B@stard

The next financial crisis is being predicted

Recommended Posts

neilri2001

Increasing numbers of people have been predicting this for a while now with many suggesting that it may start in Italy. The Turkish and Argentinian and Venezuelan  economies aren't in a happy place either but they lack global significance.

Share this post


Link to post
Share on other sites
LS14Dan

There was a small period of time where credit was slightly out of fashion. It's back in full force now though with every Tom, Dick and Harry seemingly able to afford a brand new Mercedes.

Share this post


Link to post
Share on other sites
mustafaster
1 hour ago, B@stard said:

The next one will be over before we know it's started.

We'll wake up one morning and it will all have gone to shit. You'll open your phone to check the bank account ...

In 2008 they had 72 hours to fix it and all credit to Gordon Brown, he was the major figure in saving the system from total collapse.

The algorithms now move hundreds, thousands of times more quickly than 10 years ago.

The people behind them have no real idea what they're doing any longer, they find out afterwards.

I have a couple of students working in the bowels of Banco Santander's bunker where all their shit happens. These are very, very smart boys and girls, but they're not superhuman.

They freely admit they just stand around watching the lights blinking with their fingers crossed. There's no way they can actually get their hands on anything. The system is designed to not let anyone get hands on...  because terrorism and cybersecurity. They can fix minor glitches, but not much else.

It's all AI, very little human control, and everything is connected to everything else.

Nobody really understands it.

Share this post


Link to post
Share on other sites
Stevedave

Konker 

The last one hasnt ended yet AND it was a lot deeper and worse than most people can wrap their heads around.

 

i have no control, what comes comes. I stopped worrying.

Share this post


Link to post
Share on other sites
Stevedave
19 minutes ago, mustafaster said:

The next one will be over before we know it's started.

We'll wake up one morning and it will all have gone to shit. You'll open your phone to check the bank account ...

In 2008 they had 72 hours to fix it and all credit to Gordon Brown, he was the major figure in saving the system from total collapse.

The algorithms now move hundreds, thousands of times more quickly than 10 years ago.

The people behind them have no real idea what they're doing any longer, they find out afterwards.

I have a couple of students working in the bowels of Banco Santander's bunker where all their shit happens. These are very, very smart boys and girls, but they're not superhuman.

They freely admit they just stand around watching the lights blinking with their fingers crossed. There's no way they can actually get their hands on anything. The system is designed to not let anyone get hands on...  because terrorism and cybersecurity. They can fix minor glitches, but not much else.

It's all AI, very little human control, and everything is connected to everything else.

Nobody really understands it.

 

 

https://en.m.wikipedia.org/wiki/Aladdin_(BlackRock)

Share this post


Link to post
Share on other sites
Loop

Then bury all your money in the backyard
Like a beagle.
'Cause you should never trust a bank
They've been known to fail.

Share this post


Link to post
Share on other sites
DubPhil1
35 minutes ago, Stevedave said:

Konker 

The last one hasnt ended yet AND it was a lot deeper and worse than most people can wrap their heads around.

 

i have no control, what comes comes. I stopped worrying.

I fully agree, brother. The banks will fuck us all over at some stage. Gordon Gecko motherfuckers playing with our cash and royally fucking it all up.

Eat, drink and be merry, for tomorrow we may die.

Share this post


Link to post
Share on other sites
Stevedave
Just now, DubPhil1 said:

I fully agree, brother. The banks will fuck us all over at some stage. Gordon Gecko motherfuckers playing with our cash and royally fucking it all up.

Eat, drink and be merry, for tomorrow we may die.

 

Like the bomb fuck all can be done, sit back and enjoy the ride or not.

 

i have stopped worrying to much, its either that or i go postal and become a mass oswald event, taking out dozens of the cunts.

 

tough choice but ill go with not worryng so much till it appens.

Share this post


Link to post
Share on other sites
zientific
1 hour ago, Isengard said:

I think the problem is that unlike the reaction to the Great Depression the way the Credit Crunch was dealt with was ultimately driven by the interests of the elites.  After the Great Depression governments stamped much firmer control on the world's economies.  They regulated banks firmly, etc.  You had stuff like Glass-Steagal, etc.  The politicians were backed by people who were fed up with the impact of unregulated capitalism.  Although the current neo-liberal orthodoxy would scoff I think historically speaking this was incredibly successful.  It delivered a period of unmatched growth, prosperity and crucially social equalisation that lasted until the oil shock in the early 70s and then stumbled on until the Credit Crunch when it finally and definitely ended.  When people forgot why banks were regulated and the elites were able to weasel their way to rowing back heavily on regulation we got into trouble.  Governments in the 80s played a double game.  They slashed taxes claiming this was the answer to problems and would bring prosperity.  However, the neo-liberal theory was wrong and growth never caught up with tax cuts.  So for a couple of decades they were able to bridge the gap between income and expenditure by firstly selling off assets and then increasingly by borrowing.  The Credit Crunch should have been the end of the neo-liberal system.  It conclusively proved it wrong and the implementation of austerity as a result has piled on more evidence.  What was done to 'solve' that crisis was flawed.  Swift action to prop up crucial economic infrastructure was sensible but the resultant failure to rework the system, reintroduce regulation, etc was a mistake.  The response increasingly took on a blatant tone of the elites gaming the system.  Quantitative easing, austerity.  Pretty much everything that was done resulted in massive gains for the top echelons and held back the majority.  Low wage growth, increasingly dubious employment practices, etc.  The recent 'growth' has been very slow and based on borrowing.  What is going to have to happen is a major international restructuring.  Governments will need to re-establish control of the levers.  Banks will have to be regulated, major corporations forced to pay realistic taxes and be denied tax havens.  Hopefully this will happen but at present the signs for the global economy are very worrying.

:mydad:This 

 

1 hour ago, mustafaster said:

The next one will be over before we know it's started.

We'll wake up one morning and it will all have gone to shit. You'll open your phone to check the bank account ...

In 2008 they had 72 hours to fix it and all credit to Gordon Brown, he was the major figure in saving the system from total collapse.

The algorithms now move hundreds, thousands of times more quickly than 10 years ago.

The people behind them have no real idea what they're doing any longer, they find out afterwards.

I have a couple of students working in the bowels of Banco Santander's bunker where all their shit happens. These are very, very smart boys and girls, but they're not superhuman.

They freely admit they just stand around watching the lights blinking with their fingers crossed. There's no way they can actually get their hands on anything. The system is designed to not let anyone get hands on...  because terrorism and cybersecurity. They can fix minor glitches, but not much else.

It's all AI, very little human control, and everything is connected to everything else.

Nobody really understands it.

:mydad: and this in a nutshell! Still we do have the excellent businessman in control of the biggest economy so we can rest a tad easier.............

Share this post


Link to post
Share on other sites
mustafaster
11 minutes ago, elmet said:

Another recession now would surely be a bloodbath. 

Aye.

That's how capitalsm works.

It has to destroy old capital before it can create new capital.

Old capital is things and stuff, workers... All that 20th century rubbish.. It gets in the way of making money. You have to pay wages and benefits and taxes...

New capital is information, and it's global.

Google, Amazon, Apple, Facebook....

Biggest companies on the planet.

Share this post


Link to post
Share on other sites
leedscastle

Sorry I predict tripe , the construction industry determines a recession and Britain wasn't affected in 2008 and 10 years later it's still booming in that field .

Scaremonging bolloxs yet again all linked to the excuse called Brexit .

 

Share this post


Link to post
Share on other sites
Spaceman
6 minutes ago, leedscastle said:

Sorry I predict tripe , the construction industry determines a recession and Britain wasn't affected in 2008 and 10 years later it's still booming in that field .

Scaremonging bolloxs yet again all linked to the excuse called Brexit .

 

 

Heard carney said house prices will drop by a third in a no deal Brexit. He needs to stop making these sort of predictions, he is always wrong.

 

Like anyone who bought a 300k house is going to put it on the market for 200k...they would just stay put, which will restrict market. 

Share this post


Link to post
Share on other sites
leedscastle
2 minutes ago, Spaceman said:

 

Heard carney said house prices will drop by a third in a no deal Brexit. He needs to stop making these sort of predictions, he is always wrong.

 

Like anyone who bought a 300k house is going to put it on the market for 200k...they would just stay put, which will restrict market. 

 

House prices won't drop like that , you won't see negative equity again like in the late 80,s early 90,s .

Share this post


Link to post
Share on other sites
hooter
12 minutes ago, leedscastle said:

Sorry I predict tripe , the construction industry determines a recession and Britain wasn't affected in 2008 and 10 years later it's still booming in that field .

Scaremonging bolloxs yet again all linked to the excuse called Brexit .

 

Just so I understand you are saying the construction industry in the uk was unaffected by the 2008 crash, yes ?

Share this post


Link to post
Share on other sites
part timer
20 minutes ago, leedscastle said:

Sorry I predict tripe , the construction industry determines a recession and Britain wasn't affected in 2008 and 10 years later it's still booming in that field .

Scaremonging bolloxs yet again all linked to the excuse called Brexit .

 

 

A load of bollocks - booming for who?

 

Share this post


Link to post
Share on other sites
leedscastle
12 minutes ago, hooter said:

Just so I understand you are saying the construction industry in the uk was unaffected by the 2008 crash, yes ?

 

I don't think it was ,and there wasn't a recession was there ? 

4 minutes ago, part timer said:

 

A load of bollocks - booming for who?

 

 

The construction industry is booming , errrrr for people that work in construction .

If you think it's bolloxs then you either don't work within the industry or you are shit at doing it if you do .

Share this post


Link to post
Share on other sites
FN-2199
8 minutes ago, part timer said:

 

A load of bollocks - booming for who?

 

 

Brickies and sparkies earning nearly six figures in London apparently. Dunno how true that is, just something I overheard

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.