It looks like it’s not just a matter of people being unable to afford coffee at MacDonald’s anymore. The high end consumer looks to be tapped out as well. Maybe they should have hedged with some silver purchases.
The owner of Saks Fifth Avenue is seeking bankruptcy protection, buffeted by rising competition and the massive debt it took on to buy its rival in the luxury sector, Neiman Marcus, just over a year ago.
On a personal note, a salesman from a manfacturing input vendor told me yesterday that one of his clients, a well know agricultural equipment manufacturer in western Canada, is bracing for a 40% decline in sales this year.
Suks to be Saks. Or is it Blows?
Maybe try Chairman Mao designer line for Neiman Marcus. Go over big in Asia.
I have been a stacker for decades and have been preaching it. I didn’t understand Bitcoin and still don’t, so I missed out, but unfortunately for society, gold, silver, platinum, and soon all base metals are skyrocketing. Good for me, bad for us.
They’re will always be highly lucrative high-risk speculations that I’ve “missed out on.” Doesn’t bother me a bit.
I hope you are only referring to Bitcoin. Gold and silver are not speculative, nor risky unless your time horizon is very short. I started adding it 15 years ago as insurance against bad things, (government’s one true talent is f*cking up everything they touch). Gold and silver have been money for 6,000 years, and are the only things financial that are not someone else’s liability. Not having some part of your portfolio allocation in them is what is risky.
I don’t see how the high-end retail market could be tapped out, given at how we’re on a two (some might say four) year bull market.
Even if investors haven’t realized their gains, they FEEL richer.
Real estate. Easy answer.
Well known western agricultural industry manufacturer. Would that be Brandt by any chance?
You’ve got the right province. But I don’t want to reveal the name of the company on social media. For what it’s worth, he mentioned another manufacturer in a similar position.
And Dennis … Right on cue …
https://www.msn.com/en-us/money/realestate/williams-sonoma-to-close-last-san-francisco-store-in-union-square/ar-AA1U8VvY
Williams Sonoma closes their flagship store in Union Square. Imagine that? People with money won’t go shopping in SF anymore.
PS … this is hilarious
https://defector.com/the-2025-haters-guide-to-the-williams-sonoma-catalog
Found in David’s Friday FUN BAG a couple weeks ago. Read the product descriptions… so funny (and true).
Unlike the “tough times” we’ve endured in recent memory, this one was entirely orchestrated.
On purpose.
In short, central banks have been printing insane amounts of money. They have been looking for every excuse under the sun to justify this spending. As a result, everyone’s dollar now has less purchasing power for the same pool of goods and services. Assets simply adjust to the new float of dollars in the system.
In short, the assets aren’t worth any more than they were before – there are simply more dollars in the system. Wages haven’t, and can’t, keep pace with the money printing.
Many have therefore invested in assets, such as housing and stocks. And as a result, those markets are vastly oversubscribed and over-priced. Not b/c of the stupidity of people, but b/c of their limited options to attempt to retain their wealth.
Both the housing market and the stock market are vastly overpriced, and both are long overdue for a serious correction. And when it occurs, many will be wiped out.
At that point, the government will once again “help”. Like after the planned market crash a century ago. Ushering in an era of the gov’t providing the work and the people having no choice but to accept.
Slavery works when the people mistake their masters for partners.
“Online sellers have been siphoning customers, and big name brands had expanded the number of its own stores to sell its goods.” Problem #1
Problem #2 they took on tons of debt, so this will reduce some of the debt, but also mean a number of their suppliers won’t get fully paid (the come after bond-holders).
Silver hovering around $90US/oz today*; that’s about $121+/- Cdn. Kinda spoils the fun when you realize how crappy the Cdn. $ is.
*Jan14/2026
Yup. Even falling against Morocco dirham!
No spending our way out of this.
Can we learn from Nicaragua and Argentina, before it all goes shithole?