Gfc2!!. ..well atleast we have someone to blame. The british public. I always knew there were something fishy about em. At least we have an answer to the age old joke.... How many brits does it take to destroy the earth??..exactly 1,269,501
George Soro's reckons GFC 2 is here already. http://www.bloomberg.com/news/artic...exit-has-unleashed-a-financial-markets-crisis
Yes Australia dodged the first GFC quite well. Problem is the 2nd GFC is going to be about 10 times worse and will last for a decade. You dont watch enough Peter Schiff!
If you didn't lose your job in an industry were you would struggle to get another one, or you were about to retire with everything in shares, then the GFC didn't even happen.
Seems like a recovery? FTSE , Dow Jones, All Ords, Asian Markets ....All in Recovery Mode? If you believe that, then you believe in fairies. The Plunge Protection Team, Exchange Stablization Fund and Federal Reserve Banks will keep the music playing as long as possible. They will prop up the stock markets as well as currencies. I wonder how many Hedge Funds have collapsed? Maybe GFC 2 is already here but we just don't know it yet! Why did we have an early election? Maybe Goldman Sachs warned our PM that the economy may be in trouble by year's end. Regards Errol 43
^^ Could be who knows. GF2 could be bad, but it won't take us back to dark ages. Stock might plunge 50% maybe 90% PM might go up 1000% but it's not forever. Stock will go back up again and PM will stabilise. All brings potential for profit. Nothing worse to see PM go up 1000% and seeing it come back down a 1000%. Of course if GFC 2 leads to nuclear holocaust or some other ELE extinction level event occurs and electricity shuts down, their is no petrol and lawlessness is rife among the survivors definitely different story, it could happen look at IRaq and Afghanistan where virtually overnight the world turned upside down. Everyone is entitled to believe what is possible but me personally am not preparing for ELE or Sydney becoming a modern Mad max.
I want my doom and gloom back All the MSM , the Bank's, The polishitians, The Talking heads on telly all promised me Armageddon, Mayhem, TEOTWAWKI, Dead baby's and Stock brokers falling from buildings if the Brexit happened. I was all set and ready for it, told the youngest kids that they were turtled and didn't have a future, ( but that they could share the popcorn with me as long as I got the salty bit's cause it's bad for you) Looked whimsically at the last sunset as it became clear that the U.K had voted out, as if it was the last one I would ever see before the Zombies arose from their graves and went searching for their wasted taxes, Shit I even let the dogs eat the Last Supper lamb bone, because if it's the end of the world, it doesn't matter if a shard of bone pierces their intestine right ? And they were wrong, ALL of them, Every One of them predicted that at this point in time we would all be fubar. It's not the Brexit that will crash everything, that was just the first rat leaving the sinking ship.
The stocks will do what they do, but what will you do in North Sydney if the banks shut their doors and Business comes to a standstill, no supermarkets open , people can't access their funds via cards and petrol stations run out of fuel ? The Just in time delivery system breaks down and two weeks of no one getting paid happens ? Got enough food in the fridge for two weeks, three, four, five ? You and the other 5.25 million people in your city ?
But that's the thing, I have enough cash and even some PM and I'll have to do with less food and pay scalper prices but end of the day I have enough fat reserves for what I believe could happen. End of the day, each prepares for emergencies we believe could happen, In the realm of possibility I consider the extreme is not as bad as others. Another Way of putting it, by birth born into a devout Christian family and consider myself a Christian but I'm not preparing for the second coming. Without a physical event like war or natural disaster, that devastates Sydney what Governement or people lead event local event will lead to 5 weeks or more systematic breakdown in Sydney?
A simple bank holiday over a few weeks where withdrawals and EFTs are limited to $100 a day. Bearing in mind that 50% of the population are only one pay packet from poverty.
"Without a physical event like war or natural disaster, that devastates Sydney what Governement or people lead event local event will lead to 5 weeks or more systematic breakdown in Sydney?" Possibly a breakdown in the commercial/industrial payments system! An extended 'Bank Holiday' or outright bankruptcy perhaps. Bail ins and confiscations, restricted withdrawal limits to a subsistence level? I also wonder at what Coles and Woolies have in the way of alternate payments systems to the suppliers and logistics people. OC
All depends on where you had your money. My inlaws lost around 40k after the collapse of firms over here in NZ.
