The signs are everywhere that we are about to witness another 2008 episode, with the United States economy leading the way.
The following 5 facts and figures suggest that 2017 is the beginning of the end…
Stores across the United States are closing at an “epic pace” with the retail industry as a whole facing 8,600 store closures in 2017. A report by Credit Suisse suggests the figure is a major explosion compared to the record 6,000 stores that closed in 2008.
Nearly 60% of all Americans would be unable to cover a $500 emergency bill, according to a report by Bankrate.
The U.S. government revenues just experienced the biggest collapse since 2008, suggesting that the country is about to witness another recession.
The auto industry is about to experience a major earthquake, with too much supply, too many brands, and too much credit with car inventories ballooning to a 12-year-high.
Debt is at such levels in the U.S. that the IMF has suggested it may be a threat to global stability. With overall corporate debt standing at $4 trillion and “percentage of “weak,” “vulnerable” or “challenged” debt held as assets by US firms has almost arrived at the same level it was right before the 2008 crisis” again suggesting that a recession is at our doorstep.