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Bank of America Warns “Civil Unrest” Could Crash Global Economy

“Flashbacks to the days just before the French Revolution are all too real.”

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In its latest Fund Manager survey, Bank of America warns that one of the biggest risks that could precipitate a global economic collapse is the prospect of mass “civil unrest.”

While the market is looking bullish thanks to several rounds of positive news regarding a COVID-19 vaccine, BofA Chief Investment Officer Michael Hartnett is telling investors that that sentiment is baked in and it’s now time to “sell the vaccine” in coming weeks/months as we think we’re close to “full bull”.

Coronavirus itself remains the biggest “tail risk” to the global economy for the 8th consecutive month, followed by the “tech bubble.”

However, what’s really raising eyebrows is the factor that BofA considers to be the third most likely threat to financial stability and growth, namely “civil unrest.”

Zero Hedge explains exactly what Bank of America is referring to with its warning of “civil unrest”:

“So what’s going on here, is Wall Street really starting to worry about what we first said back in 2010 – much to Time Magazine’s mockery – that the Fed’s disastrous policies would eventually push US society to armed conflict and/or to civil war. While it may be easy to dismiss such fears as hyperbolic, consider what otherwise level-headed Bloomberg macro commentator (and former Lehman trader) Mark Cudmore wrote overnight in his latest lament that markets are so broken, that in the end it will all “end in tears”, either in the form of collapse of fiat currency or through “political revolution”, read armed conflict.”

“Which brings us back to square one. Because in a world where a handful of traders are the most bullish they have been in 20 years while the living standards of tens of millions of Americans are absolutely dismal with the economy on the verge of yet another depression-causing shutdown, the flashbacks to the days just before the French Revolution are all too real.”

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Riots

Target Reopens Looted Store in Minneapolis With Goal of Being Less “Racist”

But adds shutters in case it gets looted again.

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Target has re-opened its looted Minneapolis store that was completely ransacked during the George Floyd riots over 5 months ago with the goal of catering more to black shoppers and being less “racist.”

Yes, really.

According to a Bloomberg report, there is now a new “mural” at the entrance of the store and it has been completely remodeled by a contracting company owned by a Somali-American woman in order to make it more welcoming for black people.

The store will also stock more products made by black-owned brands.

In August, Target’s new “racial justice committee” outlined the goal of responding to its stores being looted (predominantly by black criminals), by tackling its reputation of appealing primarily to white shoppers.

One of those committee members, Stephanie Creary, assistant professor of management at the University of Pennsylvania’s Wharton School, said Target’s mission was to “reduce the impact of racism that is created from its operations.”

Chief external engagement officer Laysha Ward said the new ethos would be implemented across the country in the construction of new Target stores and the remodeling of existing ones.

“We’re really thinking about this relevant experience that is overtly Black and reflecting overtly Black needs and culture,” said Ward.

According to the report, white residents in the local area previously avoided using the store, preferring instead to drive to another branch further away, and referred to it as “Tar-ghetto.”

Crucially, the store has also added shutters in case of “emergencies,” meaning in case the local diverse community decides to loot it again.

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Riots

Leftist ‘Count Every Vote’ Protests Descend Into Antifa Violence

The National Guard has been activated in Portland.

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Steve Watson

Nathan Howard/Getty Images

‘Count every vote’ protests in Portland and New York City descended into ‘widespread violence’ Wednesday as Antifa thugs smashed windows, set fires and attacked police.

The National Guard has been activated in Portland under a “Unified Command” of the County Sheriff’s Office, the Oregon State Police and the National Guard itself:

More footage of the rioting:

In New York City, leftist agitators were matched in numbers and met with force by police:

Fires were set by the “protesters”:

Police also seized weapons:

The violence comes a day after Trump supporters were attacked and stabbed in leftists in DC:

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Riots

77% of Americans Think Violence Will Break Out After the Election

Huge numbers think neither candidate will concede.

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A final poll of American voters has found that no less than 77% think violence will break out after today’s presidential election.

According to the Yahoo News/YouGov survey, 51% of voters think Trump will refuse to concede if he loses the election while 77% “worry that violence will break out in the coming days.”

Both sides are almost even when it comes to judging the reaction to either candidate winning.

59% of Trump supporters believe that if Trump loses it will be because “Democrats rigged the election,” while 58% of Biden supporters believe if the former Vice President loses it will be because “Republicans stole the election.”

With that kind of sentiment being so dominant, it’s almost impossible that there won’t be some form of disorder in the days following the vote.

Meanwhile, just 22% of registered voters expect to know the result on election night while only 28% believe the election will be “free and fair”.

As we highlighted yesterday, stores, restaurants and banks in major cities across the country are being boarded up in anticipation of major unrest.

However, should Trump lose and accept defeat, it won’t be Trump supporters rioting given what has unfolded over the last 5 months.

Gun stores across the country are also being cleaned out by new buyers who are afraid of major social dislocation, while Walmart has also removed firearms and ammunition from its shelves entirely.

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