It is getting ugly, really, really ugly. Let’s remember who caused this economic collapse, governments have caused the collapse by locking down their nations, states, and cities. A virus did not do that, it is simply being blamed. The Coronavirus only killed 0.1% of those infected.
Eurozone Collapse
The Eurozone has now suffered unprecedented economic collapse. Yahoo explains,
“The eurozone economy suffered the steepest falls in business activity and employment ever recorded during April as a result of measures taken to contain the coronavirus outbreak,” it said.
Record setting destruction.
United States Economic Collapse
If we look at the United States Senate Majority Leader Mitch McConnell said states should consider bankruptcy. I quote,
“I would certainly be in favor of allowing states to use the bankruptcy route.”
This article explains massive layoffs, and pay cuts are coming to state and local governments. Speaking of job loses, another 4.4 million Americans become unemployed last week. That brings the 5-week unemployment total to 26 million. By the way, the U.S. has now erased all job gains since the Great Recession.
To add insult to injury, the U.S. Treasury Secretary Steve Mnuchin said,
I hope we are going to get back to work fairly quickly. And we’re kind of operating under the environment that we are going to open up parts of the economy, and we’re looking forward to, by the time we get later in the summer, having most of the economy, if not all of the economy open.
Quickly?
Last summer?
All of this economic destruction over the Coronavirus with a mortality rate of 0.1%. No, I am not going to let that one go. It is being blamed for all of this destruction. That is worse than shutting the world down over the Seasonal Flu.
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Then we have meat plants that keep shutting down over the “threat” from the Coronavirus.
So let’s see, companies have shut down which means job loses, and now food producers are beginning to shut down. That is not a good trend folks, that is doomsday stuff.
If companies are closed, that means they cannot make money. Yet, they still have to pay their leases for their store. Gap the clothing store said they may not have enough cash to cover their expenses any longer. The article explains,
It added that beginning in April, it stopped paying rent on its temporarily shuttered stores, which amounts to roughly $115 million in monthly expenses in North America.
So if Gap is not paying rent now, other companies are not paying rent adding up to billions of dollars in lost revenue. If these companies do not pay rent, the landlord cannot pay his mortgage or insurance, etc.
You heard of the snowball effect?
You roll a snowball down a hill, it starts out as a little guy, but, it quickly builds and builds until it’s so massive it cannot be stopped.
That is where we are going. Make sure you read all of the news items we have today. They all tie together.