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We continue to get more indications that U.S. economic conditions are going to deteriorate rapidly during the second half of this year. Yesterday, I reported on a brand new survey which found that 69 percent of U.S. CFOs believe that the next economic collapse is coming “by the end of 2020”, and today we learned that Morgan Stanley’s Business Conditions Index has crashed dramatically. In fact, the sudden drop in the index was “the largest one-month market crash on record”…
A reading of the economy from Morgan Stanley is signaling “June gloom.” Morgan Stanley’s Business Conditions Index, which captures turning points in the economy, crashed by 32 points in June, to a level of 13 from a level of 45 in May. This market crash is the largest one-month decline on record and the lowest level since December 2008 during the stock market crash and economic crisis, according to the firm.
At this point, I really don’t see how anyone can possibly claim that the U.S. economy is not heading for the next economic collapse. We also just learned that U.S. unemployment claims have now risen for three weeks in a row, and the trade war is clearly beginning to take an immense toll on the economy.
This week, Walmart, Costco and hundreds of other companies jointly sent President Trump a letter that essentially begged him to end this trade war with China. There aren’t going to be any winners in this trade war, and anyone that suggests that there will be is just being delusional.
If there had been a quick resolution to the trade war, large corporations could have perhaps swallowed the increased costs that they are facing. But since it appears that this trade war will be with us for the foreseeable future, big companies are going to be forced to pass those costs on to consumers, and some top executives are openly admitting this… If prices go up but our paychecks stay the same, that means that our standard of living is going to go down.
And as I noted yesterday, it is being projected that U.S. corporate earnings will be way down in the second quarter, so the big corporations are definitely suffering as well.
Meanwhile, China is warning of substantial damage to their economy too, and the Chinese Ministry of Commerce just told the press that this trade war could lead to a global recession… Of course we were almost certainly heading toward a global economic collapse anyway, but the trade war is definitely accelerating our problems. At this point, global trade has already collapsed to levels not seen since the depths of the last economic crisis. Manufacturing numbers are plunging all over the world, and we just got some brand new numbers from the U.K. that are extremely alarming…
Most Americans are completely and utterly unprepared for any sort of an economic collapse. Today, 59 percent of us are living paycheck to paycheck, and a survey that was just released discovered that the financial situation of most Americans has not improved since the last stock market crash and crisis. For most of us, the pain of the last recession is a fading distant memory, and things have been relatively stable for an extended period of time.
So for the moment, most of the population is not too alarmed about what is coming. Unfortunately, that will soon change in a major way.
You can read more on our website: http://theeconomiccollapseblog.com/
America is headed for a day of reckoning, and author Michael Snyder is sounding the alarm. His novel about the future of America entitled “The Beginning Of The End” and his best-selling book about the end times entitled “The Rapture Verdict” are both available on Amazon.com.
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