economy

*The Tsunami of bankruptcies begins...*

See the US economy landscape :

Nissan Motor Co. may close down in USA

1.  Biggest Car Rental company (Hertz) filed for  bankruptcy - they also own Thrifty and Dollar

2.  Biggest Trucking company (Comcar) filed for bankruptcy - they have 4000 trucks

3.  Oldest retail company  (JC Penny) filed for bankruptcy - to be acquired by Amazon for pennies

4.  Biggest investor in the world (Warren Buffet) lost  $50B in the last 2 months

5.  Biggest investment company in the world (BlackRock) is signalling disaster in the world economy - they manage over $7 Trillion

6.  Biggest mall in America (Mall of America) stopped paying mortgage payments

7.  Most reputable airline in the world (Emirates) laying off 30% of its employees

8.  US Treasury printing trillions to try to keep the economy on life support - their balance sheet will become $7 T+

9.  Estimated no. of retail stores closing in 2020 - 12,000 to 15,000. The following are big retailers that have announced closing:

  --  J. Crew
  --  Gap
  --  Victoria's Secret
  --  Bath & Body Works
  --  Forever 21
  --  Sears
  --  Walgreens
  --  GameStop
  --  Pier 1 Imports
  --  Nordstrom
  --  Papyrus
  --  Chico's
  --  Destination Maternity
  --  Modell's
  --  A.C. Moore
  --  Macy's
  --  Bose
  --  Art Van Furniture
  --  Olympia Sports
  --  K Mart
  --  Specialty Cafe & Bakery
        and many many more...

Massive mortgage loan defaults, credit card defaults and auto loan defaults are expected

The real impact of Covid -19 will be known in the third quarter of 2020.
Unemployment claims reached an all-time high of 38+ million - unemployment is over 25% (out of 160 million of work force, close to 40 million are jobless).  With no income, consumer demand is falling drastically and the economy will go into a free fall.

This is just USA... Similar things will happen in other parts of the world too.