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Authored by Michael Snyder via The Economic Collapse blog,

Can you guess who the quote in the article title is from?  I will give you a hint.  It wasn’t me.  I know that it sounds like it could have come from me, but it actually comes from a very big name on Wall Street. 

Ellen Zentner is Morgan Stanley’s chief U.S. economist, and she is the one that said it. 

During an interview with CNBC she warned that “the tightening impacts from monetary policy” will have enormous consequences for the U.S. economy in the months ahead…

She makes a really great point.

The consequences of interest rate hikes are felt over time.

Higher interest rates have certainly started to cause a lot of problems, but if rates are not brought down soon the level of pain that we are experiencing will begin to go up dramatically.

Unfortunately, the Fed is not likely to reduce interest rates any time soon because inflation continues to run hotter than expected…

Marko Kolanovic, the chief market strategist for JPMorgan Chase, believes that the U.S. economy could be headed into “something like 1970s stagflation”…

I would argue that we have already been in a period of stagflation.

The economy has certainly been stagnating, and inflation has been unacceptably high.

But now conditions have taken a dramatic turn for the worse in early 2024, and we are seeing some very troubling signs.

For example, I was stunned to learn that a Canadian pension fund has just sold a stake in a Manhattan office tower for just one dollar…

The Canada Pension Plan Investment Board had a 29 percent stake in Manhattan’s 360 Park Avenue South.

The plan was to redevelop that property, but at this point the outlook for office buildings is so bad that the pension fund just wanted out.

And so the entire 29 percent stake was sold off for just one dollar.

Do you remember when I warned that we were heading into the worst commercial real estate crash in history?

Well, this is what a crash looks like.

Meanwhile, large employers all over America continue to conduct mass layoffs.

Today, I was saddened to learn that Electronic Arts is laying off approximately 700 workers…

And we just learned more details about the layoffs that Citigroup is conducting…

We have not seen anything like this since the Great Recession of 2008 and 2009.

On Thursday, Zero Hedge published a list of 50 different mass layoffs that we have seen recently…

Just look at that list.

That is nuts!

Anyone that thinks that the U.S. economy is heading in the right direction is simply being delusional.

Greg Hunter just interviewed economic analyst David Morgan, and he is warning that we are actually “entering into a global depression the likes of which the world has never seen”…

Global central banks were able to delay the inevitable by flooding the system with colossal mountains of money.

But that just created a tremendous amount of inflation and now a horrifying economic crisis is coming anyway.

So I would encourage everyone to brace themselves for the “hard landing” that is rapidly approaching, because it is going to be exceedingly painful for the unprepared.

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Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.