2020 Potential Economic Collapse

[Arzosah]

I woke up thinking about this, we're living in very dangerous times what with the virus on one hand and the Boris Bunch on the other...

Exactly. Mainstream press are talking about power cuts, though I notice talk of food rotting in the fields unpicked has died down in favour of ornamental plants in nurseries not being sold and dying where they lay. I don't know how far down we'll go, or if I'd *quite* use the word collapse, but a depression, rather than a recession, is virtually certain.

[itsybitsy]

Well,a week on or so from the last post on this thread,and a collapse looks far more likely. The BBC report almost a million people have applied for Universal Credit in the last two weeks.That doesn't count those who cannot get through,and those who have yet to try.

I think we can safely say that we are in the s£it.

Terrifying times.

[Arwen Thebard]

Watching reports on RT this morning of social breakdown issues occurring in Florence, Palermo, Madrid and Paris. Personal attacks, shops ransacked, windows smashed etc. Just good, honest people trying to survive. But with no income & no money, the situation leaves them with no other choice.

Worrying as they are, these reports shouldn't really surprise members of this forum, but will seem very frightening to most people.

Are Italy, France and Spain still two or three weeks ahead of the UK?

[Arwen Thebard]

On the financial front, Gold, Silver and Crypto currencies seem to be "holding their own" compared to stocks and shares. Listening to market analysts the huge cash injections being allocated by (all) the central banks is nowhere near enough.

The title of this thread was "Potential" but I think that should now read "Current" I think we can agree that a collapse is really happening right now and we are already in it up to our necks.

Family and friends I know have stopped paying all their bills, instead putting the money aside in cash, just in case we get another 2008 overnight banking lock out.

Their reasoning being that they can always catch up with payments later, but should there be any "problems" with the banks, then they would rather have that cash at home than the satisfaction of having paid their bills the day before.

Cant say I disagree with the logic.

[Bosworth]

I drew a chunk of cash out of my bank last week. It was a chore and there was lots of chuntering from the branch about why it wasn’t possible:
- I hadn’t booked an appointment
- I hadn’t booked the withdrawal
- the money I transferred hadn’t properly cleared
- I didn’t have a passport as well as a driving license
- I am compelled to explain why I want cash
- I am obliged to try to pay electronically

The poor manager took quite some time to understand I was worked about systemic banning collapse and wanted cash rather than actually having something to do with the money.

Noticeable obstructions being put on place. Interestingly, I could only withdraw half of what I wanted as the branch were awaiting their next delivery.

[diamond lil]

Currently having an ongoing row with the husband as I want to get my money out. We always always took the money out as soon as it went in, but since this carryon started we've not been doing that. Just leaving it in and buying stuff online, But it's making me twitchy - and I'm only talking a few hundred ££s not a lot of money. I'd rather have it here than in the bank.

[Arwen Thebard]

BBC and SKY News have the stock market "ticker" in the top left corner of the screen, showing the FTSE and £ going up.

It is sickening to me that while the human death toll is rising they insist on showing the false and completely manipulated stock market and sterling prices, as if anyone cares.

Its complete mockery, an insult to the dead and struggling. Shame on them.

[preppergb]

In europe the EU is in turmoil over its economics, The southern states are in a dreadful mess ( spain, portugal, italy and greece, but the northern states are refusing to the demands for massive finalcial aid, all the north is doing is offering to put the south into even more debt. I think i read greeces debt is now 260% of GBP. Germany faces a massive recession. https://www.telegraph.co.uk/business/20 ... ing-north/

So as per the 2008 crash the EU is muting the idea of skimming 20% from every citizens current and savings accounts electronically as they did in Cyprus, naturally the public hate the idea and are trying to withdraw cash in large amounts, but most of you will have already noticed many banks are either shut or have greatly reduced opening hours. trouble is I dont know the following (A) are they talking about haircutting the southern EU states or (B) ALL the EU states accounts (C) is the UK at risk still ?

I have NO answers I can only suggest we all need to be looking closer at our governments and banks financial intentions for the near future and at least consider withdrawing SOME or ALL of our savings only leaving enough in place to pay our standing orders.

Look at it this way SOMEONE is going to have to pay back the bazillions of pounds the UK /EU is spending to keep the country going, and the chances are its going to be Joe Public.

[tco-lincs]

In europe the EU is in turmoil over its economics, The southern states are in a dreadful mess ( spain, portugal, italy and greece, but the northern states are refusing to the demands for massive finalcial aid, all the north is doing is offering to put the south into even more debt. I think i read greeces debt is now 260% of GBP. Germany faces a massive recession. https://www.telegraph.co.uk/business/20 ... ing-north/

So as per the 2008 crash the EU is muting the idea of skimming 20% from every citizens current and savings accounts electronically as they did in Cyprus, naturally the public hate the idea and are trying to withdraw cash in large amounts, but most of you will have already noticed many banks are either shut or have greatly reduced opening hours. trouble is I dont know the following (A) are they talking about haircutting the southern EU states or (B) ALL the EU states accounts (C) is the UK at risk still ?

I have NO answers I can only suggest we all need to be looking closer at our governments and banks financial intentions for the near future and at least consider withdrawing SOME or ALL of our savings only leaving enough in place to pay our standing orders.

Look at it this way SOMEONE is going to have to pay back the bazillions of pounds the UK /EU is spending to keep the country going, and the chances are its going to be Joe Public.

Interesting article. I'd like to hope the UK wouldn't be at risk but you never know, this is certainly going to cost the taxpayer more than we realise.

The thing is if there is a banking crash and the FCSS isn't worth the paper its written on then likely any cash you have taken out surely won't be worth much because of inflation?

To me this financial crisis is becoming more of a worry than the virus itself.

The question I guess is how best to protect yourself, my view would be diversify what cash and assets you have to minimise risk, but thats all easier said than done.

[diamond lil]

I'd get rid of debt, buy the household stuff you think you might need now, don't wait, and if at all possible grow some food .