Update 24 May 2020: US Situation amid Covid19 Outbreak

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Bankruptcy Tsunami Begins: Thousands Of Default Notices Are “Flying Out The Door” by Zero Hedge

The Tsunami of bankruptcies begins….

See the US economy landscape :

Nissan Motor co may close down in USA

  1. Biggest Car Rental company ( Hertz) filed for bankruptcy – they also own Thrifty and Dollar
  2. Biggest Trucking company ( Comcar) filed for bankruptcy – they have 4000 trucks
  3. Oldest retail company ( JC Penny) filed for bankruptcy – to be acquired by Amazon for pennies
  4. Biggest investor in the world ( Warren Buffet) lost $50B in the last 2 months
  5. Biggest investment company in the world ( Blackrock ) is signalling disaster in the world economy – they manage over $7 Trillion
  6. Biggest mall of America ( Mall of America) stopped paying mortgage payments
  7. Most reputable airline in the world ( Emirates) laying off 30% of its employees
  8. US Treasury printing trillions to try to keep the economy on life support – their balance sheet will become $7 T+
  9. Estimated no. of retail stores closing in 2020 – 12,000 to 15,000. Following big retailers have announced closing: — J. Crew
    — Gap
    — Victoria’s Secret
    — Bath & Body Works
    — Forever 21
    — Sears
    — Walgreens
    — Gamestop
    — Pier 1 Imports
    — Nordstrom
    — Papyrus
    — Chico’s
    — Destination Maternity
    — Modell’s
    — A. C. Moore
    — Macy’s
    — Bose
    — Art Van Furniture
    — Olympia Sports
    — KMart
    — Specialty Cafe & Bakery
    and many more…………….

Massive mortgage loan defaults, credit card defaults and auto loan defaults are expected

The real impact of Covid -19 will be known in the third quarter of 2020.
The unemployment claims reached all-time high of 38+Million – unemployment is over 25% ( out of 160 million of working population, close to 40 Million are jobless). With no income, consumer demand will fall drastically and the economy will go into….

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