BREAKING NEWS: BRICS – America’s 4th Largest Bank Issues Dire Warning of Imminent Economic Crash Amid Geopolitical Shift
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Amid a dramatic geopolitical shift brought about by the BRICS economic alliance, Citigroup’s chief US economist, Andrew Hollenhorst, has issued a stark warning of an impending economic crash, highlighting the fragile state of the US labor market and the growing pressures from global economic changes.
America’s 4th largest bank has issued a stark warning of an impending economic crash. Citigroup’s chief US economist, Andrew Hollenhorst, recently expressed his grave concerns to CNBC regarding the fragile state of the United States economy. As the labor market shows signs of severe strain, Hollenhorst believes that a hard landing may be inevitable for the nation.
Citigroup Sounds the Alarm: A Potential Economic Crash Looms
The BRICS economic alliance has witnessed remarkable growth over the past year, marking its first significant expansion since 2001. This coalition, comprising Brazil, Russia, India, China, and South Africa, has implemented policies aimed at reducing international reliance on the US dollar and promoting the use of local currencies. The geopolitical shift orchestrated by BRICS is now playing a pivotal role in the concerns raised by Citigroup’s Andrew Hollenhorst.
The Labor Market: A Ticking Time Bomb
Hollenhorst highlighted the troubling signs within the labor market, noting that firms are hiring at a lower rate and reducing workers’ hours. This gradual softening, he warned, could snowball into a more severe economic downturn.
“Firms are hiring at a lower rate. Firms are having workers work fewer hours,” Hollenhorst told CNBC. “So this gradual softening has already started. That tends to snowball and end up in something that looks more like a hard landing.”
Moreover, Hollenhorst pointed to concerning reports that indicate even graver economic circumstances. He emphasized that a recession could follow any hard landing, with small businesses showing the lowest levels of hiring intentions since 2016. The hiring rate, he noted, is at its lowest level since 2014. These labor market realities, coupled with persistent inflation and high-interest rates, paint a bleak picture for the US economy.
The Impact of BRICS: A Geopolitical Shift
The rise of the BRICS alliance has undeniably influenced global economic dynamics. By promoting local currencies and reducing dependency on the US dollar, BRICS has initiated a shift toward alternative assets such as gold. This de-dollarization movement, coupled with ongoing debt concerns, has intensified the pressure on the US economy.
Hollenhorst’s warning comes at a time when the US is grappling with these significant geopolitical changes. The potential economic crash he foresees could have far-reaching implications, not just for the US but for the global economy. As BRICS continues to gain traction and expand its influence, the US finds itself in an increasingly precarious position.
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A Hard Landing: What It Means for America
A hard landing, as predicted by Hollenhorst, signifies a severe economic downturn following a period of rapid growth. This scenario typically involves a sharp decline in economic activity, rising unemployment, and a significant contraction in GDP. For the US, a hard landing could exacerbate existing economic challenges and lead to a prolonged period of stagnation.
Hollenhorst’s concerns are underscored by the current state of the labor market. With firms hiring at a reduced rate and cutting workers’ hours, the foundation of the US economy appears increasingly unstable. The lowest hiring intentions among small businesses since 2016 and the lowest hiring rate since 2014 further compound these worries.
The Broader Economic Context: Inflation and Interest Rates
In addition to labor market woes, the US economy is contending with persistent inflation and high-interest rates. These factors have created a challenging environment for businesses and consumers alike. As inflation erodes purchasing power and interest rates remain elevated, economic growth is likely to be stifled.
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Hollenhorst’s warning of an impending economic crash is rooted in these broader economic challenges. The combination of a weakening labor market, persistent inflation, and high-interest rates creates a perfect storm that could culminate in a severe economic downturn.
The Role of BRICS in the Geopolitical Landscape
The BRICS alliance has emerged as a formidable force in the global economy. By reducing reliance on the US dollar and promoting local currencies, BRICS has initiated a shift toward a more multipolar world order. This geopolitical realignment has significant implications for the US economy, as it diminishes the country’s economic influence on the global stage.
Hollenhorst’s warning highlights the potential consequences of this shift. As BRICS continues to expand its influence, the US may find itself increasingly isolated economically. The move toward alternative assets such as gold further underscores the changing dynamics in the global economy.
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The warning from Citigroup’s Andrew Hollenhorst serves as a stark reminder of the fragility of the US economy in the face of significant geopolitical changes. The potential for a hard landing, driven by a weakening labor market, persistent inflation, and high-interest rates, cannot be ignored. As the BRICS alliance continues to reshape the global economic landscape, the US must navigate these challenges with caution and foresight.
Hollenhorst’s concerns should serve as a wake-up call for policymakers and business leaders alike. Addressing the underlying issues within the labor market, managing inflation, and adapting to the changing geopolitical environment will be crucial in mitigating the risk of a severe economic downturn. The future of the US economy hangs in the balance, and decisive action is needed to steer the nation away from the brink of an economic crash.
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