from Arcadia Economics:
TRUTH LIVES on atΒ https://sgtreport.tv/
If No Debt Ceiling Deal By Early June, Stocks Crash, The Economy Implodes, And Social Security Payments Donβt Go Out
by Michael Snyder, The Economic Collapse Blog:
We are being warned that there could be some real serious economic doom at the beginning of next month if the Democrats and the Republicans cannot agree on a deal to raise the debt ceiling.Β Experts are telling us that the stock market will crash, the economy will immediately plunge into a recession, and tens of millions of Americans will not get their Social Security payments.Β Treasury Secretary Janet Yellen says that a U.S. debt default would begin somewhere around June 1st.Β She canβt nail down the date precisely, because there is some uncertainty regarding how much tax money will come in over the next few weeks.Β But what is exceedingly clear is that time is very short, and there are only four days when the House and the Senate are both scheduled to be in session before June 1st.Β So the clock is ticking, and right now both sides are still far apart on any sort of a deal.
DeSantis Bans βDigital Dollarβ in Florida, Blocks Credit Card Companies Tracking Gun Purchases
by Frank Bergman, Slay News:
Republican Governor Ron DeSantis has banned the federal government from introducing a βdigital dollarβ to replace traditional money in Florida.
DeSantis signed legislation into law this week that bans a Central Bank Digital Currency (CBDC) from ever being introduced in the state of Florida.
Democrat President Joe Biden hasΒ been pushing hardΒ for theΒ federal reserveΒ to replace the dollar with βdigital cash.β
“Mask Up or Pack Up” β New Twitter CEO is a WEF Executive Chair
from AlexandraBruce:
TRUTH LIVES on atΒ https://sgtreport.tv/
4 US Banks Crash in Two Months; Banking Crisis Explained
by Michael Hudson, The Unz Review:
BEN NORTON: Hi, everyone. Iβm Ben Norton, and this is Geopolitical Economy Report. Today, I have the pleasure of being joined by Michael Hudson, the brilliant economist and author of many books.
Michael is also the co-host of a program here, Geopolitical Economy Hour, that he does every two weeks with friend of the show Radhika Desai. I will link to that show in the description below.
Americaβs βAtlas Shruggedβ Moment Has Already Arrived, New IRS Data Show
by Jon Miltimore, FEE:
Itβs not just high taxes that are driving people out of cities. There are other costsβmoral, social, and culturalβassociated with spurning property rights and celebrating looting.
Last September, billionaire Ken Griffin announced he was pulling up stakes and moving Citadelβhis gigantic hedge fundβfrom Chicago to Miami.
The Windy City was out of control,Β he toldΒ Bloomberg, something that dawned on him after a colleague made a coffee run and was robbed by a thief who put βa gun to his head.β
What Are Older Office Towers Worth? Hereβs the First Sale in San Franciscoβs New Era of Office CRE
by Wolf Richter, Wolf Street:
Union Bank made a deal to sell its tower at 75% off original listing price, setting the first new benchmark. Other towers waiting in the wings.
We have been tracking what older office towers, many of them from the 1980s and 1990s, are worth when they finally do sell, either in a foreclosure auction or in a regular transaction. Two towers in Houston sold at a foreclosure auction at a price where the lenders β holders of Commercial Mortgage-Backed Securities (CMB) βΒ lost 80% and 88% respectively. In the foreclosure sale of the vacant 46-story 1980s βOne AT&T Centerβ in downtown St. Louis,Β CMBS holders took a 100% loss.
It Could Happen To You
by Michael Snyder, The Economic Collapse Blog:
Those that are wrecking our economy donβt seem to have much empathy for the millions upon millions of people that they are hurting.Β As you will see below, one Fed official is actually suggesting that interest rates may need to go even higher even though the interest rate hikes that we have already seen are turning lives upside down all over the country.Β Everywhere you look people are in severe pain, but this is only just the beginning.Β And I would encourage you not to ever look down on those that have had a run of bad fortune, because it could happen to you too.
Deposits at JPMorgan Chase, Bank of America and Wells Fargo Shrank by $465 Billion Y-O-Y; More than Twice the Total of 4,000 Small Banks
by Pam Martens and Russ Martens, Wall St On Parade:
Since the banking crisis began making headlines at expensive media real estate, the narrative has been that deposits are fleeing the small commercial banks and flooding into the biggest banks that are perceived as too-big-to-fail and thus offer a safer venue for deposits.
Because these mega banks are the same ones that the Fed has been bailing out since the financial crisis of 2008, that narrative requires believing that our fellow Americans are dumber than a stump.
Economic Despair Is Rapidly Spreading As The Cost Of Living Rises To Extremely Oppressive Levels
by Michael Snyder, The Economic Collapse Blog:
This new economic downturn is starting to bite, and we are starting to see signs of severe pain all over the nation.Β In fact, unless you are independently wealthy, you are likely feeling pain too.Β The cost of living has risen to extreme oppressive levels, and this has happened at a time when close to two-thirds of the country was already living paycheck to paycheck.Β As a result, many Americans are having their finances stretched to the breaking point, and millions of them are reaching out for help.Β For example, on Saturday morning the line of people waiting for assistance at one of Bostonβs largest food pantriesΒ βstretched the length of two football fieldsββ¦
