We Are Getting Closer To The COVID Bankruptcy Avalanche

Posted by Wesley Scott on December 4, 2020 at 10:48 AM
Wesley Scott

don't let fear get in the way of financial freedomCOVID 19 is the pin prick that will burst the economy and shatter what we consider to be a “normal” economy for a long time to come. The financial devastation can be seen all around you. Vacant store fronts, vacant factories, and millions of people out of work. We still have not fully dealt with the debt problems we were in in the last financial crisis of 2008. The, the Federal Reserve just stoked the fire by pumping trillions of dollars into the economy resulting in an enormous amount of debt lingering from the last financial storm. And now, well now the financial devastation caused by COVID 19 is creating even more debt problems with a Fed that is really out of most of its ammunition to help in any meaningful way.

My prediction is we will see the stock market plummet in 2021 to lows that will shock most of us. I will not be surprised to see the stock market reduced by up to 2/3 in value from present levels. That will be disastrous for confidence and lead to an economic upheaval we have not seen in about 90 years. We have been living on a false financial high for a long time. I think reality is about to set in.

If I am right, this will mean an avalanche of bankruptcy cases to deal with the overwhelming debt Americans and companies are saddled with today. Consumer demand will plummet when many don’t have jobs or funds to purchase any goods or services. Could I be wrong about this? Yes. But I don’t like the tea leaves I am seeing blowing in the wind.


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