Thread by @JacksonStewal, What is making my head hurt is the job loss. We will [...]

What is making my head hurt is the job loss. We will be at 30-40% when all is said and done. No industry will be spared pain. There simply is no way to replace that demand. No amount of stimulus. That's where the problems start, but the Second and third Order Effects ripple 1/10

Food supply chain

https://www.sharonherald.com/coronavirus-outbreak-squeezing-pennsylvanias-food-supply-chain/article_3375ec38-86ba-11ea-98fe-97dac09b940b.html

2/10

Coronavirus outbreak squeezing Pennsylvania's food supply chain

HARRISBURG – The coronavirus outbreak has hit Pennsylvania’s agriculture industry with a double-whammy — a massive upheaval in the normal markets for food as well as a spike in employees

https://www.sharonherald.com/coronavirus-outbreak-squeezing-pennsylvanias-food-supply-chain/article_3375ec38-86ba-11ea-98fe-97dac09b940b.html

Energy

https://oilprice.com/Energy/Energy-General/The-Shale-Suffering-Has-Only-Just-Begun.html

3/10

The Shale Suffering Has Only Just Begun | OilPrice.com

Demand for oil has all-but-dried up, and with storage across the U.S. reaching its capacity, shale producers could be forced to cut production for longer than expected

https://oilprice.com/Energy/Energy-General/The-Shale-Suffering-Has-Only-Just-Begun.html

Mortgage and soon real estate will feel this, hard

https://www.thestreet.com/mishtalk/economics/over-6-of-all-mortgages-now-in-forbearance

4/10

Over 6% of All Mortgages Now in Forbearance

Mortgages in forbearance are on a steep rise due to Covid-19.

https://www.thestreet.com/mishtalk/economics/over-6-of-all-mortgages-now-in-forbearance

Now let's go around the world

https://www.bloomberg.com/news/articles/2020-04-18/millions-of-orchids-are-being-thrown-out-by-top-world-exporter

5/10

Millions of Orchids Are Being Thrown Out by Top World Exporter

As global tourism collapses, so does the orchid industry in top exporter Thailand, where the flowers are regarded as a symbol of hospitality.

https://www.bloomberg.com/news/articles/2020-04-18/millions-of-orchids-are-being-thrown-out-by-top-world-exporter

Downright terrifying

https://www.theguardian.com/global-development/2020/apr/20/im-trapped-the-uae-migrant-workers-left-stranded-by-covid-19-job-losses

6/10

'I'm trapped': the UAE migrant workers left stranded by Covid-19 job losses

In debt, unable to earn and often refused repatriation, many migrant workers face an uncertain future

https://www.theguardian.com/global-development/2020/apr/20/im-trapped-the-uae-migrant-workers-left-stranded-by-covid-19-job-losses

Breadlines 2.0

https://prospect.org/coronavirus/the-return-of-the-breadline/

7/10

The Return of the Breadline

In the 1930s, Americans lined up on sidewalks for food. Today, they’re lining up on the roads.

https://prospect.org/coronavirus/the-return-of-the-breadline/

Most of these jobs are gone

https://www.restaurantbusinessonline.com/financing/lot-restaurants-are-already-permanently-closed

8/10

A lot of restaurants are already permanently closed

The National Restaurant Association says 3% of restaurants are closed for good, and 11% could join them within a month, says RB’s The

https://www.restaurantbusinessonline.com/financing/lot-restaurants-are-already-permanently-closed

Heartbreaking and faster than anytime in history, it's a Depression.

https://apnews.com/e928d091f81f75b9bc8830c7370f41fb

9/10

Virus pushes US unemployment toward highest since Depression

NEW YORK (AP) — Unemployment in the U.S. is swelling to levels last seen during the Great Depression of the 1930s, with 1 in 6 American workers thrown out of a job by the coronavirus. More...

https://apnews.com/e928d091f81f75b9bc8830c7370f41fb

"Idle workers and idle machines pushed prices down, delaying the recovery. We cannot let it happen again."

This is the fight, the market wants a severe deflation. The Fed is going to fight this, and my bet is they lose. They do not understand it. The END https://www.washingtonpost.com/opinions/here-comes-the-great-deflation-threat/2020/04/05/27ca18ce-75fc-11ea-87da-77a8136c1a6d_story.html

Opinion | Here comes the great deflation threat

A modest amount of change could aid an economic recovery by making goods and services cheaper.

https://www.washingtonpost.com/opinions/here-comes-the-great-deflation-threat/2020/04/05/27ca18ce-75fc-11ea-87da-77a8136c1a6d_story.html

* all attempts to stop this with conventional monetary policy will fail. Current "stimulus" from Congress is just to try to stem societal breakdown. This will take years to fix, and our current leaders are not up to the task. All levels, all sides. Private sector, public sector.

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