How can the stock market be at record high when the economy sucks? Hint: think about central banks and fiat debt instruments. From Simon Black at sovereignman.com:
New York City is up 33% this year. St. Louis is up 66%. In Oregon it’s up 100%.
I’m not talking about real estate prices, local budget gaps, or even property tax rates.
These are the startling increases in the number of people across the country, and the world, who are in need of food.
Food banks across the Land of the Free are experiencing an enormous surge in demand from people looking to feed their families, many of whom are experiencing such economic hardship for the first time.
The director of a local food bank in western Massachusetts, for example, recently said, “I thought I had seen the worst during the Great Recession [of 2008-2009]. But what we have experienced since March due to COVID-19 has really overwhelmed us.”
I saw a video last week showing thousands of cars “stretching as far as the eye can see” in line to receive free food from a local food bank in my hometown of Dallas, Texas.
Similarly, Miami had a “massive food bank line stretched for two miles.”
You can see the same thing in big cities like New York and LA, to quieter towns like Erie, Pennsylvania, and across the world.
In the small county of Dorset in southwestern England, food banks have handed out an astonishing 1.2 million meals over the past few months, shattering all previous records. And local officials say that was just the tip of the iceberg.
It’s obvious there are millions upon millions of people who are suffering immeasurably because of Covid lockdowns.