Earlier I predicted seven to eight million people becoming unemployed in the United States by the end of this week, as it turns out, I was off by about three million people as the current number has made its way to ten million people unemployed nationwide in total.
[b]"More than 6.6 million people filed new claims for unemployment benefits last week, the Labor Department said Thursday, setting a grim record for the second straight week.
"The latest claims brought the two-week total to nearly 10 million.
“The speed and scale of the job losses is without precedent. Until last month, the worst week for unemployment filings was 695,000 in 1982.”[/b]
“A month ago, most forecasters still thought the United States could avoid a recession. Today, with the pandemic shuttering businesses and forcing vast layoffs, many economists are expecting a decline in gross domestic product that rivals the worst periods of the Great Depression.” NYT
Its more likely about the depression era tactic of support for the trade-base line, from the Fed, and other institutional and private sources.
The critical low appears to be 2000, however the 'mother of all baselines of support ’ can go toward 1,500 or even lower.
The market support is 99% psychological, hence Trump’s denials of the severity of the crises.
It has to do with his gamble, and the market is gambling.
The Russians and Saudis haven’t agreed on anything, I expect the oil markets to crash even more with this.
It might very well be the pin that pops the United States economic bubble especially when we’re talking about domestic shale oil companies becoming delinquent declaring bankruptcy in mass.
Everybody also knows how the United States dollar is tied directly to international oil markets which is probably why the Trump administration is taking a more aggressive stance towards Venezuela recently.
The United States would take the path of the Soviet Union in collapse only much worse and on a greater scale with millions of Americans having the same amount of firepower as the police.
In words, chaos, civil war, violence, and infighting like the world has never seen before in any nation.
Then you have all those lovely continuity of government plans in place via nationwide martial law as well.
Behold, I see a nation on the cusp of economic and existential collapse but it is a silent one as everybody is too attached to Twitter, Facebook, Xbox, PlayStation, Netflix, Hulu, Amazon Prime, Tinder, or Pornhub quarantined inside their own homes to take notice. :-"
I see millions of electronic screens glowing at night as we slowly entertain ourselves to death during this slow motion train wreck…
Years ago there was a conspiracy theory revolving around an Austrian journalist that was jailed, imprisoned, and eventually ordered to a psychiatric unit for individually investigating the WHO.
The journalist said something on the lines that they were creating SARS, Bird Flu, Swine Flu, and H1N1 intentionally in labs where afterwards releasing it to the general public. She said something on the lines that eventually they would release a global super viral pandemic where afterwards they would make vaccinations mandatory for everybody, but the real interesting thing she and others said around the event is that the virus wouldn’t kill you but the vaccinations for it would most definitely be designed to kill you camouflaged under the pretense as a cure.
She was imprisoned for four years before her legal counsel was able to finally set her free. Her name is Jane Burgermeister.