Those that are wrecking our economy don’t seem to have much empathy for the millions upon millions of people that they are hurting. 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. Everywhere you look people are in severe pain, but this is only just the beginning. 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.
The other day I wrote about a homeless encampment in Marin County, California that stretches along the side of a highway for about two miles. It can be easy to assume that those that live in the encampment deserve to be there, but the truth is that a lot of them are just like you and I.
The Daily Mail sent a reporter down there, and he talked to a 69-year-old man that once “ran a business with 15 workers” and had a home that was completely paid off…
John Sherry saved all his life, owned his home outright, and ran a business with 15 workers. Then his wife got cancer.
Now the couple live in a trailer and take grocery handouts from shelter volunteers. Their prospects of ever getting back into a home in tony Marin County, California, are swiftly dwindling.
‘I’m not the guy that’s down there and has zero. I saved real well. I owned my home outright. But circumstances happen,’ Sherry, 69, told DailyMail.com.
It sounds like he was doing everything right.
But his wife got sick.
Sadly, the goal of the cancer industry is to extract as much money from you as possible.
If they can help you along the way, that is a side benefit.
Whether you live or whether you die, the primary goal is to systematically suck the wealth out of your accounts.
It is such a broken system, but it isn’t going to change any time soon.
There is simply way too much money at stake.
So try not to get sick.
Sherry and his wife now live on the side of the road in an RV that they once thought would only be used “for family vacations”…
He thought he would only ever use his $50,000 Outback Keystone RV for family vacations.
Now, it is one of a reported 135 motorhomes, cars and makeshift shacks that have assembled over the past two years to fill a two-mile stretch of Binford Road – the Misery Miles – alongside the 101 highway north of Novato, a city of 53,000, a 45 mile drive from San Francisco.
These days, most Americans are just a couple of bad breaks away from losing everything.
And often it is children that suffer the most.
The Daily Mail also interviewed 61-year-old mechanic Keith Jackson. In his case, he actually has an 11-year-old son that he needs to care for…
His friend, Keith Jackson, 61, has been out of work since the pandemic began.
‘I’m a single dad with an 11-year-old son. I was a welder and a mechanic, but I got fired. Now I’m doing anything I can for money. In the past year I made $11,000,’ he said.
If your kids have warm beds to sleep in tonight, you should be very grateful.
Because there are way too many kids in this country that do not have homes anymore.
Earlier today, I was talking with a good friend that is absolutely horrified by how rapidly economic conditions are deteriorating in this country. This particular individual has very little faith in those running our system, and a brand new Gallup survey that was just released seems to indicate that most Americans feel that way at this stage…
With the U.S. facing a deadline to increase the nation’s debt limit and the threat of an economic recession looming, Americans lack confidence in a variety of key U.S. leaders on economic matters. Gallup finds between 34% and 38% of U.S. adults expressing a “great deal” or “fair amount” of confidence in President Joe Biden, Federal Reserve Chair Jerome Powell, Treasury Secretary Janet Yellen and congressional leaders in both major parties to do or recommend the right thing for the economy.
The incompetence that our leaders have displayed in recent months has been absolutely breathtaking, but they don’t seem to understand how badly they have failed.
In fact, New York Federal Reserve President John Williams just told CNBC that interest rates could go even higher later this year…
“First of all, we haven’t said we’re done raising rates,” Williams told CNBC’s Sara Eisen during a Q&A session after his speech. “We’re going to make sure we’re going to achieve our goals and we’re going to assess what’s happening in our economy and make the decision based on that data.”
“I do not see in my baseline forecast, any reason to cut interest rates this year,” he said, adding that additional rate hikes would be possible if the data doesn’t cooperate.
The first rule of central banking is that you don’t raise rates if the economy is plunging into a major downturn.
But they are doing it anyway.
So now banks are in deep trouble all over the nation, and they are telling the Fed that loan standards will soon tighten even more…
Also on Monday, a new Fed survey on bank lending practices underscored that lenders expect to tighten loan standards even more in the near future, including for commercial real estate loans.
“Banks most frequently cited an expected deterioration in the credit quality of their loan portfolios and in customers’ collateral values, a reduction in risk tolerance, and concerns about bank funding costs, bank liquidity position, and deposit outflows as reasons for expecting to tighten lending standards over the rest of 2023,” the survey said.
In fact, we just learned that mortgage credit availability has already plunged to the lowest level in 10 years…
Mortgage credit availability fell to its lowest level in a decade as lending tightened amid ongoing instability in the banking sector, according to data released Tuesday by the Mortgage Bankers Association (MBA).
If Fed officials had any sense left at all, they would immediately start slashing interest rates.
But they aren’t going to do that.
So the credit crunch will get even worse.
And more businesses will fail.
And more workers will get laid off.
And more people will end up living in their vehicles or in our streets.
This isn’t rocket science.
The Federal Reserve and our politicians in Washington got us into this mess, and now they insist on doing things that will make this new crisis even worse.
If you are going to enjoy a warm dinner in a warm home tonight, you should be very thankful.
Because our system is starting to fall apart all around us, and countless American families have already had their hopes and dreams completely shattered.
Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.
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