How the coronavirus is impacting our future
by Adam Taggart
Chris Martenson’s Peak Prosperity
Coronavirus-induced shockwaves are rippling through the world economy, causing tremendous damage that we are only just beginning to measure.
Strangled global supply chains have caused supply shortages. A massive drop in demand has resulted from millions of customers forced to stay home under mandatory lockdown.
Now come the job losses. 60% of companies have reported hiring freezes, while over 13% have already begun laying workers off:
[…] Of course, the layoff rate will accelerate rapidly as Q1 earnings (or more accurately, Q1 “horrific losses”) start being reported later this month.
The small/medium-sized enterprises (SMEs) like your local restaurant, dry cleaner, bookstore and building contractor are being hit especially hard, as they don’t have the reserves to withstand the many weeks of no income the lockdown is placing them under. Many of them have already laid off their employees. Many may never reopen.