Idaho
blah blah blah
My mortgage rate is up for renewal. Currently being offered 1.64% over 5 years. With inflation at around 2%, the mortgage pays itself off! Stag-deflation... Is that even possible?
Global financial system implosion begins
- Thread starter Falcon
- Start date
not-bono-ever
meh
A purposely designed sclerotic financial system . We may not be IRL mad max territory, but the banks are bang into full on max cosplay at the minute. The rotten fucking cunts.
Another sticking plaster
not-bono-ever
meh
There is no liquidity despite free cash being chucked at them, they are just stashing it
discokermit
Well-Known Member
my jobcentre cancelled my regular appointment next tuesday and replaced it with a telephone appointment in the middle of april. too snowed under with new claims. this is gonna get a lot worse.
They're all worried because it's a massive game of pass the parcel and they don't know what their counterparties are holding.
Who knows what tricks the ECB have up their sleeve to prop up the Italian banks?
ska invita
back on the other side
Are you saying people are turning up at banks, asking for the loans like they saw on the news and being told No? When a multimillion deposit lands from the BofE doesn't it come with a legal demand to lend it?
LinkedIn sharing the happy news...
- Pret a Manger is to cut staff working hours and pay as the chain moves to takeaway-only for the foreseeable future.
- The owner of Zara has been forced to close 3,785 stores globally after the coronavirus pandemic sent sales tumbling in the first two week of March.
- National Express has cut 80% of services for the foreseeable future, as the coach network reviews its recently announced full-year dividend.
- Luxury retailer Burberry expects sale to plunge by as much as 80% as a result of the “significant escalation of governmental trading, travel and social restrictions in recent days”.
- Direct Line said travel claims related to the virus rose to £5m on 15 March as the motor insurer halted its £150m share buyback.
- Discount chain Action said its 1,600 shops could “hunker down” for 12 months and survive.
- Landlord Argent is to waive rent for stores, restaurants and bars on the 67-acre King’s Cross estate for three months.
- Laura Ashley has filed for administration after rescue talks failed due to the coronavirus outbreak.
- H&M, which has also been forced to close stores, reported sales had dropped a quarter since the outbreak and has withdrawn earnings guidance for the rest of the year.
- Selfridges has closed its stores in London, Birmingham and Manchester, while fellow luxury retailer Harrods has cut its opening hours.
- Primark has been forced to close 20% of its European stores due to the spread of coronavirus.
- Microsoft (LinkedIn's parent company), Foot Locker, Disney, Nike, Patagonia, Urban Outfitters, Apple and others are closing all or some stores globally.
not-bono-ever
meh
In short , no.the issue is compounded by fear of systemic and Herstatt risk
extra dry
Happy to be here
The knock on effect will leave thousands/millions out of work.
U.S unemployment applications 3 million this week.
Bahnhof Strasse
Met up with Hannah Courtoy a week next Tuesday
All Apple stores in China have reopened.
Have just renewed mortgage at 1.2% for two years, was hoping to pay the remainder off by the end of next month but may well need that cash in the coming months and 1.2% seems reasonable enough...
not-bono-ever
meh
recent years have seen typical asset bubbles across the spectrum - you seen the prices of classic cars or rolexes ? ive been predicting a move for a couple of years now but would never have thought a bug would the trigger.
ska invita
back on the other side
ska invita
back on the other side
i need a day or two off from thinking seriously about anything, will watch later...but if its talking about deflation...is there not also a inflationary processes from helicopter money? anyhow, will engage properly soon
extra dry
Happy to be here
The guy mafe has made a fair few more. Decompress, have a meal first
discokermit
Well-Known Member
mcdonalds shuts tomorrow. wow.
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ska invita
back on the other side
not in NY "pause" though - essential service there
(no joke)
ska invita
back on the other side
Watched last night...so in brief predicting inevitable depression (post 2008) followed by another quick over-reaction of pumping money (again, as in 2008) leading to hyperinflation.
Well the amount of money that's going to be needed to prop up anglosaxon capitalism for 18 months...i think hyperinflation is a very possible outcome, from my very basic understanding of economics. In fact cant see that being avoided?? Anyone know about hyperinflation? How long will it take to start rising?
He did say something early on about depression occurring already , and inflation also, the two counteracting one another making it look stable.. there was a graph. Didn't understand that very well. Sounded like a get out, but I didn't understand it
I don't have savings myself, but I take it from the title of his book that the next step is Buy Gold in such a situation? again based on my sketychy understanding the current rush to dollars is a weird one - the USA is particularly FUCKED - horrifically. Doesn't bear thinking about, looking at the signs already. Doomed.
The demographic timebomb graphs were very clear though
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ska invita
back on the other side
Trump said as much today and Dow Jones is up 12%.
But they're fucking idiots as well as sick selfish cunts. Lets see how their precious markets look as deaths start hitting the first hundred thousand and upwards. One worst case estimate I saw had the figure as high as 5 million deaths. 2 million widely reported based on LSE research
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ska invita
back on the other side
Good summary and prediction of the year ahead I think.
thenextrecession.wordpress.com
I still think the amount of cash needed to pump into the system is bigger and will last longer than currently seems to be factored in . Surely flu season in winter months will be an even bigger Lockdown than this one, and during the 'crucial' Christmas sales period
?
Lockdown!
According to AFP estimates, some 1.7 billion people across the world are now living under some form of lockdown as a result of the coronavirus. That’s almost a quarter of the world population…
thenextrecession.wordpress.com
I still think the amount of cash needed to pump into the system is bigger and will last longer than currently seems to be factored in . Surely flu season in winter months will be an even bigger Lockdown than this one, and during the 'crucial' Christmas sales period
?
gosub
~#
Good summary and prediction of the year ahead I think.
Lockdown!
According to AFP estimates, some 1.7 billion people across the world are now living under some form of lockdown as a result of the coronavirus. That’s almost a quarter of the world population…
I still think the amount of cash needed to pump into the system is bigger and will last longer than currently seems to be factored in . Surely flu season in winter months will be an even bigger Lockdown than this one, and during the 'crucial' Christmas sales period
?
Um, hate to say this, but when southern hemisphere nations started putting themselves in lockdown 'Seasonal' went out the window.
ska invita
back on the other side
the biggest national economies are in the northern hemisphere, especially when considered in combination
and that aside, all economies have got a years worth of this to get through
my point is for the north the worst is yet to come, unless somehow a vaccine arrives in autumn
Pickman's model
Starry Wisdom
Yes. But it is winter in the southern hemisphere when it is summer in the northern one
ska invita
back on the other side
yes i know, and?
Pickman's model
Starry Wisdom
Soz from your last couple of posts it appeared you didn't. You do I hope also know from which strains of flu our flu jabs derive?
ska invita
back on the other side
What I don't understand is what point you are making.
My point is an economic one: whatever the costs of propping up the system now and into summer the cost will be even bigger and have a bigger impact come winter in the northern hemisphere<which is where the worlds biggest economies are.
Southern hemisphere will also go through a years worth of this, but the impact to the global economy will peak by our winter.
What is your point?
redsquirrel
This Machine Kills Progressives
Do you think that video has anything useful to say to a socialist?
Why do these cycles occur? Just "natural" or is there some process? And what is "anglosaxon capitalism" and how does it differ from non-"anglosaxon capitalism"?
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