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Economic Analyst Spends Tens of Thousands of Dollars Stockpiling Food

“It’s basically an insurance policy against chaos.”

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An economic analyst who predicted the 2008 financial collapse has spent tens of thousands of dollars stockpiling food as “an insurance policy against chaos” should the coronavirus outbreak cause a global economic collapse.

Jesse Colombo told local news affiliate CBS DFW that the fallout from the virus and not necessarily the virus itself posed the biggest threat to stability.

“My immediate concern is not so much getting coronavirus, it’s more so economic collapse is caused by the coronavirus outbreak,” said Colombo. “Ever since the global financial crisis hit, that was a wake up call to me that I need to be prepared,” he added.

Colombo has stockpiled a supply which could last up to 18 months if needed, including 240lbs of rice, innumerable bags of beans, 192 cans of Spam and a 40 days and 40 nights kit that contains formulas for pancakes, rolled oats, miso, superfood, green lentils, brown rice, quinoa, black beans, pinto beans, garbanzo beans and millet.

“I’ve just cleaned my local Walmart out of its supply of Vienna Sausages and DAK ham. I was definitely getting some interesting looks!” he said in a tweet.

Colombo also has a product that can safely filter up to 100 gallons of fresh water as well as medical kits and face masks.

The financial analyst pointed out that he had been stockpiling food for years but was increasing his supply in response to coronavirus.

As we have previously highlighted, panic buying of food and medical provisions has been taking place in numerous countries worldwide and is only expected to accelerate.

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Economy

“Con job”: Trump Responds To Obama Taking Credit For Booming Economy

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Steve Watson

President Trump responded Monday night, calling Barack Obama’s claim that his prior administration is responsible for the booming US economy a “Con job”.

“Did you hear the latest con job?” Trump tweeted, explaining that “Obama is now trying to take credit for the Economic Boom taking place under the Trump Administration.”

“He had the WEAKEST recovery since the Great Depression, despite Zero Fed Rate & MASSIVE quantitative easing.” Trump noted.

Trump also noted that he “had to rebuild our military, which was totally depleted.”

“Fed Rate UP, taxes and regulations WAY DOWN.” The President continued.

“If Dems won in 2016, the USA would be in big economic (Depression?) & military trouble right now. THE BEST IS YET TO COME. KEEP AMERICA GREAT!” Trump concluded.

The President was responding to the below tweet from Obama, sent on President’s Day, which claimed that Obama’s Recovery Act “paved the way for more than a decade of economic growth and the longest streak of job creation in American history.”

As Trump urged, however, the economy under Obama was the most worst since World War II, despite being largely propped up by the Federal Reserve’s unprecedented decade-long zero percent interest rates during his two terms.

The White House also issued a statement responding to Obama.

“President Trump reversed every single failed Obama-era economic policy, and with it, reversed the floundering Obama/Biden economy,” read the statement from Kayleigh McEnany, the Trump campaign’s national press secretary. “Obama and Biden orchestrated the worst economic recovery in modern history.”

“By contrast, though, deregulating, lowering taxes, and supporting free-market policies, President Trump has created the hottest economy on record, with unemployment hitting generational lows and all-time lows for African Americans, Hispanics, the disabled, veterans and many other hard-working Americans,” added McEnany.

And, it’s not just Trump and Infowars pointing this out.

The Wall Street Journal recently asked 68 economists who was responsible for the booming economy and the consensus was that it is “President Trump, and not Obama, who should be taking a bow.”

It has been blindingly obvious for years that Obama did not seed the current recovery. “The Obama recovery of the last seven years remains the worst in postwar American history,” a Forbes article from 2016 noted.

Others were quick to respond to Obama’s phoney claim:

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Economy

McDonalds to Replace More Human Employees With Drive-Thru AI

How’s that $15 an hour looking now?

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McDonalds is set to replace more human employees with automated technology after the company announced that it intends to use a new AI program to take drive-thru orders.

The food chain has acquired Mountain View-based voice tech startup Apprente in order to “alleviate pressure on restaurant employees.”

More like alleviate them of their jobs.

The technology can handle “complex, multilingual, multi-accent and multi-item conversational ordering,” allowing for “faster, simpler and more accurate order taking,” according to reports.

“McDonald’s plans to roll out self-service kiosks across all US restaurant locations by 2020 – reducing the need to employ as many human cashiers,” reports Zero Hedge.

How’s that $15 dollars an hour paycheck working out for you now?

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Economy

Economist: China Trade War Could Mean “The End of the World as We Know It”

Globalization as it has existed since WWII could be finished.

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Economist Neil Shearing says that the escalation of America’s trade war with China could be the death knell for globalization and “the end of the world as we know it.”

Yesterday, the U.S. Treasury Department designated China as currency manipulator, the first time that has been done in 25 years.

The People’s Bank of China responded by warning that the decision would “bring turmoil to the financial market.”

Earlier, Trump slapped a new 10 per cent tariff on $300 billion worth of Chinese imports starting 1 September.

This followed China’s decision to order its state-owned companies to completely halt purchases of US farm products.

With no trade deal to end the impasse expected before the 2020 election, Neil Shearing, group chief economist at Capital Economics, says the consequences could be massive.

“Lingering in the background is a more fundamental concern – namely that we may be witnessing the end of globalization,” Shearing said in a note to clients.

“If so, the rapid increase in cross-border movement of goods, services, capital and people that has been the defining feature of the global economy over the past two decades may be about to reverse – with macroeconomic implications that would extend well beyond the narrow impact of tit-for-tat tariffs,” he said.

Shearing is predicting the possible “disintegration of the rules-based system” that has governed commerce since World War II and a “balkanization” of the economy where the U.S. and China operate on different payment systems and tech platforms.

“It’s too soon to say exactly how events will pan out, but this casts the escalation in the US-China trade war over the past year in an altogether more ominous light. We may be witnessing the end of the world as we know it,” wrote Shearing.

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