Economic Devastation Coming for USA?

This next article comes from us via Michael Snyder.  He is best known for being a financial guy who has been predicting the financial collapse of America since before the collapse of 2007-2008. (Economic Collapse Blog)  A lot of what he says makes sense but I do not know if he is a follower of Christ or not so I don't pretend to know his spiritual discernment.  Many of us have looked at the massive debt, money printing, unlimited unemployment benefits, upside down Social Security and now the COVID collapse and wonder why America hasn't already collapsed?  Is the hand of God holding us up because He says, "Not yet!"?

Of course none of us saw the miraculous election of Trump in 2016 which for sure has kept the country floating on a massive increase in stock prices.  People feel really good when they look at their 401k balance or IRA balance and it goes up.  They feel more like spending money today which keeps the economy humming.

Also as interest rates get shoved down to their lowest rates ever recorded it forces real estate prices to go up.  And when folks see that their home values have gone from $300k to $400k they are more likely to spend money by refinancing their homes and taking out $60k to buy a swimming pool or blacktopping their driveways...which keeps things humming along too.

But just imagine what would happen if the stock market crashed from near 30,000 and fell to 10,000 DOW in November?  On top of that roll out massive riots across the country, COVID fears, all pro sports cancelled, public schools shut down for months, and then massive inflation hits as the confidence in the US Dollar is shattered.  Do you think this could put America into un-charted waters?

For a very long time we have been warned that a U.S. economic collapse was inevitably coming, and now it is here.  Fear of COVID-19 and unprecedented civil unrest in our major cities have combined to plunge us into a historic economic downturn, and nobody is exactly sure what is going to happen next.  

On Thursday, we learned that U.S. GDP was down 32.9 percent on an annualized basis last quarter.  That officially makes last quarter the worst quarter in all of U.S. history, and many people believe that this new economic depression is just getting started.  

But of course not all areas of the country are being affected equally.  According to USA Today, states such as Hawaii, Nevada, Michigan and New York were hit particularly hard last quarter...

Every state was walloped last quarter, though ones that rely heavily on travel and tourism, such as Hawaii and Nevada, were hit hardest by the downturn, according to employment figures analyzed by economist Adam Kamins of Moody's Analytics. 

Michigan, the heart of the nation's auto industry, was slammed as consumers put off car purchases. And densely populated Northeast states struck by the most severe virus outbreaks - like New York, New Jersey and Massachusetts - absorbed among the heaviest economic losses as governors shut down earlier and residents stayed home.

Originally, the mainstream media was telling us that the U.S. economy would come surging back to life during the third quarter, but we continue to get more signs that indicate that the economy is starting to slow down again.

For example, the Labor Department just released some new numbers that were more than just a little bit startling.  If you can believe it, another 1.434 million Americans filed new claims for unemployment benefits last week.  That was an increase over last week's revised number, and it represents the second week in a row that initial claims have risen.

Overall, new claims for unemployment benefits have now been above one million for 19 weeks in a row.

In fact, you know that things are starting to get really bad when even Walmart starts laying off workers...

Walmart Inc. is joining the ranks of Macy's and L Brands in eliminating hundreds of corporate jobs in order to cut costs.

Employees in the mega-retailer's store planning, logistics, and real estate units have reportedly received pink slips, reported Bloomberg Thursday

If Walmart executives truly believed that the U.S. economy was going to be returning to normal, they would not have made such a move.

But at this point it should be clear to everyone that there isn't going to be a return to normal.

Very challenging times are on the horizon, and what we have experienced so far is just the tip of the iceberg.

More big corporations are going to go bankrupt, more businesses are going to fail, more workers are going to be laid off, and the financial dominoes are going to start to fall at a pace that is absolutely breathtaking.

So many of the things that myself and so many other economic writers have been warning about are starting to happen.

A great unraveling has begun, and it is imperative for all of us to find a way to survive the severe economic pain that is ahead of us.

Here;  https://www.prophecynewswatch.com/article.cfm?recent_news_id=4205

Let's say this all comes true?  Would the Wealth and Prosperity gospel preachers like Joel Osteen and countless others be put to shame?  Would the false god of Mammon be exposed for the lie that he is?  Would the false god of pro sports be upended and exposed as the false idol that he has become?  Could this actually be a good thing for true followers of Jesus Christ in America?  Could it have the effect of separating the wheat from the chaff?