{"id":65653,"date":"2023-08-20T04:48:31","date_gmt":"2023-08-20T09:48:31","guid":{"rendered":"https:\/\/olduvai.ca\/?p=65653"},"modified":"2023-08-20T04:48:31","modified_gmt":"2023-08-20T09:48:31","slug":"brace-yourselves-because-what-they-have-planned-is-going-to-absolutely-devastate-the-u-s-economy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=65653","title":{"rendered":"Brace Yourselves, Because What They Have Planned Is Going To Absolutely Devastate The U.S. Economy"},"content":{"rendered":"<header class=\"entry-header\">\n<h3 class=\"entry-title\"><a href=\"http:\/\/theeconomiccollapseblog.com\/brace-yourselves-because-what-they-have-planned-is-going-to-absolutely-devastate-the-u-s-economy\/\">Brace Yourselves, Because What They Have Planned Is Going To Absolutely Devastate The U.S. Economy<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<aside class=\"mashsb-container mashsb-main mashsb-stretched\">\n<div><\/div>\n<\/aside>\n<p><a href=\"http:\/\/theeconomiccollapseblog.com\/brace-yourselves-because-what-they-have-planned-is-going-to-absolutely-devastate-the-u-s-economy\/fright-pixabay\/#main\" rel=\"attachment wp-att-21657\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-21657\" src=\"http:\/\/theeconomiccollapseblog.com\/wp-content\/uploads\/2023\/08\/Fright-Pixabay-560x482.png\" sizes=\"auto, (max-width: 560px) 100vw, 560px\" srcset=\"http:\/\/theeconomiccollapseblog.com\/wp-content\/uploads\/2023\/08\/Fright-Pixabay-560x482.png 560w, http:\/\/theeconomiccollapseblog.com\/wp-content\/uploads\/2023\/08\/Fright-Pixabay-300x258.png 300w, http:\/\/theeconomiccollapseblog.com\/wp-content\/uploads\/2023\/08\/Fright-Pixabay-768x661.png 768w, http:\/\/theeconomiccollapseblog.com\/wp-content\/uploads\/2023\/08\/Fright-Pixabay.png 1280w\" alt=\"\" width=\"560\" height=\"482\" \/><\/a>Do you remember what happened in 2008?\u00a0 Many people believe that another historic financial disaster is coming and that it will absolutely devastate the U.S. economy.\u00a0 Earlier this week, I wrote about an investor named Michael Burry that has actually bet\u00a0<a title=\"1.6 billion dollars\" href=\"http:\/\/theeconomiccollapseblog.com\/meet-the-man-that-has-bet-a-billion-dollars-that-the-stock-market-is-going-to-crash\/\">1.6 billion dollars<\/a>\u00a0that the stock market is going to crash.\u00a0 He made all the right moves in 2008, and he fully intends to be proven right once again in 2023.\u00a0 Of course current conditions definitely resemble 2008 in so many ways.\u00a0 The residential housing market is so dead right now, and commercial real estate prices are plummeting at a very frightening pace.\u00a0 Unfortunately, officials at the Federal Reserve are making it quite clear that they are not done strangling the economy.<\/p>\n<p>This week, mortgage rates jumped above the 7 percent mark to the highest level that we have seen\u00a0<a title=\"in more than 20 years\" href=\"https:\/\/finance.yahoo.com\/news\/mortgage-rates-top-7-hitting-21-year-high-160707969.html\" target=\"_blank\" rel=\"noopener noreferrer\">in more than 20 years<\/a>\u2026<\/p>\n<blockquote><p>Mortgage rates surpassed 7% this week, hitting the highest level in more than two decades.<\/p>\n<p>The average rate on the popular 30-year fixed mortgage increased to 7.09% this week, up from 6.96% the week prior, according to Freddie Mac\u2019s release on Thursday. That\u2019s the highest point since the first week of April 2002 and marks just the third time rates have exceeded 7% since then. The last times were in October and November of last year, when the rate reached 7.08%.<\/p><\/blockquote>\n<p>Needless to say, high mortgage rates have been crippling the housing market in recent months.<\/p>\n<p>At the midpoint of this year, existing home sales were down a whopping\u00a0<a title=\"18.9 percent\" href=\"https:\/\/www.nar.realtor\/newsroom\/existing-home-sales-retreated-3-3-in-june-monthly-median-sales-price-reached-second-highest-amount\" target=\"_blank\" rel=\"noopener noreferrer\">18.9 percent<\/a>\u00a0from the same time in 2022\u2026<\/p>\n<blockquote><p>Total existing-home sales1 \u2013 completed transactions that include single-family homes, townhomes, condominiums and co-ops \u2013 receded 3.3% from May to a seasonally adjusted annual rate of 4.16 million in June. Year-over-year, sales fell 18.9% (down from 5.13 million in June 2022).<\/p><\/blockquote>\n<p>\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Brace Yourselves, Because What They Have Planned Is Going To Absolutely Devastate The U.S. Economy Do you remember what happened in 2008?\u00a0 Many people believe that another historic financial disaster is coming and that it will absolutely devastate the U.S. economy.\u00a0 Earlier this week, I wrote about an investor named Michael Burry that has actually [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[150,303,431,4901,13351,7452,827,834,3650],"class_list":["post-65653","post","type-post","status-publish","format-standard","hentry","category-economics","tag-collapse","tag-fed","tag-interest-rates","tag-michael-snyder","tag-price-inflation","tag-the-economic-collapse-blog","tag-united-states","tag-us","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=65653"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65653\/revisions"}],"predecessor-version":[{"id":65654,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65653\/revisions\/65654"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}