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(The Economic Collapse Blog)—When you are creeping out on a very high tree limb, everything may seem fine until suddenly the limb snaps and disaster strikes. I think that is a perfect metaphor for what we are facing as a country. Our politicians in Washington have artificially propped up our economy for years by piling up 34 trillion dollars in debt, and the “experts” at the Federal Reserve have artificially propped up the financial markets for years by pumping trillions upon trillions of dollars that they created out of thin air into the system. But now we are so far out on a limb that there is no way back, and there is no safety net below. Ultimately, our fate will be the same as this guy…
Heart-stopping video footage shows the moment a Florida man plummets 60 feet into a creek after a branch he was standing on broke beneath him.
Christopher James Sikes Smalley was enjoying a day at Crystal Springs, a popular swimming spot in Vernon, when a branch he was climbing on snapped.
A clip shows Smalley hanging on to a branch above him with one hand and balancing on top of another.
Suddenly, the branch below Smalley gave way, causing him to fall and hitting other branches before landing in the water.
Fortunately, Smalley was not killed.
But this was a fall that he will never forget for the rest of his life.
I had to write about this, because it reminded me of what so many people out there are going through right now.
Millions of Americans are currently experiencing their own individual “economic collapses”, and that includes a lifelong Democratic in Pennsylvania named Stacey Ellis that was recently interviewed by the BBC…
She has switched stores, cut out brand-name items like Dove soap and Stroehmann bread, and all but said goodbye to her favourite Chick-fil-A sandwich.
Still, Ms Ellis has sometimes turned to risky payday loans (short-term borrowing with high interest rates) as she grapples with grocery prices that have surged 25% since Mr Biden entered office in January 2021.
“Prior to inflation,” she says, “I didn’t have any debt, I didn’t have any credit cards, never applied for like a payday loan or any of those things. But since inflation, I needed to do all those things….I’ve had to downgrade my life completely.”
Have you had to “downgrade” your life too?
If so, you are far from alone.
For example, a 26-year-old security guard in Brooklyn named Dylan Garcia now only eats two times a day because that is all that he can afford…
Dylan Garcia, a 26-year-old security guard from Brooklyn, says he’s never struggled to buy groceries as much as he has now.
Instead of the fresh food and brand-name items he used to enjoy, he now stocks up on ramen noodles and frozen vegetables – and only eats twice a day because he can’t afford more.
At checkout, he routinely uses “buy now, pay later” schemes, which allow him to pay the bill in installments, but have led to mounting debt.
If you can still eat three meals a day, you should be very thankful for what you still have.
Of course it isn’t just food prices that have been soaring.
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Housing has become ridiculously unaffordable, and this week we learned that home prices are now higher than ever…
Findings from Redfin show the median U.S. home sale price soared to $397,954 in June – a nearly 5% increase from a year earlier. That marks the highest level on record and the biggest annual increase since March.
The monthly mortgage payment at that price, when accounting for the 6.86% median interest rate for a 30-year mortgage, is now $2,749. That is roughly $88 shy of April’s record, thanks to a slight drop in mortgage rates.
In a desperate attempt to make ends meet, many Americans have been going very deep into debt.
That worked for a while, but now delinquency rates are spiking.
In fact, the percentage of credit card balances that are considered to be in serious delinquency has risen to the highest level in more than a decade…
The flow of credit card debt moving into delinquency hit 8.9% in the first quarter at an annualized rate, above pre-pandemic levels. In fact, the percentage of credit card balances in serious delinquency – payments are at least 90 days late – climbed to its highest level since 2012.
This is an especially dangerous time to be piling up credit card debt, because credit card interest rates have moved into uncharted territory…
Finally, a vivid reminder that once credit card rates go up they almost never go down, in Q2 the average interest rate on credit card accounts rose again, up to 22.76% from 22.63% in Q1 and 1 basis point below the all time high.
While so far consumers have pretended they can afford to pay this interest upon interest, there will come a day when the brick wall will finally be reached and the US consumer’s Wile E Coyote moment will finally come meet its gravitational implosion.
Most people don’t realize this, but there is no federally mandated limit on credit card interest rates.
So these days many credit card companies are just going hog wild.
Some cards now come with a rate of more than 30 percent on unpaid balances, and that is deeply immoral.
Don’t fall into their trap, because the goal of these predators is to bleed you dry.
Many businesses all over America are also reaching a breaking point here in 2024. For instance, one of the largest flooring suppliers in the entire country is on the verge of bankruptcy…
One of America’s biggest flooring suppliers is considering bankruptcy – the latest retailer to face financial problems.
LL Flooring, with 442 stores across 47 states, has seen its sales falling over the past year as Americans cut back on renovating their homes.
And I was deeply saddened to learn that the company that makes Tonka Trucks and Lincoln Logs has now officially filed for bankruptcy…
A toy company behind favorite brands including Tonka, K’nex, and Care Bears has filed for bankruptcy.
Basic Fun also owns Playhut, Fisher Price Classics, Lite Brite and Lincoln Logs, and makes toys for Walmart, Target and amusement parks.
Tonka – famous for its rugged toy trucks – was founded in 1946 and celebrated its 75th birthday two years ago with Shaquille O’Neal.
Meanwhile, Care Bears were one of the biggest toys of the 1980s after being launched at the start of that decade.
For years, the U.S. economy has been creeping farther and farther into the danger zone.
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The limb that we are standing on is really starting to make some very alarming noises, but our leaders don’t seem to care.
Sadly, it is only a matter of time before disaster strikes.
If we had made much different choices, we could have ended up with much different results.
Ultimately, we shall reap what we have sown, and that is not going to be pleasant at all.
Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
Does Donald Trump REALLY Have This Election “In the Bag”?
by JD Rucker
No. Stop it. Remember 2020. Remember the tens of millions of illegal aliens, 14% of whom are apparently registering to vote. Remember that while most states can report results in less than a day, for some reason battleground states like Pennsylvania and Georgia are incapable of reporting for days or…
Daniel Penny Subway Chokehold Trial Begins
by Zero Hedge
Jordan Neely’s death in a crowded Manhattan subway car made worldwide headlines in May 2023, after bystander footage showed former Marine Daniel Penny restraining the erratic homeless man in a fatal chokehold. The case is finally set to go to trial, with jury selection beginning Monday. Penny, who has argued…
You Can’t Get Blood Out of a Stone: U.S. Consumers Have Been Squeezed Bone Dry as the U.S. Economy Falters
by Michael Snyder
(The Economic Collapse Blog)—A recent survey discovered that 79 percent of Americans believe that the U.S. is on the wrong track right now. As a nation, we may not agree on much, but this is one thing that almost all of us can agree on. Needless to say, the economy is…
US Investigating Leak of Israeli Attack Plans for Iran
by Publius
The United States government is currently engaged in an investigation concerning the unauthorized release of classified documents that detail Israel’s planned military attack against Iran, as reported by The Associated Press. These sensitive documents, attributed to both the U.S. Geospatial Intelligence Agency and the National Security Agency, indicate that Israel…
Bank of America Sees Gold Breaking $3,000 Sooner Rather Than Later
by Sponsored Post
Gold has recently experienced a remarkable resurgence, setting record highs and drawing renewed attention from both retail and institutional investors. This shift comes as traditional safe-haven assets are increasingly perceived to be under threat. Strategists at Bank of America suggest that investors, including central banks, should consider reallocating into gold…
Texas DPS Encounter Group of 30 Illegal Aliens with 3 Unaccompanied Minors and 3 Special Interest Illegals
by The Gateway Pundit
Texas DPS apprehended a group of 30 illegal aliens on Sunday in Maverick County. In the group were 3 unaccompanied minors and 3 illegals from the “special interest” countries of Iran and Guinea. Special interest refers to countries that pose a threat to United States national security including potential terrorist…
‘Nightmarish Scenario:” Creeps Can Produce AI-Generated Deepfake Nudes of Anyone With a Few Clicks
by Breitbart
Online AI chatbots are enabling users to generate explicit nude photos of real people with just a few clicks, raising alarms among experts about a looming “nightmarish scenario.” A recent investigation by Wired has uncovered a disturbing trend on the messaging app Telegram, where dozens of AI-powered chatbots are allowing…
Elon Musk Goes All-in for Trump at Huge Pittsburgh Rally, Says ‘Stakes Are Too High’ to Remain Politically Neutral
by The Post Millennial
Elon Musk was in Pennsylvania Sunday along with Republican presidential candidate Donald Trump to tell Keystone State voters that although he might “hate politics” he’s engaging in it right now because “the stakes are too high that … I feel I have no choice.” “Yeah, anyway, so I’m dramatically increasing…
Fake Meat Industry Now Demanding Public Subsidies Due to Lack of Customer Interest
by Ramon Tomey
(Natural News)—The fake meat industry is now demanding public subsidies to prop itself up, given that customers have spoken with their wallets and said “no” to lab-grown meat. Data from AgFunderNews cited by the National Pulse reveals that the industry is in dire straits due to dwindling money. Funding for the lab-grown meat sector peaked…
Dominion Voting Systems Issues a Chilling Warning to Conservatives Weeks Before the Election
by The Gateway Pundit
Dominion Voting Systems has issued a chilling warning to conservatives just weeks before the all-important presidential election. In a post on the X platform, the company said that it was “closely monitoring” claims that its machines may be compromised. “Dominion is closely monitoring claims around the Nov. 2024 election and…
Coward: Hamas Chief’s Bunker Loaded With UN Food, Millions in Cash, Weapons and More
by Red State
The one constant in the entire “Islamist terrorist” issue is that their leaders 1) never place themselves in any direct danger, although sometimes danger in the form of the Israeli Defense Forces (IDF) manages to find them anyway, and 2) they generally live in wealth and luxury while their fighters…
Fire Departments Sued by Biden-Harris for Requiring Job Candidates to Learn How to Fight Fires
by The Gateway Pundit
Thank heavens for the Biden-Harris administration and its steadfast determination to root out institutional racism wherever it may hide. And it hides in the strangest places, too. For instance, do you know it’s institutionally racist to expect a firefighter to know enough to fight fires? I know, I’d been too…
“The Epitome of Evil” Is Running Operations Out of Government Facilities “Established to Provide Assistance” to Illegals
by Michael Snyder
(End of the American Dream)—Are you ready for the truth? Since Joe Biden entered the White House, we have witnessed a tsunami of migration that is unlike anything we have ever seen before. Millions upon millions of people that are not being properly screened are taking advantage of our deeply…
Iran Deserves Listing on Global Terror Finance and Money-Laundering Blacklist
by WND
On Oct. 21, the plenary of the Financial Action Task Force, or FATF, will convene in Paris. Should the organization that sets global standards for countering money laundering and terror finance consider removing the Islamic Republic of Iran from its blacklist, as Tehran hopes, the answer should be a resounding…
The All-Too-Short List of Conservative, Anti-Globalist Leaders
by The Gateway Pundit
As the world shifts leftward and increasingly embraces globalism, a handful of leaders remain as holdouts—conservative, anti-globalist figures who advocate for national sovereignty, economic protectionism, and opposition to globalist institutions such as the United Nations, the European Union, or multinational trade agreements. They frequently push for secure borders and immigration…