Massive Wealth Destruction - Huge recession looming?

There were so many "doomsday" forecasts. I receive one every time I get newsletter from one of our PM companies. :)

You don't need to wait. Visit Greece and you will see it. Or European (Greek) part of Cyprus. Spain and Portugal aren't much better.
 
Some people reckon that some point within the next 30 years there will be a huge recession/depression in the UK. The level of debt as a % of GDP can't be sustained forever, eventually there will be a big recession again, but when it will be is uncertain. The aparent recovering state of the economy here might just be the calm before the big storm.
 
IMO there won't be a huge crash. A global currency will be introduced before that happens.
 
Just because people have called wolf, doesn't mean there isn't a wolf near in the forest.

When?
If your not prepared, does it matter?
If you've bought house insurance, and your house doesn't burn down,
Would you consider it wasted money?
It would come quickly and unexpectedly like Lehmans
And it will be too late to prepare.
 
"IMO there won't be a huge crash. A global currency will be introduced before that happens."

I have a couple of thoughts on that one.

If you are talking about a fiat style thing - nope, definitely not. That is exactly why the Euro is under threat - a common currency but seperated policies etc. it just doesn't work.



Now, if you really think a global currency is a good thing - we already have one ----- GOLD.


The richer you are, the more gold you have. The more productive you are, the more gold per head your nation has.

Very simple.

The only problem with that is that neighbouring nations sometimes have huge wealth differences - which causes at best smuggling and at worst war --- which is exactly what we have been doing since the start of time.

I am unsure what a global currency backed by gold would be like - but neighbours would still be rich and poor, so that wouldn't change I 'think'.


IMO Europe should be congratulated for the experiment - but, it has failed. Their major drive is to avoid war again - and personally I think they have done a wonderful job trying - but, we now need to try something else - I don't know what, but a plain vanilla global currency just won't cut the mustard.


Have a great day all

Gazza.
 
Stark said:
There were so many "doomsday" forecasts. I receive one every time I get newsletter from one of our PM companies. :)

You don't need to wait. Visit Greece and you will see it. Or European (Greek) part of Cyprus. Spain and Portugal aren't much better.
Click to expand...

Visit Spain, Portugal and you will see seemingly thriving countries, where the masses live very well. Despite news on TV, these two countries still do pretty well. Partly due to tourism and trade, transportation.

But eventually Spain and Portugal, as well as Italy may slip down towards a Greek scenario.
But Greece indeed shows severe signs: street fighting, even famine (!), beggars on the streets. Greece indeed is an example - of what could happen everywhere.

I think the only severely ravaged countries in Europe are: Cyprus, Greece... some former communist countries as well.

PIGS are falling one-by-one. But France will be a massive rock tumbling, it's already shaking: they entered into recession.
 
willrocks said:
IMO there won't be a huge crash. A global currency will be introduced before that happens.
Click to expand...

I think they'll rather introduce an alternative currency after the crash. It's more logical. They will try to keep USD/EUR/etc. alive for as long as they can... A new currency would be a tremendous effort and would only be needed if the current major currencies wouldn't be good.

I don't think the US would give up the petrodollar... Nor the eurozone their currency - it's in their interest to keep their own currencies.

But... if a major collapse occurs - then a new currency may come. But not necessarily a "global currency".

In fact: there are many "small", alternative local/regional currencies appearing... There already are several thousands in the World.
 
Spains unemployement within the youth is high,a friend of mine came back from time spent there 2 weeks back.

She said it was the best holiday shes had,the guys n girls there party & drink HARD because their aint no work for them,so they live like theres no tomorrow.
 
TreasureHunter said:
Stark said:
There were so many "doomsday" forecasts. I receive one every time I get newsletter from one of our PM companies. :)

You don't need to wait. Visit Greece and you will see it. Or European (Greek) part of Cyprus. Spain and Portugal aren't much better.
Click to expand...

Visit Spain, Portugal and you will see seemingly thriving countries, where the masses live very well. Despite news on TV, these two countries still do pretty well. Partly due to tourism and trade, transportation.

But eventually Spain and Portugal, as well as Italy may slip down towards a Greek scenario.
But Greece indeed shows severe signs: street fighting, even famine (!), beggars on the streets. Greece indeed is an example - of what could happen everywhere.

I think the only severely ravaged countries in Europe are: Cyprus, Greece... some former communist countries as well.

PIGS are falling one-by-one. But France will be a massive rock tumbling, it's already shaking: they entered into recession.
Click to expand...

I've read that TB is becoming problem in England and USA (I think) again as the "investments" in health system are declining. It's 21 century!

Infant mortality is increasing in the Greece. I've read is doubled. There are also issues with AIDS. "Nazi" like parties are gaining popularity.


finchy said:
Spains unemployement within the youth is high,a friend of mine came back from time spent there 2 weeks back.

She said it was the best holiday shes had,the guys n girls there party & drink HARD because their aint no work for them,so they live like theres no tomorrow.
Click to expand...

Yeah, youth unemployment in Spain is very high.

In Greece supposedly reached 70%.

Peoples dignity is in peril. Everything is possible. Even new war.

Billions were spent for some stupid wars outside Europe which brought only pain and destruction to attacked countries and didn't reduce danger of terrorist attacks.
Only fool can think that it will bring itself peace by bombarding other countries.

Most of the (m)ass media is just a lie.

One woman was thrown out of IMF because started investigating corruption in IMF. Almost none of bigger media covered that.

World need to change and fast.
 
Matthew 26:14 said:
I'll be fine, I have BitCoins.
Click to expand...

I really can't tell if you're being serious or not !







Hope for the best - prepare for the worst.



I can see the massive inflation (maybe not 100%) if the world suddenly dumps the US dollar - not so sure about the 90% stock market drop.
In countries that have experienced hyperinflation, stock markets have actually offered at least partial protection (well the companies that survived anyway).
 
"She said it was the best holiday shes had,the guys n girls there party & drink HARD because their aint no work for them,so they live like theres no tomorrow."


Long may it continue.

Unfortunately, history shows us otherwise.

It wears thin. They get the shits when the money runs out. They follow promise then - they revolt.

And, you don't have to go far back in history.

One Friday night walking the street in most big cities will show you how violent we can be.

Just imagine when people get pissed off in mass and think they have someone to blame.

The party stops.


Gazza
 
What's interesting is that the negative signs are stronger than the positive ones...

Positive:
*less euro-crisis-related official chaos: probably only the media being quieter and the Germans preparing for elections (by the way, held on September 22nd)
*some US economic news better, stronger dollar
*some EU countries report less negative economic data (especially former communist countries, but few of them seem to be recovering)

Negative:
*unemployment rates in Europe going high
*Cyprus wealth tax precedent
*Cyprus bank holiday
*bank runs in various countries where Cypriot banks had offices
*Chinese economy slowing down
*Japan hit the pedal to the money machine (I hope they have a brake pedal too!): JPY inflating
*Middle East crises not resolving, spreading instead (now Turkey ignited): influence on gas, oil, trade etc.
*food prices increasing: every day I watch the prices and it seems last year just about everything cost at least 10 %, but in some cases up to 50 % less!
*bad agriculture-related news in Europe, USA
*lower industrial production-related news across the developed World...
*many banks-related scandals, bailouts, bank closures: either bankruptcy or, they close down certain branches (especially in Europe, these news are abundant)
*credit crunch, mortgage loan crises (Hungary is a terrible example)
*McDonald's in Europe reports losses during past 3-5 years... I read recently that they're making less and less money since the crisis had started (either people discovered healthier food or, McDonald's is affected by people spending less)
*a vast number of additional taxes by governments in Europe: some try taxing everything, thankfully the air is still free!
*German economy seemed to have slowed down as we entered this year
*France just entered recession...

The negative list could go on and I didn't even go into the details.

It seems indeed that the negative news are far more.

If anything BIG happens, that's generally bad. Positive economy-related news are scarce and the mere weight of those factors is almost negligible.

I don't know what is going to happen :(
 
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