Russia then invaded, taking the Donbas. Now the entire region is a powder keg and both sides are ready to light the fuse.

But let’s look at this situation as if there was no globalist involvement in facilitating the crisis, just for a moment as an exercise in critical thinking…

If I had to pick a side that is “more right” in their position, it would have to be Russia, but not for the reasons many leftists might imagine when conservatives defend Russia.  The bottom line is that the left blindly follows establishment dictates while the rest of us are at least willing to look at the situation from both sides (which is the same thing Tucker Carlson is doing, and he’s being accused of treason for it).

Imagine if China was working to create a military alliance with Mexico with the potential for the Chinese military to stage long range weapons and soldiers on the American southern border? Imagine the chaos that this would cause in the US (maybe they would finally secure the border)? That’s what Russia was facing with Ukraine. Hell, America almost initiated global nuclear war when the Soviets staged missiles in Cuba in 1962. Military operations so close to the borders of major national powers are not a joke.

This was exact rationale for the war on Ukraine cited by Putin in his discussion with Tucker Carlson, and it makes sense.  Again, if we look at the events without the prospect of globalist interference.  But what if we start to consider who benefits the most from this war?

I certainly don’t trust Putin, but that doesn’t negate the Orwellian behavior of European and American political leaders. There is something going on here beyond the typical mechanisms of geopolitical brinkmanship. The conflict has wide ranging consequences and only serves the goals of a select group of elites.  I suspect elements of both Russia and NATO governments are either knowingly or unwittingly serving these interests.

It is undeniable. It is a verifiable reality – Many of our political leaders and elitist institutions are corrupt beyond comprehension. They are seeking an authoritarian reformation, a “great economic reset” and they are triggering multiple conflicts around the world. We saw the mask come off during covid. These people are not merely misguided; they are monsters, and they are hungry. It’s not beyond them to conjure a worldwide calamity and sacrifice the west like a goat on the altar to get the total centralization they desire.

The East/West paradigm plays into this plan perfectly. The BRICS nations are poised to drop the dollar as world reserve; some have already done so in bilateral trade. Make no mistake, if the conflict in Ukraine (and other parts of the world like Syria or Iran) continues to escalate nations like China will move to dump their dollar holdings just as Russia did. As the largest importer/exporter in the world, many countries would follow China’s lead and shift into a basket of currencies instead of the dollar for international trade.

What does this mean?

The dollar, which has been hyperinflated through more than a decade of Federal Reserve QE money printing, has continued to remain stable only because it is the world reserve and the petro-currency. Foreign banks hold trillions in US currency in overseas coffers for this very reason. With the loss of reserve status, an endless river of dollars will then flood back into the US as foreign investors diversify away from the Fed note. Result? Massive inflationary collapse.

This is what’s at stake. This is what Tucker Carlson was referring to, and far too many in America just don’t get it. Globalists benefit because this is what they have been working towards for decades – The deconstruction of US society and the economy so that the “old world order” can be replaced with their “new world order” of Central Bank Digital Currencies.  An IMF one-world currency basket and a host of other highly unpleasant socialist changes would swiftly follow.

The BRICS might be working with the IMF because they see the dethroning of the dollar as an opportunity to gain greater influence over international trade.  Or, maybe they are controlled opposition and they are scrambling for a seat at the NWO table.  In the end, the fall of the dollar would be a watershed moment for the formation of a global currency system.

And the best part for globalists is, they will be seen as the “heroes” when it’s all over. They spent the better part of the last century setting up America for economic failure through their devaluation of the dollar and the creation of a national debt trap. The system was going to break anyway, but now they can divert all blame to war and the “arrogance of nation states” and then come to the rescue with their dystopian digital money.

An east/west conflict opens the door to the Great Reset.  It is, in a lot of ways, the core of the Reset.  Everything in the new world order agenda relies on it.  Right now, the only thing holding back the tide is the public’s general refusal to fight. No one is interested in going overseas to die in a meaningless battle for Ukraine (Zelensky is truly delusional if he thinks Americans will shed blood in his trenches – Even a draft would be an utter failure). No one is interested in starting WWIII, whether it be nuclear or just economic.

I think the establishment’s outrage over Tucker Carlson interviewing Putin is based on their fear that western audiences are already skeptical of the motives behind the conflict and an unfiltered discussion on the war might galvanize this feeling.  The notion of war is becoming harder and harder for the establishment to sell.

This, however, does not negate the ability of NATO or Russia in expanding the crisis beyond Ukraine into other regions or into financial subterfuge (again, keep your eyes on Syria and Iran). Ultimately, they want us to choose sides, but only from the list of sides they approve. Liberty minded groups in the west need to choose our OWN side and fight for our own interests. It can’t be about NATO vs Russia, it has to be about free people vs the globalists. This is the only way these disaster events will ever end.

Sound off about this story on the Economic Collapse Substack.

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Webb said people are now seeing the end-stage phenomena of a collapse which has been planned in order to take everything from everyone.

He explained this end-stage phenomena are what he calls hyper-financialization.

“And following this, there will be a bust and prolonged low-price level. And this is what allows the public to be suppressed and put into a condition of deprivation,” Webb told host Mike Adams.

Velocity of money is a measurement of the rate at which money is exchanged in an economy. The velocity of money formula shows the rate at which one unit of money supply currency is being transacted for goods and services in an economy.

If people want to come up with money, they have to sell something like products or services. The author of the book “The Great Taking” added that newly created money gets turned over many times within a year and this velocity is the multiplier or the relationship between the end sales, the economic growth and the money creation.

According to Webb, the aftermath of the Asian financial crisis in the late 1990s led to the velocity of money phenomena to start rolling over and collapse. He recalled noticing strange things happening at the time in the financial markets in terms of how the markets behaved and moved up without any reason for it.

Webb said he started following what the Federal Reserve was doing through the open market operation and found that the Fed created over one percent of the United States GDP in new money in a week. If it was annualized, it was a big rate of growth in an economy that was only growing by three percent in a good year.

Federal Reserve creates bubbles and crises

The former hedge fund manager added that by the peak of the dot-com bubble in the fourth quarter of 1999, the Fed was growing money at a 40 percent annual rate.

Webb stressed the Fed knew they were doing it and did it to create bubbles and crises. (Related: Federal Reserve to print another $2 trillion in fake fiat funny money to bail out financial terrorists, further devaluing dollar.)

Adams commented that “people have been living for decades in an artificial money creation or cheap money, easy money environment that has inflated the perceived values of everything from real estate to the stock market.”

Webb agreed and stressed that this happens when a country transitions to a point where “money creation is not going into the real economy, and it increasingly goes into financial assets, warfare and social control which is an end-stage phenomenon.”

Adams then asked Webb if the financial bust would be followed by the contraction of all the excess money that had been created.

Webb said the world is already in the end-stage phenomena with the velocity of money collapsing to a lower level than at any point during World War I, the Great Depression and World War II.

“This is a profound collapse. And that basically means that no matter how much money is created, it’s not it’s without correspondence with what is happening in the real economy. It’s blowing out the money creation,” Webb said. “This leads to hyper-financialization, which would lead to warfare and social control because they are preparing for the collapse of the system.”

According to Webb, the last time the collapse in velocity happened was during the early part of the 20th century with the collapse of the Qing Dynasty, Turk Ottoman Empire, Austro-Hungarian Empire and Russian Empire.

He also pointed out that all of the central banks are in collusion in this financial collapse and there are no independent central bankers in the system.

Follow Bubble.news for more news about the looming financial collapse in America. Watch the video below to learn more about David Webb’s interview with Mike Adams.

This video is from the Health Ranger Report channel on Brighteon.com.

More related stories:

• “The Great Taking” details the planned confiscation of everyone’s assets in the next engineered financial collapse.
• Global financial system will collapse on itself, warns Gregory Mannarino.
• Month-over-month U.S. budget deficit rose by 50% in December as financial collapse looms.

Sources include:

• Brighteon.com
• FederalReserveHistory.org

Of course I am being quite facetious.  The truth is that what we are doing to future generations of Americans is beyond criminal.  We are literally committing national suicide, but each election cycle most of the same big spending politicians just keep winning over and over again.

Those on the other side would argue that it has been absolutely necessary to borrow and spend so much money. If we had not propped up the U.S. economy with giant mountains of borrowed money, it would have collapsed long ago.

In addition, spending so much money allows us to project military and economic power all over the planet.  If we only spent what we brought in, America’s standing in the world would be greatly reduced.

Having the primary reserve currency of the world is an enormous source of power, but now that power is fading.

Nations all over the globe are starting to move away from using the U.S. dollar in international trade, and they are becoming a lot more hesitant to buy our debt.

You can only borrow and spend so much before the entire Ponzi scheme collapses, and at this moment we are more than 34 trillion dollars in debt…

US national debt has reached a record high – hitting $34 trillion for the first time in history.

Data published by the Treasury Department Tuesday showed that outstanding federal borrowing soared to $34.001 trillion on December 29, just weeks ahead of Congress deadlines for new federal funding plans.

The staggering figure, which is a major point of contention between Republicans and Democrats, is equal to $101,233 in federal debt for every person in America, according to the Peter G. Peterson Foundation.

So if there are four people living in your household, your share of the national debt is more than $400,000.

And every day the debt gets even larger.  As Wolf Richter has pointed out, the size of the national debt has increased by 2.5 trillion dollars in just the last seven months…

The total US national debt spiked by $1.0 trillion in 15 weeks since September 15, to $34.0 trillion, according to the Treasury Department’s figures this afternoon. In the seven months since the debt ceiling was lifted, the national debt spiked by $2.5 trillion.

These are huge gigantic numbers that are piling up as a result of the incredible hard-to-fathom daredevil reckless shake-your-head deficit spending by Congress.

Overall, the U.S. national debt has grown by $6.25 trillion since Joe Biden entered the White House.

It took the first 225 years of U.S. history for the U.S. national debt to reach the 6 trillion dollar mark, and now we have added more than 6 trillion dollars to the debt in less than 3 years.

This is what the endgame looks like.

We are in a debt spiral that is totally out of control, and there is no way that this story is going to end well.

And despite the fact that we are endlessly pumping colossal piles of cash into the economy, our economic conditions continue to deteriorate.

On Wednesday, we learned that U.S. job openings have fallen “to the lowest level in more than two years”…

U.S. job openings dropped in November to the lowest level in more than two years, the latest evidence that the Federal Reserve’s interest-rate hike campaign is continuing to cool the labor market.

That is a sign that the economy is getting worse.

And more large companies continue to lay off workers.  For example, Xerox just announced that it will be laying off 15 percent of its workforce…

Xerox on Wednesday announced it will cut 15% of its workforce as part of a plan to implement a new organizational structure and operating model.

Xerox, which offers digital printing and document management technologies, had about 20,500 employees as of Dec. 31, 2022, according to a filing with the U.S. Securities and Exchange Commission. Based on this figure, Wednesday’s layoffs will affect about 3,075 employees.

Shares of Xerox closed down more than 12% following the announcement Wednesday.

So what can we do to “get the economy going again”?

Well, we can follow the example of the federal government and borrow and spend even more money.

Of course much of the nation is already drowning in debt.  According to one recent survey, only about half the country will be able to pay off their December credit card balances in full…

Only half of America’s credit card customers believe they can pay off their December balance in full, according to an industry index, signaling a low ebb in “credit card confidence” as the nation emerges from the holidays.

The LendingTree Credit Card Confidence Index, a monthly survey published since 2018 by the personal finance site, dipped to 51% in December, an all-time low.

In a nationally representative survey of 1,514 cardholders, only 51% voiced confidence that they could pay off their card balance this month. In November, the Confidence Index stood at 58%.

Our forefathers handed us the keys to the greatest economic machine in world history.

But that was never enough for us.

We always had to have more, and so we just kept borrowing and spending.

Now the endgame has arrived, and it is going to be excruciatingly painful.

U.S. consumers are drowning in record levels of debt, U.S. corporations are drowning in record levels of debt, state and local governments are drowning in record levels of debt, and the federal government is drowning in record levels of debt.

America’s empire of money was nice while it lasted, but now the jig is up and the collapse that is looming is truly going to be one for the history books.

Michael’s new book entitled “Chaos” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.