See the US economy landscape :

Nissan Motor Co. may close down in USA

  1. Biggest Car Rental company (Hertz) filed for bankruptcy – they also own Thrifty and Dollar
  2. Biggest Trucking company (Comcar) filed for bankruptcy – they have 4000 trucks
  3. Oldest retail company (JC Penny) filed for bankruptcy – to be acquired by Amazon for pennies
  4. Biggest investor in the world (Warren Buffet) lost $50B in the last 2 months
  5. Biggest investment company in the world (BlackRock) is signalling disaster in the world economy – they manage over $7 Trillion
  6. Biggest mall in America (Mall of America) stopped paying mortgage payments
  7. Most reputable airline in the world (Emirates) laying off 30% of its employees
  8. US Treasury printing trillions to try to keep the economy on life support – their balance sheet will become $7 T+
  9. Estimated no. of retail stores closing in 2020 – 12,000 to 15,000. The following are big retailers that have announced closing: — J. Crew
    — Gap
    — Victoria’s Secret
    — Bath & Body Works
    — Forever 21
    — Sears
    — Walgreens
    — GameStop
    — Pier 1 Imports
    — Nordstrom
    — Papyrus
    — Chico’s
    — Destination Maternity
    — Modell’s
    — A.C. Moore
    — Macy’s
    — Bose
    — Art Van Furniture
    — Olympia Sports
    — K Mart
    — Specialty Cafe & Bakery
    and many many more…

Massive mortgage loan defaults, credit card defaults and auto loan defaults are expected

The real impact of Covid -19 will be known in the third quarter of 2020.
Unemployment claims reached an all-time high of 38+ million – unemployment is over 25% (out of 160 million of work force, close to 40 million are jobless). With no income, consumer demand is falling drastically and the economy will go into a free fall.

This is just USA… Similar things will happen in other parts of the world too.

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