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The Collapse of Consumer Confidence [Gilder's Daily Prophecy] April 02, 2022 [UNSUBSCRIBE]( | [ARCHIVES]( #1 Most Trusted Crypto Expert Issues New Crypto Warning [Click here to learn more]( With all the volatility in 2022, Teeka Tiwari went on camera to issue a new warning: [“Missing the boom in this new digital asset could be the biggest financial mistake of your life.”]( If you have any money in cryptos, you must see this brand-new interview… Or you’ll risk missing out on one of the few bright spots in this volatile market. [Click here to get the details](. The Collapse of Consumer Confidence [Jeffrey Tucker]Dear Daily Prophecy Reader, It’s bad news. The charts at the Federal Reserve have not yet been updated, so you will just have to take my word for it. The University of Michigan has managed an index of consumer confidence since 1977. It surveys people on their economic outlook. It considers inflation, productivity, income, employment, finance and other factors and puts them all into a single number so that you can compare year over year. The results have closely tracked recessions and recoveries, even foretelling them with a great deal of accuracy. This is why they matter so much. The new numbers came out over the weekend. The picture is not pretty. Consumer confidence, as measured by this index, is now at a 40-year low. It matches 1980. It will soon fall to the lowest point since the measure began. In other words, it’s an epic crash, and lower now than even during the worst of the lockdowns. What I am seeing here: there was a brief rise in optimism following the election of Biden when it appeared that the environment could get better. Stimulus checks were flooding bank accounts and inflation hadn’t yet become entirely weird. By August of last year, all bets were off. The period of hope crashed. We’ve been sinking ever since, through the winter, and now continuing into spring. What happened? The collateral damage of 2020’s economic destruction began to unfold all around us, manifesting itself in inflation above all else. The labor outlook remained strong throughout, and right now this is the only feature that is saving the measure from tanking even further. Millions who left the workplace in 2020 never came back to work. Then, hundreds of thousands were fired due to vaccine mandates. Therefore, the seemingly good outlook for jobs is itself entirely artificial, a result not of a hot market but of a forced shortage. How Could They Have Done This? No one thinks politicians are particularly brilliant people but one might assume that they would have some minimal capacity for basic logic. So, it should strike us as utterly bizarre that the Biden administration didn’t see this coming. They cracked down on fossil fuel, made it clear that they were going for some pipedream in which wind and water made all our energy, and then kept urging the Fed to print more. A year and three months into the fiasco of this administration and the results are all around us, and as inevitable as night following day. It’s a mess, not only economically but also politically. Biden’s popularity is at a new low. He is ever more despised and the entire public is blaming his administration for the inflation. Not even the war has made a difference. The bump only lasted a few days and then it disappeared. So far as I can remember, this is the first time that a major war has not boosted presidential popularity. If this entire Russia/Ukraine bit was little more than an attempt to distract the public from the wreckage around us, it did not work. It’s even worse for Biden. A new poll documents it: “Only 28% of respondents said they have either a ‘great deal’ or ‘quite a bit’ of confidence in Biden’s handling of the Russia-Ukraine crisis, and a whopping 44% said they have ‘very little’ confidence in the president.” In other words, war has made things worse, not better. The Metaverse Story You’re NOT Hearing… Everywhere you turn, people are raving about the Metaverse. Facebook’s now called Meta. Microsoft’s CEO says, “The Metaverse is here.” Apple’s all in too. But there’s a critical piece of the Metaverse story you’re NOT hearing about… [Click here now for the full details](. The Coming Chaos I’ve seen my first gas lines of the season. Cars were snaking around the block in lines waiting to fill the tank. This is because the station was selling regular gas for $4.04 per gallon. I assumed that this was far lower than elsewhere. Why else would so many people wait in line? Checking out a station only one block away, I found $4.11 per gallon with no lines. Which is to say that people were waiting in lines up to 30 minutes or longer only to save a few bucks on a full tank. That strikes me as irrational, but these days irrational has become the norm. Incidentally, the only way to generate long lines at gas stations will be through price controls. Otherwise, supply and demand adjusts with the price to equilibrate and keep lines at a minimum. In the 1970s, energy price controls were what generated the lines. Rationing by license plate contributed too. It was a forced shortage. I have a hard time imagining that the Biden administration would resort to price controls. And yet, I’ve continually underestimated the stupidity of the White House for the better part of a year. They seemed to be determined to doom not only the entire American economy and world empire but also their own political prospects. Every pollster confirms that things are looking catastrophically bad for November. The D.C. Monster Over the weekend, the US president made a major speech in which he casually suggested that he favors regime change in Russia — “for God's sake, this man cannot remain in power” — thereby confirming all the reasons why Putin was panicked by political trends in Ukraine. He suspected a genuine threat. Biden confirmed that in his speech. The White House worked to walk it back in every way possible but the damage was already done. Maybe it was an accident or maybe deliberate but, either way, it makes a diplomatic solution far less likely. Again, this stuff is truly beyond belief. Gone are the days of sensibile diplomacy and serious thinking from government. Years ago, as a young man, I lived in DC, working with a journalist at the Senate press gallery. I never liked the place, especially not its climber culture that always puts a premium on access to power. When I have to go back, I try to get in and get out without paying much attention. The other day was different. I needed to be there for an event and returned to my old stomping grounds on Capitol Hill. I took note for the first time: brick buildings had new marble fronts, new floors added, and expansions in every direction. In general, there was nothing remaining of the “town” feeling that was once there. The place now has the look and feel of an empirical city right out of Hunger Games. The place is awash in stolen money. It offends every moral sensibility. The city of Washington, D.C., is bringing down the rest of the country and even the world, and yet there seems to be a strange lack of awareness about it all. This is how empires end. Daily I receive emails from panicked people with shattered lives, reaching out for advice on what to do. Sadly, there is no safe space for anyone these days. My best advice relates to the information to which we have access. The old trusted sources are no longer trustworthy. Cling to the truth tellers, while they still have the tools to speak. Regards, [Jeffrey Tucker] Jeffrey Tucker P.S. ** URGENT NOTE FOR YOU – RESPONSE REQUESTED BY MIDNIGHT MONDAY** A big change is coming to The George Gilder Report. And as one of George’s readers, this change may have a direct impact on you. What’s going on? As you’re about to see, we’re launching a brand-new level to The George Gilder Report. And as a current reader, we don’t want to see you miss out… That’s why – for a very limited time, until the timer below hits 0 – you’ll be able to upgrade your subscription when you [click here](. Seriously. Just [click here]( now to see how to claim your upgrade offer. [Click here to learn more]( Once the timer hits 0, however, it’ll be too late… you’ll miss out. I’d hate to see you left behind. [>> Click here before it’s too late](. One (1) New Message From Doug Hey, Doug Hill here. I work behind the scenes as George’s publisher. 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