(The Economic Collapse Blog)—It is definitely starting to look a lot like 2008 and 2009 again. Those years were such a painful time for our country, and in many ways we still haven’t fully recovered from the damage that was inflicted upon us during that era. Unfortunately, so many of the exact same things that we experienced back then are starting to happen in our time. For example, the Great Recession brought us the greatest foreclosure crisis in the history of our nation, and now foreclosures are really starting to spike here in 2024. In fact, the number of new foreclosure filings in the U.S. just jumped 10 percent in a single month…
Home foreclosures are on the up across the US as Americans continue to battle against soaring interest rates and rising costs.
Last month, 37,679 properties had a foreclosure filing, according to fresh figures from real estate data provider ATTOM – up 10 percent from the month prior.
According to the pundits, that wasn’t supposed to happen. But it did.
Interestingly, Joe Biden’s home state of Delaware actually experienced the fastest increase in foreclosure filings last month.
Nevada was second, and that was due to the large number of foreclosure filings in Las Vegas…
Nevada’s position in the ranking is largely due to foreclosure filings in Las Vegas, where many people lost their jobs when tourism crashed during pandemic lockdowns.
According to ATTOM, Las Vegas had a foreclosure filing on one in every 1,923 housing units in January.
This is a really troubling sign.
When the economy is booming, Las Vegas is booming even more. But when hard times arrive, times are even harder in Las Vegas.
So let’s watch and see if this trend continues.
Meanwhile, it is also being reported that the number of completed foreclosures in the U.S. was up 13 percent compared to the previous month.
In Michigan, the number of completed foreclosures actually shot up by “a huge 200 percent”…
Michigan saw the fastest rise in completed foreclosures – up a huge 200 percent. This was largely down to high rates of foreclosure filings in Detroit.
I remember writing articles about how some homes in Detroit were literally selling for one dollar when things were at their worst.
Has another housing crash begun? We are certainly ripe for one. Thanks to painfully high interest rates, buying a home has become out of reach for most of the population.
Unless interest rates go down dramatically, home prices have got to fall, and that is going to cause all sorts of problems. Of course a horrifying commercial real estate crisis is already here.
Prices have crashed all over the nation, and now many office buildings that were once worth millions of dollars are simply being torn down. In fact, in Los Angeles there is a plan to tear down a very large office building in order to build just 30 EV charging stations…
This is absolutely crazy…
An owner of an office building in LA is seeking approval to tear down the building and construct 30 EV charging stations
I don’t know what’s crazier…this headline or seeing office properties drop 80-90% in just a few years
The commercial real estate recession (primarily office) has gone from scary to a meltdown in many cities across the US and it seems as though the damage is permanent
If we really are heading into a major economic slowdown, we would also expect retailers to be shutting down stores all over America, and that is precisely what we are witnessing right now.
Incredibly, even Walmart reduced the number of stores that it operates by 102 last year…
Walmart last year closed 23 stores across the US, eight of which were in Illinois, it emerged this week
Overall, its total number of stores fell by 102, from 4,717 in January 2023 to 4,615 a year later.
That’s because in addition to the 23 closures, Walmart sold a combined 79 Moosejaw and Bonobos locations after selling the two retailers.
If even Walmart sees a need to batten down the hatches, that is a really bad sign. On top of everything else, large employers continue to conduct mass layoffs from coast to coast.
Last week, many were saddened to hear that Vice Media Group is laying off hundreds of workers as it continues to spiral toward oblivion…
Vice Media Group plans to lay off hundreds of employees and stop publishing on its flagship news website, the company’s chief executive said in a memo to employees Thursday — a stunning setback for a digital media pioneer that ascended to cultural prominence more than a decade ago.
“It is no longer cost-effective for us to distribute our digital content the way we have done previously,” Vice CEO Bruce Dixon said in the memo, which was seen by NBC News. Vice Media did not immediately respond to emails requesting comment on Thursday’s news.
Everyone knew that Vice was in dire straits, and so those layoffs are not exactly a shock.
But why has Google suddenly decided to give the axe to thousands of workers?…
Google has initiated significant layoffs across its various teams, including the Voice Assistant, hardware, engineering and ad sales teams, marking a continuation of the tech industry’s trend towards reducing workforce expenses. The layoffs have affected hundreds of employees within the Voice Assistant unit; hardware teams responsible for Pixel, Nest and Fitbit products; and a considerable portion of the augmented reality (AR) team. This move is part of Google’s broader effort to streamline operations and align resources with its most significant product priorities.
According to The Verge, the total number is in the thousands. This comes at a time when Google parent, Alphabet Inc., reported record profits in late January. The company reported $20.4 billion in net income in Q4.
Google is one of the most successful companies in the entire world, and they are swimming in cash.
If they feel the need to ruthlessly cut workers, what kind of sign is that for the rest of the economy?
Sadly, the truth is that it has become quite apparent that big trouble is ahead.
Coffee the Christian way: Promised Grounds
2024 is going to be such an important turning point for the economy, and it is also going to be such an important turning point for the nation as a whole.
The state of the economy will certainly be a central issue during the upcoming election season, but there are no easy answers for the problems that we are now facing.
Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
