Historic Midwest Blizzard Has Farmers “Expecting Massive Crop Losses – As Devastating As We’ve Ever Seen”

An unprecedented October blizzard that hit just before harvest time has absolutely devastated farms all across the U.S. heartland.  As you will see below, one state lawmaker in North Dakota is saying that the crop losses will be “as devastating as we’ve ever seen”.  This is the exact scenario that I have been warning about for months, and now it has materialized.  Due to endless rain and horrific flooding early in the year, many farmers in the middle of the country faced very serious delays in getting their crops planted.  So we really needed good weather at the end of the season so that the crops could mature and be harvested in time, and that did not happen.  Instead, the historic blizzard that we just witnessed dumped up to 2 feet of snow from Colorado to Minnesota.  In fact, one city in North Dakota actually got 30 inches of snow.  In the end, this is going to go down as one of the worst crop disasters that the Midwest has ever seen, and ultimately this crisis is going to affect all of us. (Read More...)

China Takes A Comprehensive Trade Deal Off The Table, And That Is Disastrous News For The U.S. Economy

The Chinese never intended to make a deal, and now they are publicly admitting it.  For months, I have been warning readers of The Economic Collapse Blog that a comprehensive trade deal with China will not happen before the 2020 presidential election, and the reason why this is the case is actually very simple.  The Chinese have concluded that President Trump will never give them the kind of deal that they are looking for, and so their entire goal has been to run out the clock on the Trump administration so that they can finally get to a Democrat that will be much more “reasonable” to deal with.  Of course if Elizabeth Warren or Bernie Sanders wins the election, they won’t be very “reasonable” either, and so the best case scenario for the Chinese is for either Joe Biden or Hillary Clinton to emerge victorious in November 2020.  In any event, the Chinese are now being very clear about the fact that they are never, ever going to agree to Trump’s core demands.  The following comes from CNBC(Read More...)

The Average U.S. Farm Is $1,300,000 In Debt, And Now The Worst Farming Crisis In Modern History Is Upon Us

We haven’t seen anything like this since the Great Depression of the 1930s.  Leading up to this year, farm incomes had been trending lower for most of the past decade, and meanwhile farm debt levels have been absolutely exploding.  So U.S. farmers were desperate for a really good year, but instead 2019 has been a total disaster.  As I have been carefully documenting, due to endless rain and catastrophic flooding millions of acres of prime farmland didn’t get planted at all this year, and the yields on tens of millions of other acres are expected to be way, way below normal.  As a result, we are facing the worst farming crisis in modern American history, and this comes at a time when U.S. farms are drowning in more debt than ever before.  In fact, the latest numbers that we have show that the average U.S. farm is 1.3 million dollars in debt(Read More...)

China Just Went Nuclear In The Trade War, And There Is No Turning Back Now

When will Americans start to wake up and realize what is happening?  At the end of last week, President Trump announced that the U.S. would be imposing a 10 percent tariff on 300 billion dollars worth of Chinese imports, and that marked a dramatic escalation in our trade war with China.  This move by Trump came as a total shock to Chinese officials, and global financial markets were thrown into a state of turmoil.  Since that announcement, we have been waiting for the other shoe to drop, because we knew that the Chinese would retaliate.  But honestly, very few of the experts expected something like this.  On Monday, China announced that it is going to completely stop buying U.S. agricultural products(Read More...)

New Survey: 69% Of U.S. CFOs Believe That A Recession Will Start “By The End Of 2020”

Throughout 2017 and most of 2018, U.S. corporate executives were generally very optimistic about the future of the economy, but now that optimism has been replaced by a deep sense of doom and gloom.  And of course there are very good reasons for all of the doom and gloom.  The trade war with China looks like it is going to last for an extended period of time, recent global manufacturing numbers have been absolutely dismal, and it is being projected that corporate earnings will be down significantly in the second quarter.  The economic environment is tough and it is rapidly getting tougher, and a brand new survey that was just released has found that 69 percent of U.S. CFOs believe that a new recession will start “by the end of 2020″… (Read More...)

U.S. Farms Are Facing Their Worst Crisis In A Generation – And Now Here Comes Another Monster Storm

The combination of the wettest planting season in U.S. history, a catastrophic trade war with China and economic conditions that are brutal for small farms has produced a “perfect storm” for U.S. farmers.  Farm bankruptcies have already risen to the highest level in 7 years, but many expect that they will soon surge to all-time record highs.  Due to the incredibly wet weather, millions upon millions of acres of prime U.S. farmland will not be planted with crops at all this year.  And millions of acres that do get planted will yield a lot less than usual because of the wretched conditions.  Meanwhile, the U.S. will export far less corn and soybeans than usual this year due to our trade conflicts with China and Mexico.  With much less international demand, U.S. farmers are going to have an increasingly difficult time trying to make a profit on anything they are able to grow.  In the end, thousands of farmers will not be able to recover from this crisis and will be forced out of the industry for good. (Read More...)

Due To Cataclysmic Flooding, Millions Upon Millions Of Acres Of U.S. Farmland Will Not Be Planted With Crops This Year

It looks like 2019 could be the worst year for U.S. agriculture in modern American history by a very wide margin.  As you will see below, millions upon millions of acres of U.S. farmland will go unused this year due to cataclysmic flooding.  And many of the farmers that did manage to plant crops are reporting extremely disappointing results.  The 12 month period that concluded at the end of April was the wettest 12 month period in U.S. history, and more storms just kept on coming throughout the month of May.  And now forecasters are warning of another series of storms this week, and following that it looks like a tropical storm will pummel the region.  As Bloomberg has pointed out, we have truly never seen a year like this ever before… (Read More...)

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