Conn’s, Inc. is a 134-year-old retailer in the southeast United States operating more than 550 stores and employing nearly 4,000 people. By the end of October, the retailer that offers consumer electronics, appliances, and furniture will cease to exist. Creditors will lose an estimated $2 billion in loans they cannot recover, and stockholders will suffer a complete loss of their investment.
Conn’s bankruptcy is just one of more than 3,000 bankruptcy filings since January this year, a 34-percent increase from the year before. This is largely a result of “Bidenomics” and its Keynesian view of economics, based on the foolish but destructive idea that governments, namely the U.S. government, can simply print all the money that is needed. When inflation shows up, the Federal Reserve can simply increase interest rates to slow the economy.
Murray Rothbard, an Austrian school economist, declared that money is not wealth:
What makes us rich is [not money but] an abundance of goods, and what limits that abundance is a scarcity of resources: namely land, labor, and capital.
Multiplying [inflating] coin will not whisk these resources into being. We may feel twice as rich for the moment, but clearly all we are doing is diluting the money supply.
As the public rushes out to spend its newfound wealth, prices will, very roughly, double.
Conn’s is dependent upon consumers buying appliances and furniture, mostly to fill new homes they just purchased. When the Fed began raising interest rates to squeeze the economy, the housing market suffered. Prices of houses rose, reflecting the decreased value of the currency, while the cost of financing them increased as the Fed raised interest rates.
That is the triple whammy that Conn’s has suffered, thanks to the principles of Bidenomics: Spend the money, pay for it by expanding the money supply, and then raise interest rates to squeeze the economy.
Theorists pushing the 4,000-year-old-dream of tyrants included Stephanie Kelton, an “economics professor” at Stony Brook University. She wrote:
To save the planet and fix historical inequities … we must change the way we approach the federal budget. We must give up our obsession with trying to “pay for” everything with new revenue or spending cuts.
Nothing is free, and Mother Nature will not be fooled. Gone will be the nearly 4,000 jobs Conn’s provided. Gone will be the estimated $2 billion creditors loaned to the company in hopes of earning a decent return for the risk taken. Instead, they have lost all hope of getting a return of their money. Gone from investors’ portfolios will be the monies they invested in the company’s stock.
Conn’s CEO, Norman Miller, referenced the effects of Bidenomics in his court filing supporting the bankruptcy and liquidation of the company he has run since 2015:
In recent years, however, the Company’s continued growth and success has faced significant headwinds. As discussed more fully below, those headwinds include drastic shifts in consumer behavior brought on by macro-economic trends, including changes to consumer spend[ing] as a result of multiple rounds of government stimulus associated with the COVID-19 pandemic, market-wide interest rate pressures, [and] inflation….
The resulting slowdown in the Company’s growth has placed a strain on the Company’s sales and liquidity position.
That strain turned fatal, and the company expects to complete the liquidation of its 553 stores through heavily discounted sales by the end of October. Conn’s joins IT firm Dynata; seafood chain Red Lobster; biotech company Invitae Corporation; and the world’s largest industrial biomass producer, Enviva; all of which have filed for bankruptcy protection from creditors this year, thanks to Bidenomics.
Shop For Night Vision | See more…
Shop For Survival Gear | See more…
-
Sale!
Tactical Camo Nylon Body Armor Hunting Vest With Pouch
Original price was: $49.99.$39.99Current price is: $39.99. Select options This product has multiple variants. The options may be chosen on the product page -
Sale!
Quick Slow Release Paramedic Survival Emergency Tourniquet Buckle
Original price was: $14.99.$7.99Current price is: $7.99. Add to cart -
Sale!
Portable Mini Water Filter Straw Survival Water Purifier
Original price was: $29.99.$14.99Current price is: $14.99. Add to cart
Please Support These Patriotic Sponsors
Solar Power Generator Discounts Along With Free Shipping
- 10% OFF for Jackery Solar Generator 2000 Pro Series with code "JADEAL"
- 10% OFF for Jackery SolarSaga 200W Solar Panel with code "JADEAL"
- 10% OFF for Jackery Solar Generator 1500 Series with code "JADEAL"
- 10% OFF for Jackery Solar Generator 1000 Series with code "JADEAL"
- 10% OFF for Jackery Explorer 1500 Portable Power Station with code "JADEAL"
- 10% OFF for Jackery Explorer 1000 Pro Portable Power Station with code "JADEAL"
- 10% OFF for Jackery Explorer 500 Pro Portable Power Station with code "JADEAL"
- 10% OFF for Jackery Explorer 300 Pro Portable Power Station with code "JADEAL"
- 10% OFF for Jackery SolarSaga 100W Solar Panel with code "JADEAL"
The University of Georgia is represented by the Georgia Bulldogs . The Bulldogs participate in the Southeastern Conference's (SEC) Eastern Division of the NCAA.
They play their home games in the storied Sanford Stadium in Athens, Georgia. The first season in Georgia was in 1892. In 1942, 1980, and 2021, the Georgia Bulldogs won three national championships.
The Georgia Bulldogs have additionally been crowned the National Champion in four additional seasons by at least one polling organization (1920, 1927, 1946 and 1968).
The Georgia Bulldogs are tied for second place in conference history with their 15 conference titles, including 13 SEC titles, and their 59 bowl appearances, which ranks second all-time.
In addition, the program has produced five top picks in the National Football League (NFL) draft, two Heisman Trophy winners, numerous winners of various national honors, and many others.
Longhorns football represents the University of Texas in Austin often known as Texas, UT or the Texas Longhorns. The Longhorns represent the Big 12 Conference in the NCAA Division. They play in Austin, Texas, at the Darrell K. Royal-Texas Memorial Stadium.
The Texas Longhorns are ranked third and seventh, respectively, in terms of all-time wins and win-loss records, with over 900 victories and an overall win-loss percentage of.705.
The legendary program also boasts four national titles, 32 conference titles, 100 First Team All-Americans, and two Heisman Trophy winners.
Get your Texas Longhorns Revival T-Shirt today. The Texas Longhorns Rustic Revival shirt is also a fan favorite.
Many college sports fans like to wear their gear all around town, get your Texas Longhorns Centered gear and show your support.