Did you know that 15 trillion dollars of global stock market wealth has been wiped out since last June? The worldwide financial crisis that began in the middle of last year is starting to spin wildly out of control. On Friday, the Dow plunged another 390 points, and it is now down a total of 1,437 points since the beginning of this calendar year. Never before in U.S. history have stocks ever started a year this badly. The same thing can be said in Europe, where stocks have now officially entered bear market territory. As I discussed yesterday, the economic slowdown and financial unraveling that we are witnessing are truly global in scope. Banks are failing all over the continent, and I expect major European banks to start making some huge headlines not too long from now. And of course let us not forget about China. On Friday the Shanghai Composite declined another 3.6 percent, and overall it is now down more than 20 percent from its December high. Much of this chaos has been driven by the continuing crash of the price of oil. As I write this article, it has dipped below 30 dollars a barrel, and many of the big banks are projecting that it still has much farther to fall.
The other night, Barack Obama got up in front of the American people and proclaimed that anyone that was saying that the economy was not recovering was peddling fiction. Well, if the U.S. economy is doing so great, then why in the world has Wal-Mart decided to shut down 269 stores?…
Walmart (WMT) will close 269 stores around the world in a strategic move to focus more on its supercenters and e-commerce business, the company said Friday.
In my opinion to refer to the run up or down in the market as “wealth” is rather like referring to a mirage as real. It was the illusion of wealth manufactured via fiat currency and market manipulation. At this point it appears that most of the people hurt as the very people who reaped the benefits.
Having said the and realizing that other entities went chafing the mirage at some point the damage has the strong possibility to hurt the innocent in the form of “bail ends”, higher taxes, and civil unrest. Let us just say it is an interesting time to be alive and we had better figure out how to hang together for the sake of ourselves, our families, and our posterity.
Closing wally world after they undercut the little guy (small grocers.) This is how a food desert is created?
Walmart corporation has released PR statements that they were not closing any Supercenters, only “Express” and “Neighborhood” divisions of their retail outlet stores that were not fitting in their future goals of their business plans to develop more e commerce and less “overhead”.
However, the store closing list link attached below, shows that they are also closing a few of the “Supercenters” as well, according to this recently released list which shows the store type, and the addresses of all the stores that are to be shut in the US. See Durham, NC and Austin, Tx, two large and consumer densely utilized stores in two large city locations.
http://qz.com/595877/heres-a-list-and-map-of-all-the-walmart-store-closings-in-the-us/