America is set to face a most challenging economic period that might be worse than even the Great Depression as the first economic data shocks all.
Jobless claims, that being people applying for benefits, was expected to rise but no more than to one million.
Instead, it has risen to 3.28 million Americans, some 7x more than at the high of the banking collapse in 2008-9 when it reached just above 500,000 as seen above. They say:
“The number of Americans filling for unemployment benefits jumped to 3.28 million in the week ended March 21st, the highest since the series began in 1967 and well above expectations of 1 million.
The accommodation and food services sector was the hardest hit, while the health care & social assistance, arts, entertainment & recreation, transportation & warehousing, and manufacturing industries also saw an increase in unemployment.
According to unadjusted data, the biggest rises were seen in Pennsylvania (+378,908), Ohio (+187,784) and California (+186,809). The 4-week moving average, which removes week-to-week volatility, also jumped to a record high of 1 million while continuing jobless claims increased to 1.8 million, above consensus of 1.71 million.”
This foretells of a coming economic cataclysm as all families are affected with companies shutting down left, right and centre.
Treasury Secretary Steven Mnuchin says this is just temporary, but this record number was for last week.
You’d expect it to go even higher this week as more and more curfews were imposed on American citizens who are now in house arrest.
The incredible measures based on fake predictions from the bureaucrats of doom who may have fooled our elected who largely do not have a scientific background, may lead to an economic depression for years to come due to the abruptness of their imposition and due to their total nature.
The complete failure of the political class to get a grip on this, and the potential deception by some key bureaucrats in power halls, continues to raise concerns in regards to this bizarre behavior we are seeing where some mainstream media outlets are basically cheering on death.
They are terrorizing the people with hugely impactful generally abstract images to push an agenda: an agenda of communism and authoritarianism.
The British government is guaranteeing 80% of the wages of all, the very definition of communism, with not one word said on who is to pay for this and how.
The British people for now are biting their tongue and they are staying at home with streets fully empty, but they are likely to expect a royal enquiry as worries continue to grow over this authoritarianism with ‘astronauts’ jumping off helicopters in Italy where the government might even be implementing censorship as they get ‘advised’ by the Chinese.