The stock market crash caused by the pandemic was the largest transfer of wealth in the history of the world. That wealth went exactly the oppossite of how most people (99.99%) should want it. It went directly from the bottom to the top.
As I write, Trump and the talking heads on economic television are crowing about the amazing economic recovery. The stock market has pumped back up to levels where it was prior to the crash, the May jobs report just came out and blew everyone away by adding 2.5 million jobs instead of losing another 8 million.
I don’t know how to break it to you, so I’m just going to tell it like it is. This is all fuckery – or more accurately – trumpery. Websters Dictionary defined trumpery as 1) deceipt, fraud or 2) worthless stuff. That’s exactly what this is.
The 2.5 million jobs that came back were mostly leisure and hospitality – jobs in restaurants and hotels and bars – and they come back while a real unemployment rate of close to 20% still exists (the trumpery rate is 13% which is still an alarming rate). The jobs that ‘came back’ were almost completely temporary layoffs that were brought back from a near total lockdown mode to a gradual opening of the economy.
Those stock market gains? Who can afford to invest during a pandemic and economic collapse? The point-one-percenters, that’s who. Who gains from the pandemic going away and the stock market rising? Trump. His campaign has been in tatters as people see the economy erode. This is trumpery in more than one way.
Covid-19 cases have been steadily rising since Memorial Day and the increase from the George Floyd protests aren’t even showing themselves yet. The moratoriums on mortgage and rent haven’t yet expired – that will be the end of July. And, do we even need to talk about the largest mass protests in U.S. history?
This ‘economic recovery’ is one of the biggest lies that has ever been told and here is what is going to happen – people are going to flood into the stock market trying to recover their losses (because most people suffered huge losses and couldn’t afford to speculate when society might be collapsing) and then – it’s going to happen again.
The political protests are going to hit critical masss.
Covid-19 cases are going to explode upwards and death tolls will begin rising again..
Evictions, foreclosures, and defaults are going to light up the night sky.
The markets are going to crash again as the smart money takes their insane profits and exits amidst the chaos.
This whole thing is an economic mass shooting. Not to mention, a deadly pandemic is about to hit us harder than ever – again. Get ready for the biggest transfer of wealth in history – part 2.
Best of luck out there.