I really don’t know anyone that would argue that the U.S. economy is in great shape right now. Inflation is out of control, large companies are conducting mass layoffs all over the nation, the housing bubble is starting to implode, and more homeless encampments are constantly popping up in our major cities as poverty spreads like wildfire. But this isn’t the main event. I am calling this “the storm before the storm”, because the truth is that this new economic crisis is still only in the very early chapters. Unfortunately, much more suffering is on the way, and our country is not going to be able to handle it.
Perhaps you don’t agree with me.
And that is okay.
Nobody agrees with me 100 percent about everything.
But hopefully we can all agree that things are clearly trending in the wrong direction. According to Challenger, Gray & Christmas, the number of job cuts that employers announced in May 2023 was 287 percent higher than the number of job cuts that employers announced in May 2022…
U.S.-based employers announced 80,089 cuts in May, a 20% increase from the 66,995 cuts announced one month prior. It is 287% higher than the 20,712 cuts announced in the same month in 2022, according to a report released Thursday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc.
It would be one thing if the month of May was some sort of a statistical anomaly, but it wasn’t.
In fact, for the first five months of 2023 the number of job cuts is up a whopping 315 percent compared to the same five months last year.
Take a few moments to reflect on that number.
Other than during the lockdowns of 2020, we haven’t seen anything like this since 2009.
And those that are at the top of the economic food chain are leading the way.
For example, we just learned that Goldman Sachs is planning to conduct a third round of mass layoffs…
Goldman Sachs plans to make another round of job cuts — its third in less than a year — as dealmaking profits continue to tank, sources told The Post on Tuesday.
The David Solomon-led investment bank will cull an additional 250 workers on the heels of 3,200 being fired in January in what staff had dubbed “David’s Demolition Day,” an insider said.
Economic activity is really slowing down all over the nation, and this is beginning to show up in corporate earnings reports.
On Thursday, Macy’s announced that same-store sales actually fell 8.7 percent during the most recent quarter…
In an earnings report on Thursday, Macy’s said same-store sales sank 8.7 percent last quarter, forcing the New York-based department store to cut prices on clothes and other discretionary items.
Macy’s results concluded the retail industry’s earnings season, which showed how stubbornly high inflation, particularly in food, is forcing shoppers to further cut back on discretionary items like clothing to afford their soaring grocery bills.
Dollar General announced very disappointing results as well, and that resulted in a wild sell off of Dollar General stock…
Meanwhile, Dollar General, which caters to low-income shoppers and is the fastest-growing US retail chain by store locations, also cut its annual sales and profit outlook on Thursday, sending the company’s stock down 19.55 percent for the day.
A 20 percent decline in one day is a big deal.
So why is Dollar General performing below expectations?
Well, the CEO says that their core customers are very financially stressed right now. In fact, he says that many of them are “having to rely more on food banks”…
“Unfortunately, our customers are saying they’re having to rely more on food banks, savings, credit cards,” CEO Jeff Owen said on a call with analysts Thursday.
The company says its “core customer” makes less than $40,000 a year. Owen also said he believes customers were caught off-guard by reduced tax refunds and reduced SNAP benefits, “which exacerbated the inflationary pressures they were already experiencing.”
Dollar General’s results echo those of rival Dollar Tree, which also came in below investors’ expectations last week and cut its profit outlook for the year.
In an article that I posted a few days ago, I discussed the extraordinary demand that we are starting to see at food banks around the country.
There is so much suffering out there right now, and it is only going to intensify as more Americans lose their jobs in the months ahead.
If the Federal Reserve had not raised interest rates so aggressively, that would have greatly helped matters.
But instead they have chosen to bring the hammer down on the U.S. economy, and now the average rate on a 30-year fixed mortgage is almost up to 7 percent…
The rate on the 30-year fixed mortgage rose to 6.79% this week from 6.57% a week ago. One year ago, it averaged 5.09%.
“Mortgage rates jumped this week, as a buoyant economy has prompted the market to price-in the likelihood of another Federal Reserve rate hike,” said Sam Khater, Freddie Mac’s chief economist. “Although there has been a steady flow of purchase demand around rates in the low to mid six percent range, that demand is likely to weaken as rates approach seven percent.”
As the housing bubble steadily implodes, those that work in the industry are going to have such a hard time.
Of course the truth is that difficult times are ahead for all of us.
It has become clear that nobody in Washington is going to be coming riding to the rescue.
The debt-fueled years when “easy money” was flowing like wine have come to an end, and now a whole lot of pain is on the horizon.
Sadly, most Americans still do not understand that a great economic storm is rapidly approaching, and that is extremely unfortunate.
Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.
About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com. In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned) When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending copies as gifts to family and friends. Time is short, and I need help getting these warnings into the hands of as many people as possible. I have also started a brand new Substack newsletter, and I encourage you to subscribe so that you won’t miss any of my articles. I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help. These are such troubled times, and people need hope. John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.” If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.
As I have stated previously, our country is In an extraordinary state of oblivion. No one that I know is even remotely aware of the dire situation our country is in. I believe it's just easier for most people these days to ignore what's going on and hope that somehow it will just go away on its own. My mother grew up during the great depression, so I know better. She told me about working for a wealthy family for room and board, plus a dollar a week. She was grateful to have that.
I believe with all my heart that that's exactly where we are headed inthe very near future .
I pulled all of my money out of the stock market and put it into a silver IRA. If that saves me, great. If not, I will go to be with my Lord and Savior. Either way, I will be just fine.
Thanks Michael for trying to send out the alarm. Unfortunately, it seems to be falling on deaf ears.
The gross stupidity of M Snyder and his clueless dupes who seek Brownie Points" from their GAWD by condemning me like some Jew Pharisee.>>>>>>>>>>>>>>>>>>>>>
Theodora was the daughter of a bear tamer from the Constantinople circus that had climbed the social ladder and ended his career as a bartender at the hippodrome. Theodora used a woman's oldest weapon to follow her father up through the layers of the Roman society. From being a young and beautiful prostitute, whose services were happily sought by the aristocracy, she soon advanced to what we may call a call-girl or an escort.
Hacebolus, the young governor of Pentapolis, fell for her charm and took Theodora with him to North Africa. But she abused the governor's trust and, at the people's cost, amassed great riches. When, in her greed, she overstepped the mark and Hacebolus was overwhelmed with complaints, he threw Theodora out of his palace and confiscated all her goods. At the gates of Alexandria, she was taken in by a hermit named Eutyches, who had originated Monophysitism and was now living out his exile there. Later, Theodora would remember this fallen monk and use him to carry out her plans.
Back in Constantinople, she purposefully fought her way up to the top of society; first by becoming one of Crown Prince Justinian 1's concubines, then his favourite concubine and in 523, his wife. The 21 years older Theodora had finally managed to seduce the then 41 years old crown prince to fall in love with her and marry her. Many historians would have it that she had greater capabilities as a politician than her husband. Four years later, the couple assumed the highest position of power in the secular world: The imperial crown.
However, Empress Theodora was still not satisfied. Her burning ambition pushed her ever further towards the final step that now remained to be climbed: Her own deification. Only then would she be equal with the Caesars of old. It wasn't really that long since the Roman Emperors were automatically deified and received a place of worship in the temple halls. But Christianity had brought an end to this custom. And it was precisely on this point that the biblically recognised doctrine of reincarnation provided a stumbling block: For how could a woman enter eternity as a goddess when everyone was supposed to be reborn? What could prevent the errant empress from being reborn as a completely normal person - even as a simple beggar? Theodora knew that as long as reincarnation was anchored fast in Christian consciousness, the people would never accept her as a goddess. And so, the doctrine of reincarnation had to be completely blotted out.
Theodora selected the Monophysitist monks, who were soon to be pardoned from their excommunications, as her useful helpers. They were to ensure that every trace of reincarnation disappeared completely from all church documents. You might think - and rightfully so - that such a request wouldn't be possible on a practical level alone. But Theodora had spread her own network of agents over the entire empire and made sure that her preferred monks little by little took over the leadership of the Church. And the entire power of the Byzantine Empire was at her service, for Justinian had already become her willing tool.
In order to accomplish her plans, Theodora first had to bring the Western Church under her control. Flavius Belisarius' armies helped her in this by securing Byzantine influence in Rome and enabling Theodora's perfidy of deposing the Pope. One of the empress' favourites then assumed the position.
After she had thus dispensed with the opposition of the Western Church, Theodora concentrated once again on Constantinople and, with the help of another puppet, Patriarch Mennas, she convened the Synod of the Eastern Church of Constantinople in 543. This council revoked the condemnation of Monophysitism as well as the affirmation of reincarnation, which was the first deathblow to this doctrine. The synod, however, was not binding for the almost 3,000 bishops spread across the Empire. And so, a council was called to sanction the decisions. Invitations were sent to all bishops, but they were written so that one could hope that none of the bishops of the Western Church would participate. Pope Virgilius, Theodora's accomplice, condemned the letters in the harshest terms and thereby strengthened the resolve of many bishops to not attend.
The 87 years old Empress Theodora died of what modern researchers believe to be a cancer-like disease in 548 and the last thing she accomplished was to prevent her husband from implementing a large-scale persecution of the Egyptian Monophysites.
In the middle of the 500s, a capital punishment was introduced for 'pagans' and 'heretics'. Justinian destroyed everything that went against the orthodox doctrines and he introduced the tradition of burning heretics at the stake. The emperor also called the Council of Constantinople in 553 without consulting the Pope. His deceased wife had come from a poor background and worked her way up through the system. When she became empress, she had five hundred of her former colleagues tortured and executed as part of a plan to show the imperial couple's new high morals against sinful and secular activities. Since she believed that 'all personal suffering comes as a consequence of reincarnation', she put everything into having it abolished, because she was sure that she would be cleared of all sin when this doctrine was declared as 'heretical'. By then, she had probably given up the attempt to become deified, so the argumentation to end the reincarnation doctrines had to be altered. Thus, it was to honor his wife's last wish that Justinian vetoed reincarnation at the council. The imperial couple had also long wanted to deprive the Pope of his power as the top leader of Christendom. As a consequence, only 10 of the 165 bishops that attended the synod came from the western part of the empire and therefore were under the influence of Rome. The others boycotted the meeting. The eastern bishops can almost be described as 'feudal vassals' that had no ability to resist the pressure that the emperor exposed them to. Therefore, one cannot say that Christianity has ever abolished the doctrine of reincarnation in a formally correct and democratic way.
The Church also removed all books - and destroyed many documents and records - that disputed the radical changes in Christian doctrines. Many of the scriptures that the councils rejected, however, found their way to the Apocrypha, which the Church now claims has 'a dubious origin'. Some of the material was discarded for obvious reasons. But other apocryphal writings were rejected simply because they disputed 'the official Church version of Jesus' life'. These contrasting details give a very different picture of Jesus than the one that we find in the official version of the Bible.
The doctrine of reincarnation was thus banished because it gives power and authority to the people. Reincarnation contradicted the aspirations of a few bishops and deacons, who felt they alone should dispense the truth to the multitudes. This authoritarian strangle-hold is strengthened by the doctrine of 'one chance - one life', because a person that chose to think for themselves - and thereby dismissed the authority of the hierarchy - would not get another chance to put things right if they chose wrongly. The position of the hierarchy is that eternal damnation without parole would be the irrevocable fate of those that dared question the clerical hierarchy's authority.