Many of you doubtless remember the 1970s and ’80s commercials for the legendary financial adviser E.F. Hutton: “When E.F. Hutton talks, people listen.”
I was reminded of these ads a few weeks ago when I read an article entitled, “Jeff Bezos sounds alarm on economy: Don’t make big purchases!”
Yes, it seems the founder and former CEO of Amazon is now giving financial advice. He says consumers “should consider postponing large purchases in the coming months as the global economy contends with a downturn and faces a possible recession.”
In an interview with CNN, “Bezos urged people to put off expenditures for big-ticket items such as new cars, televisions and appliances, noting that delaying big purchases is the surest way to keep some ‘dry powder’ in the event of a prolonged economic downturn. Meanwhile, small businesses may want to avoid making large capital expenditures or acquisitions during this uncertain time.” Bezos further urges people to “batten down the hatches.”
This financial warning comes at a time Amazon plans to slash its workforce by 10,000 people just ahead of the Christmas season. Amazon isn’t alone. Quite a number of other high-profile companies are dropping the hammer on their workforces. The result is millions of people entering the holiday season in a financial bleak position. What would E.F. Hutton have to say about that?
I have a few questions for Jeff Bezos: Why is he issuing such a warning? Why now? What does Bezos know that we don’t know?
I suspect the answer probably is: a whole lot. There are enormous behind-the-scenes efforts to manipulate the economy in ways that will impact the little guy in very nasty ways while profiting the wealthy beyond our wildest dreams.
I have no illusions that Jeff Bezos gives a rip about the little guy. That said, his warning is something I’m inclined to heed. Time to batten down the hatches, folks.
It seems almost cruelly ironic to hear Bezos urging people to “take some risk off the table” by not purchasing “new cars, televisions and appliances” at a time when people are literally selling their blood (plasma) to keep from becoming homeless. Others are reeling in shock over losing the money they invested in cryptocurrency. Countless more are losing their jobs. The rest of us are simply trying to cope with out-of-control inflation.
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So yes, battening down the hatches isn’t a bad idea, especially since politicians (both domestic and foreign) are doing everything in their power to crash the economy.
For example, Amos Hochstein (a top Biden administration energy adviser) says oil will soon be intentionally phased out. He also claims it’s “very difficult to understand criticism” of Biden’s decision to lower the Strategic Petroleum Reserve to levels not seen since 1984. I must conclude the Biden administration is hoping oil and gas will become unaffordable and people will be forced to transition to “green” energy despite the lack of infrastructure to support it (see Europe’s warning on this very thing).
Then on Wednesday, Federal Reserve Chairman Jerome Powell claimed “nobody” thought that inflation would reach the levels it did. Really? Seems to me lots of people saw this coming down the pipeline. How did he miss it?
Then yesterday, Treasury Secretary Janet Yellen actually had the audacity to blame the American people as the driving force behind inflation because – get this – they “splurged” too much, and “consumers’ excessive spending habits” are the reason for inflation.
Either these people are being willfully ignorant, or they’re extraordinarily stupid. Either way, why are they in charge of the economy? Can’t you just hear the elites chortling in the background, rubbing their hands with glee over the hardships afflicting the Great Unwashed through the implementation of the Great Reset? This economic turmoil is certainly engineered and orchestrated. If the past two years have done nothing else, they’ve demonstrated that the anointed class are not afraid to push things to unheard-of extremes.
And of course, middle- and lower-class Americans will suffer the most. “It might seem strangely calm out there as we approach the holiday season,” notes this article, “but the underlying realities are nothing but. An economy cannot live this way, with business deleveraging even as households are taking on ever more debt while the currency is being devalued. … Meanwhile, Washington is still dreaming of new ideas to kill our economic prospects. These include zero-carbon delusions that would literally reverse the Industrial Revolution, a monetary reform that would bake surveillance into every transaction, ridiculous and coercive pandemic planning, and ever higher taxes to transfer resources from us to them.”
This means Americans are facing the cruel future alone. We certainly can’t look to the government to solve the issues it created since our leaders are useless at best or purposefully destructive at worst. This, folks, is the New Normal. Who cares if you have to sell your blood? Suck it up, buttercup.
This also means we must look locally to get by. By “locally,” I mean we must look to ourselves, our family, our neighbors, our church and our community to get by. Forget the government; it’s there to drag you down, not lift you up.
As I wrote about a few weeks ago, the one key ingredient that allows people to make it through nearly any crisis, including economic, is this: The ability to accept the scenario.
Denial is more than a river in Egypt. It’s a mental condition that frequently dooms anyone involved in a disastrous situation, including financial. People who think, “This can’t be real. This is what happens to other people. It’s not happening to me” – are often the ones who don’t make it, because their denial paralyzes them into immobility and/or causes them to make poor decisions.
Accepting reality – and then doing whatever you can to cope – is difficult, but necessary.
So what would the legendary E.F. Hutton have to say about the current state of the economy? I have no idea. But I do know who I’m inclined to listen to … and it sure as heck isn’t the Biden administration’s false platitudes that the economy is “strong as hell.” I think I’d rather listen to Jeff Bezos this time.
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