IN THIS ISSUE:

1. Gun Sales Skyrocket – Media Has No Clue Why

2. Banks Stockpile Billions, Expect Economy to Worsen

3. A Major Wave of Bankruptcies Still Lies Ahead

Overview

These are indeed troubling times in our country. It began with the late March economic lockdown. It worsened in June with nightly protests in some of our largest cities over the tragic killing of a black man by police in Minneapolis. Sadly, the nightly protests have morphed into widespread riots, violence and looting by criminals, gangs and left-wing activists.

Meanwhile, law enforcement is under siege as we’ve never before seen it. Efforts to “defund the police” have exploded across the country in recent weeks, led largely by liberal activist groups which seem to believe we’d all be better off without cops in our midst.

What we’re seeing in our big cities today is unprecedented. No one knows where this violence is headed, how to stop it, or when it will end. We’ve turned a new corner in our country, and I don’t think anyone knows for sure where it will lead us. It is certainly not a good direction.

While these are the concerns most on my mind today, I’m not quite ready to weigh in on them in detail just yet. I’ll get there in the weeks ahead as the trends become more discernable.

What I can tell you for now is that our economic future does not look nearly as optimistic as most forecasters have led us to believe earlier this year. Prospects for a “V-shaped” strong recovery in the second half of this year are evaporating quickly, as I have warned in recent weeks. I’ll have more to say on this troubling development in the coming weeks as well.

Today, I will focus on two developments which are intimately entwined with the troubling socio-economic trends which are unfolding today in America – soaring gun sales and big banks hoarding cash. These trends have major implications, as I will explain below.