(The Economic Collapse Blog)—It is incredibly sad to watch the U.S. economy slowly but surely come apart at the seams all around us. For most of our history, the rest of the world marveled at our economic performance, and that is because we embraced economic values that led to great blessing. In recent decades, we have abandoned those values, but we were able to maintain a very high standard of living by going into unprecedented amounts of debt. Our leaders were able to keep the game going for longer than a lot of people thought, but now we have entered the final depressing chapters for the late, great U.S. economy, and we can see evidence of this all around us. If you doubt this, just look at all of the businesses that are going bankrupt.
Last week, I discussed the fact that for the year ending June 30th, the number of business bankruptcy filings was up more than 40 percent compared to the previous 12 months. There is no way that the Biden administration can manipulate this number. Either a business filed for bankruptcy or it didn’t, and right now we are seeing a spike of historic significance.
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On Sunday, CNBC published an article that listed ten prominent restaurant chains that have filed for bankruptcy this year…
- Roti
- Buca di Beppo
- World of Beer
- Rubio’s
- Melt Bar & Grilled
- Kuma’s Corner
- Red Lobster
- Tijuana Flats
- Sticky’s Finger Joint
- Boxer Ramen
We really are in the midst of a “restaurant apocalypse”, and more of our favorite eateries are getting into trouble with each passing day.
For example, a large number of KFC locations just suddenly shut down in the Midwest…
Dozens of KFC locations owned by one franchisee have abruptly closed across the Midwest.
Up to 25 restaurants owned by major fast food franchisee EYM Chicken have shut in Illinois, Indiana and Wisconsin, according to reports.
The closure of several locations in Wisconsin will lead to nearly 100 employees being laid off, according to local media WKOW 27 News.
At one time, KFC was such a wonderful American success story. But now KFC restaurants are becoming an endangered species.
There used to be one about an hour from where I live, but that one has been shut down too.
If you still have a KFC in your community, you should visit it while you still can.
Meanwhile, we just learned that a chain of gas stations and convenience stores in the Midwest has also abruptly shut down…
The gas station and convenience store sector has faced distress in recent years marked by bankruptcy filings and store closings.
The Store convenience stores and gas stations, owned by Team Schierl Cos., in July 2024 was forced to shut down all operations of its 25 locations in Michigan and Wisconsin after its landlord Mountain Express Oil Co. filed Chapter 7 bankruptcy liquidation in August 2023, Convenience Store News reported.
Whatever is happening to the economy right now, it seems to be hitting the Midwest particularly hard.
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At the rate that things are going, I think that it won’t be too long before even more communities in the Midwest resemble the nightmare that Gary, Indiana has become…
Gary, Indiana – best known as the birthplace of Michael Jackson – is home to the highest abandoned home rate in the nation at 31.41 percent, according to analysis from 247WallSt.
The data found that the population has staggeringly dropped by 18.2 percent from 2010 to 2020, with a population around 67,000.
We also continue to see more signs of trouble in the banking industry.
According to the Daily Mail, the U.S. lost 41 more bank branches in just one recent two week period…
Major banks have closed 41 branches in just two weeks as the shift toward online banking continues. Major banks such as Bank of America, Chase and Wells Fargo were among those shuttering locations.
When the economy is booming, banks tend to open up lots of new branches.
What we are witnessing now is the opposite of that.
Of course lots of retail stores are being permanently shut down as well.
Thousands of store closings have already been announced in 2024, and now Big Lots has raised the number of stores that it is likely to close “to a maximum of 315”…
In the first quarter, the discount retailer said its net sales for the three-month period declined 10.2% year-over-year to $1 billion. For all of 2023, net sales were $4.72 billion, a 13.6% decrease compared with the prior year.
More recently, in an Aug. 2 filing, the company told investors that it had upped the number of permitted store closings to a maximum of 315 as part of late July amendments to a credit agreement and term loan facility. That marked a 165-store increase from the 150 previously permitted.
There were nearly 1,400 Big Lots stores in the U.S. as of the first quarter. The discount retailer’s locations sell home goods, furniture, seasonal decorations and other products.
Sadly, this really is the beginning of the end for Big Lots, because it won’t be able to survive much longer.
Rite Aid is another major chain that is in serious peril.
They have already closed hundreds of stores, but that hasn’t helped much…
Another retail casualty this year has been the sudden bankruptcy of Rite Aid, leaving hundreds of stores empty in states such as Michigan and Ohio after closing up to 500 stores nationally. In its filing, the company said it expected its losses would increase significantly in the past quarter, following a loss of $750 million between March 2022 and March 2023 and another $307 million in the second quarter this year. The last quarterly report filed by Rite Aid was in June, when they had only $135.5 million of cash to work with, combined with $3.3 billion in long-term debt.
Needless to say, Rite Aid is far from alone.
All over the nation, once thriving businesses are being boarded up.
U.S. consumers simply do not have the same level of discretionary income that they once did.
The cost of living crisis has hit most Americans really hard, and at this point the vast majority of the population can no longer afford to purchase an average home.
These days most Americans are desperately trying to find a way to scrape by from month to month, and so there just isn’t a lot of room for discretionary spending.
Economic conditions are not good right now, but what is this country going to look like once they take a dramatic turn for the worse?
You might want to think about that, because what we are experiencing at this moment is going to look like rip-roaring prosperity compared to what is eventually coming.
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.
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Biden-Harris Price Controls Causing Senior Drug Prices to Skyrocket
by American Greatness
If there’s one axiom, we all know about Washington, D.C., is that it’s full of well-intentioned policies and unintended (read: harmful) consequences. A recent reminder of unintended policy consequences is the so-called Inflation Reduction Act (IRA). The IRA was passed in August 2022, and according to its champions in Congress…
Carney on ‘Kudlow’: The Fed Tied Its Own Hands With Rate Cut Decision
by Breitbart
On Wednesday’s broadcast of the Fox Business Network’s “Kudlow,” Breitbart News economics editor John Carney stated that the Federal Reserve should have waited until after the election to make rate cuts and that by announcing a cut of 50 basis points now, the Federal Reserve has locked itself into doing…
Leftists Deserve the J6 Treatment
by J.B. Shurk
Remember: illegally appointed special counsel Jack Smith is prosecuting President Trump in D.C. for exercising his constitutional right to free speech after the 2020 election. Smith’s case essentially claims that Trump was not entitled to question the legitimacy of the mail-in ballot–tainted election and that his refusal to concede to Joe Biden…
CEOs Scale Back Hiring Plans Amid Weaker Sales Projections, Cooling Economy
by The Epoch Times
America’s corporate leaders plan to pull back on hiring over the next six months and expect a slowdown in sales, according to a survey of CEOs, which comes as cooling in the jobs market has prompted the Federal Reserve to deliver a significant 50 basis-point rate cut. The Business Roundtable’s…
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SAVE Act Paired With Spending Package Fails to Pass House
by The Post Millennial
On Wednesday, the SAVE Act, paired with a stopgap government funding package, was voted down with 202 yeas and 220 nays. This comes as illegal immigration and border security combined with concerns over voter fraud have been raised in the country. The Safeguard American Voter Eligibility (SAVE) Act paired with…
Top 5 Prepping Myths Debunked
by Natural News
Preppers don’t always have a good reputation. In fact, non-preppers might even think preppers are paranoid hoarders or gun-crazy hermits. But that’s the furthest thing from the truth. In reality, preparedness is about making sure your family is safe during emergencies. It’s also focused on self-sufficiency. Below are common myths…
Less Than 50 Days Until Life in America Changes Forever, and Our Nation Is Primed for Massive Civil Unrest
by Michael Snyder
(The Economic Collapse Blog)—Years of extremely inflammatory rhetoric from the mainstream media and from many of our leaders have brought us to the brink of a societal nightmare. The numbers that I am about to share with you are horrifying, but it is so important for us to understand what…
Car Insurance up a Whopping 55% in Biden-Harris Admin’s America
by Breitbart
Car insurance rates have skyrocketed under the leadership of President Joe Biden and Vice President Kamala Harris, and Americans are feeling the squeeze. Data from the Bureau of Labor Statistics show that car insurance prices rose 55 percent from January 2021 — when Biden and Harris first took office —…
Americans Concerned About Retirement Should Work With This Christian Gold Company… Even if They’re Not Christians
by Sponsored Post
It isn’t difficult for Christians to embrace the tenets of the Bible. Contrary to popular belief, a Biblical worldview is not restrictive. It is empowering. It is not boring. It is thrilling. The only thing that makes it challenging is our nature as flawed humans, but we should strive to obey what Jesus Christ told us in Matthew 22:37-40 …
The Secret Service Has a $3B Budget. It Doesn’t Need More Money.
by Frontpage Mag
The usual D.C. response to government failures is to call for more money. This time it’s for the Secret Service. There’s now a back-and-forth between congressional Republicans and Democrats over Secret Service funding. The Dems and the media are playing the usual Catch-22 game. Either Republicans increase spending or the…
Economist Group Has 45 DEI Panels, Refuses One on Hayek
by The College Fix
The American Economic Association found space for at least 45 panels on DEI at its upcoming conference – but had no room for a discussion about economist Friedrich Hayek. Chapman University Professor Mark Skousen revealed how he wanted to organize a discussion about Hayek, a Nobel Prize-winning libertarian economist famous…
Oracle Founder Larry Ellison Imagines a Dystopian Future of Constant AI-Powered Surveillance to Enforce “Best Behavior”
by Didi Rankovic, Reclaim The Net
(Reclaim The Net)—Larry Ellison, co-founder, chairman of the board, and chief technical officer of Oracle, has revealed where he sees the world going in one particular aspect – continuous, real-time control of people. It is a dark place of “AI” (machine learning, ML) mass surveillance, which Ellison wants to make…
Tim Walz Stumped By Question on Inflation; Repeats Lie About Trump ‘Sales Tax’
by Breitbart
Minnesota Gov. Tim Walz, the Democratic nominee for vice president, was stumped Tuesday when asked by a reporter to explain what he and Vice President Kamala Harris would do for families struggling financially. In an interview with local Macon, Georgia, CBS affiliate WMAZ, Walz first said that he and Harris…
Shocking Number of Democrats Say America Would Be “Better Off” if Trump Had Been Killed
by Rob Bluey
(The Daily Signal)—More than 1 in 4 Democrats believe America would be better off if former President Donald Trump had been assassinated, according to a poll released Wednesday. Veteran pollster Scott Rasmussen‘s national survey of 1,000 registered voters, conducted by RMG Research for the Napolitan News Service, asked Americans about…
Kamala Harris Says She is Open to Slavery Reparations and Won’t Discount ‘Executive Action’ (VIDEO)
by The Gateway Pundit
Vice-president Kamala Harris has signalled her openness to the idea of reparations for black people, saying she would not rule out executive action if she wins the White House in November. Speaking to the National Association of Black Journalists on Tuesday, Harris was asked about her position on the issue,…
Yup, PERFECT WAY to usher in CBDC for the final enslavement — still plenty around in 2024 who fail to grasp THE GRIFT!
THE GRIFT: In the Fractional Reserve Banking System, for every $1 on account, $8 may be created, lent out to clients, in interest loans. Introduce classes of credit derivatives, and TPTB extend their money–creation entitlement exponentially, so that $8 becomes $8,000 and $800,000 and $8 million and $8 billion with each additional category of credit derivatives — — so for each $1 a preposterous amount is or can be generated, then the musical chairs stop, the little people get screwed, and central banks re–liquify all the banks, hedge funds and major investment firms!
Only two presidents — ONLY TWO PRESIDENTS — John F. Kennedy and Donald Trump ever pushed back against mass jobs offshoring, which destroys the tax base and dismantles the economy, which this article detailed – and look at the UNIPARTY revisionist nonsense spewed against those two, although too many quasi—Trump supporters, and quasi–conservatives, routinely revile JFK, too easily succumbing to propaganda and bipolar indoctrination over the years!
Study REAL modern history and all is revealed!
Pay attention to Deep State scholar, Mike Benz, IGNORE clown acts like Peter Navarro, up until too recently a diehard CLINTONISTA — any clown, like Navarro, who still supported the Clintons up until around 2015 is a farce!