"We Are Witnessing An Enormous Wave Of Bankruptcies And Layoffs During The Early Stages Of 2023"

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"We Are Witnessing An Enormous Wave Of Bankruptcies 

And Layoffs During The Early Stages Of 2023"

by Epic Economist

"Is your job safe? Right now, we are witnessing so much turmoil is so many different sectors of our economy. The housing market is crashing, the cryptocurrency industry has imploded, the tech industry is laying off workers at an extremely frightening pace, and some of our most important retailers are heading into bankruptcy. The information that I am about to share with you is deeply troubling. It has become exceedingly clear that our economy is in huge trouble, and I fully expect that our problems will accelerate even more as the year rolls along.

Microsoft announced thousands of job cuts this week, becoming the latest tech company to pluck its workforce as the global economy slows. Microsoft reported the layoffs would affect roughly 5% of its workforce, with some notifications happening as early as Wednesday.

Even more alarming is the fact that it is being reported that a bankruptcy filing for Bed Bath & Beyond has become “likely”…Bed Bath & Beyond has been in discussions with prospective buyers and lenders as it works to keep its business afloat during a likely bankruptcy filing, according to people familiar with the matter.

The wave of layoffs that we have been witnessing in the tech industry is truly unprecedented. Prior to this week, more than 25,000 tech industry workers had already been laid off this year, and this comes on the heels of the massive layoffs that we saw last year.

Needless to say, this could potentially completely undermine the dominance of the petrodollar. Of course we cannot afford to have that happen, because the dominance of the dollar is one of the only things that is keeping our system afloat.

At this point just about everything is moving in the wrong direction for the U.S. economy, but most people still do not understand the bigger picture. A lot of the “experts” assume that we will just suffer through a temporary recession and then things will eventually return to normal. I wish that was true. Unfortunately, our entire system is starting to crack and crumble all around us, and those that are currently running things are not going to be able to put it back together again."

- https://www.epiceconomist.com/