There were many contributing factors to the economic downturn of 2008-09, but there was one major challenge in the subprime mortgage market that was the singular catalyst. All of the other factors could have been remedied pretty easily if the housing market hadn’t sent shockwaves across every financial sector. As a result, I’ve always considered the downturn to be a one-cause event.
What we’re facing going into 2023 is very different. Instead of one major factor exacerbated by many smaller factors, we’re seeing multiple existential threats to the sanctity of the western economic structure. Individually, these factors could be catastrophic much like subprime mortgages were catastrophic 14 years ago. Unfortunately, there are at least six major factors that are individually catastrophic which puts us in the perfect storm.
The boat is ready to sink and most of the lifejackets are either gone or faulty.
On today’s episode of The JD Rucker Political Report on America Out Loud as well as America First Report, I discussed an article by Michael Snyder over at The Economic Collapse Blog, cross-posted to one of my Substacks. He listed 12 numbers pointing to an economic collapse between now and the end of 2023. It doesn’t take a degree in economics to realize that everything he pointed out should be of major concern to every American and pretty much every member of western society.
For reference, here is his list:
- The government is telling us that the unemployment rate only went up to 3.7 percent in August.
- According to John Williams of shadowstats.com, if honest numbers were being used the real rate of unemployment in the United States would be over 24 percent.
- About half of all U.S. companies say that they will be eliminating jobs within the next 12 months.
- The government is telling us that the inflation rate in the United States is only 8.5 percent.
- According to John Williams of shadowstats.com, if the rate of inflation was still calculated the way that it was back in 1980, the real rate of inflation would be somewhere around 17 percent right now. That is worse than anything that we experienced during the Jimmy Carter era.
- At one company, the number of Americans taking out short-term loans for groceries has nearly doubled this year.
- One out of every five home sellers in the United States dropped their asking price last month. This is more evidence that home prices are starting to rapidly move in a downward direction.
- Sales of previously-owned homes were about 20 percent lower this July than they were last July.
- One recent survey found that 3.8 million Americans believe that they could be evicted from their homes within the next two months.
- According to the National Energy Assistance Directors Association, approximately 20 million U.S. households are currently behind on their utility bills.
- The Dow Jones Industrial Average has fallen for three weeks in a row. We also witnessed this sort of a gradual slide just prior to the big crash of 2008.
- In August, a whopping 2,150 corporate executives sold off shares in their companies. Are they trying to cash in while they still can?
I absolutely respect Snyder’s understanding of the economy and collapses. He has been writing about economic collapses for longer than I’ve been writing about politics in general. But on this topic, I take exception to one notion.
He continues to reference how bad things were in 2008-09 as something we may face. I think he’s dramatically understanding the challenge.
I think the possible upcoming economic collapse will make 2008-09 seem like great fiscal times.
Critics will likely point out that Snyder is selling his book. They’ll say I have gold sponsors so it behooves me to promote the notion of a coming economic collapse. In other words, they’ll get on comments here and say we’re fearmongering for profit.
Let me be perfectly clear. I do NOT want an economic collapse. I am not hoping things keep going south so I can sell more precious metals. Unlike the vast majority of conservative pundits and commentators out there, I have not been promoting gold for years. I started BECAUSE of the challenges I believe are coming. This isn’t about fearmongering. The possibility of an economic collapse is real. I do not believe it’s a foregone conclusion… at least I pray it isn’t. But I also would never paint a rosy picture of an economy when I believe things are anything but rosy.
I’m just calling it how I see it.
Beyond the multiple existential threats that I believe are causing a perfect storm to form around us, there is the motivation component. It seems the powers-that-be and their puppets are pushing for collapse. The World Economic Forum, Club of Rome, and Council for Inclusive Capitalism, among others, have been doing everything they can to launch The Great Reset. You don’t need to reset something that hasn’t crashed. If it ain’t broke, it’s hard to convince the people to make sacrifices to fix it. In other words, they need capitalism to break.
Then, there are the “failing” world leaders, including the Biden-Harris regime. I put “failing” in scare-quotes because I think pretty much every conservative commentator is wrong to declare the regime’s policies have been failing. They’re working exactly as they’re intended to work. Yes, they’re supposed to increase inflation dramatically. Yes, they’re supposed to make driving gas vehicles cost-prohibitive. Yes, they’re supposed to launch an energy crisis, food crisis, and every other possible crisis they can muster.
This is an intentional, semi-controlled demolition of western capitalism.
There are three things we should do in order to salvage what we can and possibly prevent the economic collapse. First and foremost, we must take our righteous objections to damaging policies to the highest possible level. It’s not just about griping on social media. We need protests. We need lawsuits. We need our voices to be heard.
Second, we need a red wave in November, one that is much bigger than is even being predicted. If the GOP takes back control of the House, Senate, or both, the best they can do is prevent further damaging policies from coming forward. Unless we unleash a massive red wave that can actually get veto-proof legislation passed, all we’re doing is slowing the bleeding. Having Mitch McConnell and Kevin McCarthy in charge is only marginally better than Chuck Schumer and Nancy Pelosi, but at least it’s something.
Last but not least, we must prepare locally. That means many should strongly consider becoming “preppers.” It means feeding as many of our purchases into our local economy as possible. Stop buying through Amazon. Stop buying through companies aligned with the Chinese Communist Party. Strengthen your local economy because if an economic collapse comes, having a localized infrastructure upon which you can rely is far better than needing to stand in government breadlines.
Eventually those breadlines will become cricketlines.
Pray for America, folks. We’re facing hard times ahead and a federal government bent on taking advantage of our hardships. Become as self-reliant as possible before you no longer have that option.