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World in grip of 'Great Recession', IMF warns
Comments
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The Truth in real terms it will be no where near the 1930's depressions.
Yes our standards of living may slip by the same amounts but in reality they have gone up so much it will be like saving a extra year or two for a car, not dieing of starvation.
Don't forget all this reporting is a worse since in financial not human terms.
People on here view worst in 60 years as we will be going back 60 years. Simply that is not the case we are not going to be living like people in the 1930's depression.
If our wages went down now 20% you would most probably survive (fairly comfortably at that). In the 30's that could mean malnutrition.
Yes. The difference is income might fall to levels not seen since 2003 or something. The problem is that income inequality is likely to rise and that people will feel poorer as their assets devalue, it is not clear how this will impact incomes.
In the developing nations matters are likely to be far harsher as commodity prices have tanked and so has demand.0 -
Radiantsoul wrote: »Yes. The difference is income might fall to levels not seen since 2003 or something. The problem is that income inequality is likely to rise and that people will feel poorer as their assets devalue, it is not clear how this will impact incomes.
.
Like I said vastly different to Joe public in the 1930's who had nearly nothing that then went to nothing or less than nothing.;)
A house falling in price is a lot less severe to what they had to face.
Also we have been through asset devaluing before in past recessions it is not a new phenomenon.
I agree if you look at nations which were like us and the US in the 30's they will be the ones who get affected in the same way:(0 -
The other thing we will suffer from is following loss of income we are going to be taxed heavily so our standard of living will remain difficult to improve on. It will be interesting to see where this is collected from as it ought to be high earners but I bet it won't be.0
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Austin_Allegro wrote: »Wouldn't you rather we told you tomorrow's race winners and lottery numbers? :rotfl:
Please! Mostly all the other predictions are coming true!:eek: Could you get the lotto numbers for tomorrow please?0 -
The Truth in real terms it will be no where near the 1930's depressions.
Yes our standards of living may slip by the same amounts but in reality they have gone up so much it will be like saving a extra year or two for a car, not dieing of starvation.
Don't forget all this reporting is a worse since in financial not human terms.
People on here view worst in 60 years as we will be going back 60 years. Simply that is not the case we are not going to be living like people in the 1930's depression.
If our wages went down now 20% you would most probably survive (fairly comfortably at that). In the 30's that could mean malnutrition.
Would be very comfortable if wages down 20%. However looks like it is going to be around 80%!!:eek:0 -
thriftybabe wrote: »Would be very comfortable if wages down 20%. However looks like it is going to be around 80%!!:eek:
I don't think anyone is predicting falls of 80% of national income. Probably the worse case scenario would be 8% this year and perhaps 8% next year. I suspect we will see 4% falls this year and practically nothing next year.0 -
I'm barely at breakeven now, some weeks I don't reach it. If it gets worse (and for me it will, my mortgage deal expires in May) I can't quite see where I'm going to get more money from.2023: the year I get to buy a car0
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Radiantsoul wrote: »I don't think anyone is predicting falls of 80% of national income. Probably the worse case scenario would be 8% this year and perhaps 8% next year. I suspect we will see 4% falls this year and practically nothing next year.
No, I agree. but I thought thriftybabe ight have been speaking personally.
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Worldwide Depression.Not Again0
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BlondeHeadOn wrote: »Er.... good news?
.... Er.....
........
......Nope, can't think of any......
:rotfl:
94% employment rate
low inflation rate
fixed rate mortgages at 3%
all good for me
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