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I just found out the gym I go to is closing. The email said it was a lease dispute but there is no way it is just that. I suspect they remodeled and bought new

I just found out the gym I go to is closing. The email said it was a lease dispute but there is no way it is just that. I suspect they remodeled and bought new equipment on variable rate credit and are getting absolutely squeezed with interest rates going up plus inflation plus lower demand post covid. Pretty sure we are in a slow moving car crash with the knock on effects of rates having gone from 0 to 5% just starting to slowly take effect in the broader economy.

dahwolf 3y ago
The twisted thing is that this is the plan, it's intentional. The rapid rise of interest rates is to curve demand, which tames inflation. It's a really nice word for what is effectively targeted economic destruction. Job losses and bankruptcies are the casualties. And that's not all of it. In my country, aggressive plans to build lots of new homes are imploding. Buyers suddenly face an interest rate 5 times what it was before and opt-out. Builders stop building because nobody is buying.