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To think we are heading towards an economic crisis?

(143 Posts)
crunchymint Sun 12-Aug-18 01:03:19

The pound has fallen as Brexit approaches and there are no proper deals in place.
Retail spending in Britain is down.
The Turkish Lira fell by 20% today.
The Russian Ruble has also fallen.
All of this will have an impact on the economy. I see us hurtling towards an economic crisis.

WoodsBook Sun 12-Aug-18 01:12:56

I have discovered in life - do not stress about things you can't control.

ArseHair Sun 12-Aug-18 03:48:56

We're already in one.

Cismyass Sun 12-Aug-18 07:10:46

No point worrying unduly but (and i've always been right on these things) we're heading for a God almighty clusterfuck. The UK government will kill off the sick and poor, there will be riots and chaos.

ThroughThickAndThin01 Sun 12-Aug-18 07:13:16

Yes, it’s overdue. Don’t think it’ll happen yet but when it does it’ll be big.

Apehouse Sun 12-Aug-18 10:49:12

The Turkish lira and Russian rouble fell against what? The dollar, the euro, the Swiss franc? So something rose, comparatively speaking, and it is no use predicting economic crisis on the back of some random currencies falling.

I’d worry more about hydrocarbons running out and about climate change. That might cause a crisis that is not just economic.

PurpleFlower1983 Sun 12-Aug-18 10:54:08

Of course we are, it’s already started.

Birdsgottafly Sun 12-Aug-18 10:55:55

Yes we are. Things are a mess in the US as well. Trump is trying to do deals, or rather not do deals with US Farmers etc and the rest of the World and the truth is that he doesn't know what he is doing, but won't take advice.

The next couple of years, is going to be one of those time periods were there is going to be a change in the World.

Likewise the environmental disasters we are heading towards if the changes suggested, including protecting 30% of the Oceans, don't go ahead.

Merryoldgoat Sun 12-Aug-18 10:56:14

Aren’t we already in one?

firstevernamechange Sun 12-Aug-18 10:57:03

Yes, and a completely avoidable (or at least managable) one at that.

The way the current government is gambling on a completely unrealistic Brexit deal is irresponsible.

ChazsBrilliantAttitude Sun 12-Aug-18 10:58:51

I think people are expecting the more general economic downturn to gather momentum next year. Interest rates are rising, there are huge structural financial mismatches in the Eurozone, weaker companies are starting to wobble.
The Turkish economy is not too closely linked to the European ones but they are acting as a buffer in the refugee crisis from Syria.

longwayoff Sun 12-Aug-18 11:00:23

Yes, yes, yes and yes. Right now and heading for worse.

ElseaMoon Sun 12-Aug-18 11:02:00

If this is the case how can we prepare? I don't mean for hard prepping but in the every day/week sense? We live paycheck to paycheck and already struggle.

twofingerstoEverything Sun 12-Aug-18 11:05:57

Trump has his fingers in the Turkish Lira crisis (surprise!) and is stirring things up to an extent where repercussions could be widespread. If you aren't worried about two powerful dick-swingers being in a standoff over trade tarriffs, you have your head in the sand.
It does not bode well for any post-Brexit trade agreements the UK might make with the US. (I know there are other domestic issues with the TL as well as Trump's tarriffs war.)
I’d worry more about hydrocarbons running out and about climate change. That might cause a crisis that is not just economic.
I'm worried about this, too. We don't have to play 'crisis top trumps'.

SoftSheen Sun 12-Aug-18 11:06:10

YANBU

ChazsBrilliantAttitude Sun 12-Aug-18 11:08:14

How to prepare as an individual?
Cut back on debt - interest rates in the UK will probably rise again.
If you are able to build a bit of a financial buffer do so (I know not everyone can)
Diversify income streams - if both you and your partner work in the same company and there is a round of redundancies potentially your whole family income is at risk.

PrincessoftheSea Sun 12-Aug-18 11:09:12

YANBU and history will judge all the politicians involved with Brexit harshly.

This country is being pushed off the Brexit cliff by the ineducated and ill-informed or the rich with a nasty agenda.

PrincessoftheSea Sun 12-Aug-18 11:09:26

Uneducated

Helmetbymidnight Sun 12-Aug-18 11:09:27

Of course, but according to brexiteers things will be great in between 20-50 years so it’s totally worth it.

ChazsBrilliantAttitude Sun 12-Aug-18 11:13:22

This is a global economic crisis not a Brexit induced one. Brexit may affect our ability to weather it or may bring economic woes of its own but with or without Brexit people are expecting a slow down possibly a recession.

crunchymint Sun 12-Aug-18 11:23:00

It is a global economic crisis, but Brexit is making it worse. There is too much uncertainty for business at the moment and investors are selling British currency.

KittyHawke80 Sun 12-Aug-18 11:27:17

Of course we are. And those of us who voted not to be condemned to death are now being expected also to dig our own graves. The ultimate adding of insult to injury.

ChazsBrilliantAttitude Sun 12-Aug-18 11:28:49

I would agree with that.
Brexit will affect how the UK copes with the global crisis but it’s not the sole cause of the problem so our response needs to be wider than just Brexit issues.

purplelila2 Sun 12-Aug-18 11:29:19

We never really made it out of the last crisis.

I'm not an expert but to me interest rates being the lowest in 500 years shows that we were due an economic depression that we managed to stave off

CuriousaboutSamphire Sun 12-Aug-18 11:34:44

We have been for many years. We are just in a slightly different track now.

So much fiddling, embroidering round the edges has been done, in a vain attempt to avoid the inevitable, it will, when it happens, be worse than the natural even would have been - again! Those interest rates purplelila mentions should be scaring you more than any Brexit / EU issue!

Brexit itself is just another symptom, not cause!

The only thing you can realistically do is gather your resources, slim down your outgoings if at all possible and, most importantly, remember not to hold your breath.

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