2020 Potential Economic Collapse

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grenfell
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Re: 2020 Potential Economic Collapse

Post by grenfell » Wed Mar 18, 2020 8:32 am

Arwen Thebard wrote:
Tue Mar 17, 2020 2:32 pm
When I was growing up the word "millions" was rarely heard, pools winners aside, and few could comprehend its relative value. Nowadays we hear "billions" on a daily basis but I still doubt that many can visualise its meaning in real terms. Its not unusual to now hear "trillions" being mentioned regularly and I suspect we will all get used to hearing "quadrillions" talked about some time soon.

Mind boggling numbers and inconceivable debt levels. :shock:
Quite agree. When i was looking to buy a house in the '80's i was talking tens of thousands while at the same time working on big restoration jobs that might up one , two or even five million. The house we are in is now worth around a third of a million and there are others worth a million not far away , one of my customers house is in the multi million pound bracket . Building projects are regularly in the 100's of millions nowadays and hs2 is in the billions if not a hundred billion. I agree actually visualising those numbers is beyond most and i'm probably in that group.
Watching the tv this morning they were talking of the government package announced a day or so ago , the £350 billion of loans and so on . There were calls for the government to pay the wages of those companies currently suffering , to keep them afloat till this blows over. Evidently some other countries are considering this and there was a number of £40B a week banded about just to do this in the UK . Governments would fund that by borrowing which makes me wonder a bit more about those bank shares...

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Arwen Thebard
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Re: 2020 Potential Economic Collapse

Post by Arwen Thebard » Wed Mar 18, 2020 11:04 am

peejay wrote:
Tue Mar 17, 2020 9:07 pm
I've been watching the banks status (Barclays was down 18% yesterday alone!) wondering if it's worth drip-feeding some cash out...
I've taken out everything bar the immediate bills, dont think there is time left to drip feed unfortunately. Things like ISAs should be relatively "safe" from confiscation of taxation, but you still might not be able to access the money. If we get rampant (hyper) inflation, then no cash is "safe" anywhere.
Arwen The Bard

"What did you learn today?"

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Arwen Thebard
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Re: 2020 Potential Economic Collapse

Post by Arwen Thebard » Wed Mar 18, 2020 11:17 am

"Watching the tv this morning they were talking of the government package announced a day or so ago , the £350 billion of loans and so on . There were calls for the government to pay the wages of those companies currently suffering , to keep them afloat till this blows over. Evidently some other countries are considering this and there was a number of £40B a week banded about just to do this in the UK . Governments would fund that by borrowing which makes me wonder a bit more about those bank shares..."

The markets are tanking again this morning Grenfell and wont be long before they go into shut down IMO. Yesterdays bailouts and intervention was never going to be enough, not even close IMO.

Bank shares have a way to go down yet IMO and long term are not on my radar, especially if we get serious economic change, people are unlikley to trust many banks or financial institutions in the future if they get this wrong.

Been watching the price of silver the past few days. This mornings Spot Price is down to @£10.50 per ounce from @£13.50 just a few days ago, but you cannot get any at that price obviously, there is none to be had and the dealers are finding it hard to restock. People are paying double the spot price today to get their hands on physical silver at the moment, which will look cheap soon.

Silver is a great prep and wealth protection to have if you can get any.
Arwen The Bard

"What did you learn today?"

grenfell
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Re: 2020 Potential Economic Collapse

Post by grenfell » Wed Mar 18, 2020 3:50 pm

Brent crude is now less than $27 a barrel. Wonder how much lower it can get and just what are the ramifications?

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pseudonym
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Re: 2020 Potential Economic Collapse

Post by pseudonym » Wed Mar 18, 2020 4:05 pm

Just emptied my savings out of one account down to a couple of quid. Boosted my on hand cash by double.

My main account will stay as it is to pay Direct Debits/Standing Orders.

I have done as much as physically possible now. What will be will be.

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itsybitsy
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Re: 2020 Potential Economic Collapse

Post by itsybitsy » Wed Mar 18, 2020 4:19 pm

pseudonym wrote:
Wed Mar 18, 2020 4:05 pm
Just emptied my savings out of one account down to a couple of quid. Boosted my on hand cash by double.

My main account will stay as it is to pay Direct Debits/Standing Orders.

I have done as much as physically possible now. What will be will be.

You think that's the way to go? I've got cash in the house, but quite a bit in the bank at the moment, I am wondering whether to start removing it!
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grenfell
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Re: 2020 Potential Economic Collapse

Post by grenfell » Wed Mar 18, 2020 5:46 pm

Bullion by post has suspended deliveries and supermarkets are limiting what can be brought. Might not be able to do much with it at home but at least it'd be in your hands if it's out.
https://www.bullionbypost.co.uk/index/g ... d-traders/

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pseudonym
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Re: 2020 Potential Economic Collapse

Post by pseudonym » Wed Mar 18, 2020 6:16 pm

itsybitsy wrote:
Wed Mar 18, 2020 4:19 pm
pseudonym wrote:
Wed Mar 18, 2020 4:05 pm
Just emptied my savings out of one account down to a couple of quid. Boosted my on hand cash by double.

My main account will stay as it is to pay Direct Debits/Standing Orders.

I have done as much as physically possible now. What will be will be.

You think that's the way to go? I've got cash in the house, but quite a bit in the bank at the moment, I am wondering whether to start removing it!
I can't tell you it's the right way for you, sorry.

I've a Military pension so whilst there's a Government I get paid, and can self Isolate.

I felt safer with it in my hand, it means I can do some last minute buys waving a wad around if it come to it.

One of the wafts is to my split wood delivery guy this week I'll have my order 6 months early please.

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cbp125
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Re: 2020 Potential Economic Collapse

Post by cbp125 » Wed Mar 18, 2020 6:43 pm

Have any of you used bitcoin? I am tempted, but there seems quite a lot of fraud going on with it so I haven't yet

jansman
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Re: 2020 Potential Economic Collapse

Post by jansman » Wed Mar 18, 2020 6:50 pm

cbp125 wrote:
Wed Mar 18, 2020 6:43 pm
Have any of you used bitcoin? I am tempted, but there seems quite a lot of fraud going on with it so I haven't yet
Wouldn’t touch it with a barge pole. My local Bargain Booze likes to see Queens Heads, not some electronic Ponzi Scheme.
In three words I can sum up everything I have learned about life: It goes on.

Robert Frost.

Covid 19: After that level of weirdness ,any situation is certainly possible.

Me.

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