Recently, a lot of signs have been pointing to a financial crisis the likes of the Great Depression hurtling toward us, but no one wants to heed these warnings.
This weekend, I wrote about the continuing retail apocalypse, with thousands more brick and mortar stores slated to close down this year, taking tens of thousands of jobs with them. Quite a few people scoffed at my concern, feeling that a few retail jobs weren't a sign of pending doom.
But I'm not alone in my apprehension. Not by a long shot.
Don't expect the naysayers to agree anytime soon. It's much more comfortable to believe that our economy has greatly improved under President Trump when in reality, we are already headed down the road to crisis without any brakes. Back when Trump was elected, Brandon Smith of Alt-Market warned:
I have been warning since long before the election that Trump's presidency would be the perfect vehicle for central banks and international financiers to divert blame for the economic crisis that would inevitably explode once the Fed moved firmly into interest rate hikes. Every indication since my initial prediction shows that this is the case.
The media was building the foundation of the narrative from the moment Trump won the election. Bloomberg was quick to publish its rather hilariously skewed propaganda on the matter, asserting that Trump was lucky to inherit an economy in ascendance and recovery because of the fiscal ingenuity of Barack Obama. This is of course utter nonsense. Obama and the Fed have created a zombie economy rotting from the inside out, nothing more. But, as Bloomberg noted rightly, any downturn within the system will indeed be blamed on the Trump administration.
Fortune Magazine, adding to the narrative, outlined the view that the initial stock rally surrounding Trump's election win was merely setting the stage for a surprise market crash.