Early this morning I read an economic report from a friend who is very sharp at predicting future macro trends. He works for a major company, and he gave me a copy of what he did. He paints a depressing picture on what is coming down in the next few months, and what the situation will be like next year. And when I looked at the reasoning for his thinking, I could not disagree with any of it. Bottom line. No vaccine for at least 18 months. Multiple waves of Covid-19 cases during this time. Most small-medium sized businesses failing. Some big companies will fall. A very strong possibility of deflation followed by high-inflation. High unemployment and astronomical personal debt will be the norm.
Reading this report occupied a good part of my morning. And to say that I was upset at what I read is an understatement. I lived through the hard times in Russia in the early 1990s. I do not want to see the same thing happening to Canada or to the U.S. right now. The people of these two great nations do not deserve it.
I then started to read up on my local news. The first article that I read was a story of a family who cannot locate their deceased mother who died from Covid-19, and the placement of a refrigerated truck in the parking lot at my local hospital. According to the article (link here), the truck was put there in case the morgue cannot take any more bodies.I shuddered when I read this. It could be anyone. It could be me. It could be you.
It was then that I decided to take the car and do some errands. Enough was enough. I needed some fresh air.
The first thing that I saw were 30 to 40 people lined-up outside of a supermarket that I always use. And the line was not even moving.
Another super-market a block away and one that I use all the time was closed. When I approached the people in front of the store they told me that some of the employees tested positive for Covid-19.
Two pharmacies near my home same story. One closed, the other had a long long long line-up outside.
It then gets worse.
Two families that I have known for years and who run successful businesses are now facing ruin. (One is a hi-end gym that I go to all the time, and the other is a family business that sells products for sail/motor boats). Both of them called me within one hour of each other. They want to know if I can help bail them out. But I know enough about their businesses to know that they will fail. Customers are not going to go to a gym for a long time. And my nautical friends are already too much in debt. When it comes to business I am always blunt. It must be the Russian in me. Needless to say my phone conversations did not end well.
But the best was the last. I had some checks to deposit so I went to my commercial bank. Security was controlling how may people can enter the bank, and there were at least 50 people waiting. To say they all looked frustrated, upset, and hostile is another understatement. I just wanted to use the ATM machine to make a deposit. But the security guard told me that the ATMs were not working, and he was right. That is why there was a long line-up outside. I then noticed the ATM machine beside the bank (which is used by people with cars) was empty, and I asked the security guard if it was working. He said no. I still went to check because I was definitely not going to wait an hour to go into a bank to make a deposit. But when I went to this ATM I noticed that it was working!!! Happy me I put in my bankcard, took my checks, and made my deposit. When I took my card out and it gave me my receipt is when everyone in the line-up realized that this ATM machine was working. They all rushed to the machine resulting in yelling matches and two fights. And the worse were the women. This was a mob of regular people completely out of control. Needless to say I rushed out of there right-away.
Sighhhh ....
People are very angry/frustrated/upset out there. The media is not covering it. Definitely not in this part of Canada.
I am driving up north to my chalet to get away from all of this. My home in Montreal is secure, but I will feel more safer in the woods far away from everyone. This pandemic and the hardships that it is causing is starting. I shudder when I think of what I may be seeing 6 months from now if this does not solve itself.
Blogging will return later this evening.
