Trillions Upon Trillions of Dollars of Wealth Is Being Wiped out as the “Everything Collapse” Accelerates
The article below is by Michaels Snyder from The Economic Collapse Blog, cross-posted with permission.
Have you checked on the health of your investments lately? If not, you may be surprised to find out where things currently stand. As the “everything collapse” accelerates, trillions upon trillions of dollars of wealth is being wiped out. Many that thought that they were financially set for the rest of their lives are now in panic mode as asset values rapidly crumble. Just look at what happened to Sam Bankman-Fried. He was worth 16 billion dollars coming into this month, and now the value of his assets has been “reduced to zero”. In fact, when you factor in all the money that he owes to creditors, it is likely that his net worth is actually less than zero.
That is how fast it can happen.
Overall, the cryptocurrency industry “has lost more than $1.4 trillion in value this year”…
The cryptocurrency market has lost more than $1.4 trillion in value this year as the industry has been plagued with problems from failed projects to a liquidity crunch, exacerbated by the fall of FTX, once one of the world’s largest exchanges.
FTX wasn’t the first domino to fall, and it certainly won’t be the last.
In fact, now we are being warned that Genesis “may need to file for bankruptcy”…
Digital-asset brokerage Genesis is struggling to raise fresh cash for its lending unit, and it’s warning potential investors that it may need to file for bankruptcy if its efforts fail, according to people with knowledge of the matter.
Ouch.
If Genesis fails, that is going to hurt.
So why is Genesis in so much trouble? Well, it turns out that Genesis had “$175 million locked in an FTX trading account”…
Genesis has spent the past several days seeking at least $1 billion in fresh capital, said the people, who asked not to be identified because discussions are private. That included talks over a potential investment from crypto exchange Binance, they said, but funding so far has failed to materialize.
The rush for funding was precipitated by a liquidity crunch at the lender after the sudden collapse of FTX, one of the world’s largest crypto exchanges. Genesis halted redemptions shortly after revealing on Nov. 10 that it had $175 million locked in an FTX trading account.
Needless to say, that 175 million dollars is now gone and it isn’t coming back.
Meanwhile, Coinbase continues to spiral downhill as well. According to Axios, the market cap for Coinbase has now fallen under 10 billion dollars…
The market capitalization of Coinbase just dropped below $10 billion. This time last year, it was more than $70 billion.
Of course it isn’t just the crypto industry that is in enormous trouble.
For years, Tesla’s stock price just kept going higher and higher.
But now Tesla’s market value is about 670 billion dollars lower than it was at this time last year…
Business Insider reports that Tesla’s market valuation has plummeted by nearly $700 billion from its peak a year ago. Insider notes that the $670 billion decline is equivalent to the market value of three Disneys, four Nikes, or six Starbucks.
Meanwhile, ordinary U.S. consumers are losing a tremendous amount of wealth as well.
According to the New York Post, U.S. homeowners “lost a staggering $1.3 trillion in home equity in the third quarter”…
US homeowners lost a staggering $1.3 trillion in home equity in the third quarter during a major slump in the housing sector, according to data published by mortgage analytics firm Black Knight on Tuesday.
Home equity – broadly defined as the value of a homeowner’s property minus what is still owed on their mortgage – has plummeted during a rapid market correction.
The equity losses in just three months were “by far the largest quarterly decline on record by dollar value and the largest since 2009 on a percentage basis,” according to Black Knight data & analytics president Ben Graboske.
We have never seen a quarter like that before.
Not even during the crisis of 2008 and 2009 did we see such a huge quarterly loss.
A new housing crash is here, and it has already gone global. In fact, Spain has already developed a plan to offer “mortgage support relief” to over a million Spanish households…
Spain’s cabinet on Tuesday gave its approval to mortgage relief support for more than one million vulnerable households and help for middle-class families a day after the government and banks reached an agreement in principle.
The measures are subject to final negotiations with banking associations, Economy Minister Nadia Calvino said, adding that banks had a month to sign up ahead of their planned implementation next year.
Sadly, we will see much more government intervention all over the western world as this nightmare gets even worse in the months ahead.
The pace of layoffs is really starting to pick up, and there is a lot of fear out there right now.
Just about everyone can feel that very tough times are in front of us, and some experts are now issuing bold pronouncements that are quite chilling.
For example, Nouriel Roubini is warning that what we are facing is probably going to be “as bad as during the Global Financial Crisis”…
“History suggests it’s going to be near mission impossible to avoid a hard landing. You’re going to get not only inflation, not only a recession, but what I call the ‘Great Stagflationary Debt Crisis.’ So it’s much worse than the ’70s, and it’s probably as bad as during the Global Financial Crisis.”
Actually, if all we go through is a repeat of what we experienced in 2008 and 2009 we would be extremely fortunate.
Because the truth is that it isn’t just the economy that is failing.
As I have repeatedly warned my regular readers, what we are now witnessing is literally the collapse of everything.
Our entire society is slowly but surely coming apart at the seams all around us, but most people still expect that conditions will eventually return to “normal”.
Unfortunately, “normal” has left the building, and a tremendous amount of pain is ahead.
***It is finally here! Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.***
About the Author: My name is Michael and my brand new book entitled “End Times” is now available on Amazon.com. In addition to my new book I have written six other books that are available on Amazon.com including “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned) When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending copies as gifts to family and friends. Time is short, and I need help getting these warnings into the hands of as many people as possible.
I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.
I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help. These are such troubled times, and people need hope. John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.” If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.
Article cross-posted from The Economic Collapse Blog.
Ins companies won't pick up the cost. Makes them L iable too.
Pfizer CEO claims 400% price hike on COVID vaccines will be “free”
Pfizer CEO Albert Bourla claimed at a news event last week that the company's COVID-19 vaccines will continue to be "free to all Americans," despite the company's plan to raise the price of the vaccine roughly 400 percent—a price difference that will be picked up by health insurers.
The company said in October that it plans to raise the price of a dose of its COVID-19 vaccine from about $30 to somewhere between $110 and $130 as it moves the shots to the commercial market next year.
https://arstechnica.com/science/2022/11/covid-vaccines-will-still-be-free-despite-400-price-hike-pfizer-ceo-says/amp/
https://mewe.com/api/v2/photo/3dZdnRkaLt5TQxF7RYp1ZwMSVqDNE52IcnCAJxbPD-5jfjG6t-viSjRNHgA/1600x1600/img?static={static}
"F*ck the Jab and F*ck You All for Wanting Me to Get It!" - Ice Cube Turned Down $9 Million to Star in Sony Movie Over Forced Jab (VIDEO)
https://www.thegatewaypundit.com/2022/11/fck-jab-fck-wanting-get-ice-cube-turned-9-million-star-sony-movie-forced-jab-video/?utm_source=Email&utm_medium=the-gateway-pundit&utm_campaign=dailyam&utm_content=2022-11-24
World Leaders Sign Agreement to Mandate Vax Passports on International Travel
https://headlineusa.com/world-leaders-mandate-vax-passports/avel
COVID: This painful symptom most common among those vaccinated with one single dose
https://www.livemint.com/news/india/covid-this-painful-symptom-most-common-among-those-vaccinated-with-one-single-dose-11668862443485.html
Biden’s Trips to Delaware and Other Venues Costing American Taxpayers TENS OF MILLIONS https://thedcpatriot.com/bidens-trips-to-delaware-and-other-venues-costing-american-taxpayers-tens-of-millions/
“American Airlines Pilot Dies ‘Suddenly’ During Flight”
Captain Patrick Ford of the American Eagle Embraer 175 passed out at the controls at 7:59 p.m. on Saturday, November 19, shortly after the plane had taken off from the runway,
A recording of the incident shows that Captain Ford was talking to an air traffic controller when his voice suddenly stopped.
https://truthpress.com/news/american-airlines-pilot-dies-suddenly-during-flight/
FTX Collapse: Tom Brady and Steph Curry's Problems Get Worse
https://share.newsbreak.com/2d2ys13i
FTX Funded $18 Million Towards Research that Claimed that Ivermectin and Hydroxychloroquine Didn’t Work Against COVID
FTX funded garbage research that claimed that Ivermectin and Hydroxychloroquine didn’t work against COVID. FTX financed politicians in the US in recent elections. Millions were sent to these politicians as we already reported. FTX was actually the second-largest donor to the Democrat party.
https://www.thegatewaypundit.com/2022/11/ftx-funded-18-million-towards-research-claimed-ivermectin-hydroxychloroquine-didnt-work-covid/?utm_source=Email&utm_medium=the-gateway-pundit&utm_campaign=dailypm&utm_content=2022-11-22
FTX funded garbage research that claimed that Ivermectin and Hydroxychloroquine didn’t work against COVID. FTX financed politicians in the US in recent elections. Millions were sent to these politicians as we already reported. FTX was actually the second-largest donor to the Democrat party.
Bankman-Fried's FTX, parents bought Bahamas property worth $121 million
CAN WE CONFISCATE IT?
https://share.newsbreak.com/2d2y6y63
Digital Dollar’ Begins in US; G20 Used to Advance Great Reset
Ice Cube Confirms He Lost $9 Million After Not Getting the Vaccine – Billboard
https://www.billboard.com/music/music-news/ice-cube-lost-9-million-not-getting-covid-19-vaccine-1235175816/
Here's why this top economist says we're not just headed for another recession | Fortune
https://fortune.com/2022/11/23/how-bad-economy-recession-top-economist-mohamed-el-erian-federal-reserve/
What will 2023 tax refunds look like? | WBOY
https://thehill.com/homenews/3748276-irs-says-your-tax-refund-may-be-smaller-this-year/amp/#amp_tf=From%20%251%24s&aoh=16693800148094&csi=0&referrer=https%3A%2F%2Fwww.google.com
Fed's Economists Flag Recession Risk, Warn Rate Hikes May Tank Economy
https://markets.businessinsider.com/news/currencies/federal-reserve-powell-staff-economists-recession-interest-rates-economy-inflation-2022-11?amp=#amp_tf=From%20%251%24s&aoh=16693799845741&csi=0&referrer=https%3A%2F%2Fwww.google.com