In this video, I talk with author and economic analyst John Sneisen @TheEconomicTruth about the countless companies filing for Chapter 11 bankruptcy in the past year.
A total of 30 retail chain corporations have filed for bankruptcy in the past year. 50 in the past 3 years. There appears to be a growing trend.
From Toys "R" Us to Macy's, Sears, Radioshack, Aeropostale, Claire's and the list continues to grow seemingly by the week.
We are seeing corporations be forced to compete against a massive government subsidized monopoly like Amazon and they're scrambling. Of course these are the monopolies of the past going under because corporate power is being pushed into the hands of fewer by the day. This could not happen if it weren't for government handouts to corporations while taxing and regulating everyone else out of the market.
Now Amazon provides a good service. It has a lot of earned demand on the free market, but it has an unfair advantage due to corporatism at the hands of the state. It's impossible to compete against a corporation being propped up with tax payer money and there's no incentive for Amazon to do a good job or innovate neither.
Many corporations like Walmart, Save On Foods and Costco are desperately attempting to match Amazon when it comes to groceries and supplies by delivering their products. There's a lot of desperation and it looks like the bubble is popping as fundamentals do not seem to apply any long.
As this bubble grows more and more pressure, we will see more automation, more taxation as an excuse which will make the problem worse, more unemployment, poverty and higher prices on lower quality goods and services.
It's time this power was handed back to the individuals on the free market rather than government subsidized corporatism. State conglomerates. The forced marketplace.
