To think we are heading towards an economic crisis?

[crunchymint]

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.

I doubt it. More likely they will struggle more. Crystal ball?

You'd be surprised how many people find a niche during a crisis. Whilst we were hunkered down in the late 80s, trying to keep up with our mortgage, a couple of friends set up a fairly unique business and set themselves up for life. They had no money, just a good idea. The 80s crash meant they had all the motivation to give it a whirl, as they had already lost everything - they were one of those couples many here deny exist - they handed their house keys back to the bank!

I don’t think there’s ever been a point in my life where things have been so bad.

I'm assuming you're only about 10 then.....

Recessions happen because neo liberalism is failed economic model. Brexit is a separate issue that will lead to economic down turn as stated in the governments own impact assessments.

I’ve heard a few brexiteers saying if there is a crash then it will only affect middle class people.

Staggering.

Brexit was never about rational thinking though more selective delusions.

I’ve heard a few brexiteers saying if there is a crash then it will only affect middle class people

Hilarious.

I’m 55 so old enough to have experienced a lot worse than this. Back in the recession of 1991 we nearly lost our home due to interest rates hitting 16% ( or higher? ) plus we survived the 2008 recession, so maybe having lived through extreme uncertainty before puts brexit in perspective.

so maybe having lived through extreme uncertainty before puts brexit in perspective

Mm I don’t get it- do you think it’s only young people who think Brexit will fuck the economy?

I have been saying for a while, future GCSE history students will be explaining why the years 2010-2020 were so important in shaping the future of the UK and what could have been done to put us on a different trajectory

@ohreallyohreallyoh I think not just the U.K., but the world. So many world-shaping events happening every day.

Future generations will look back on this period and say “but why didn’t your DO anything”.

Kind of like people think about Hitler and the rise of Natzism.

Oh god we're always in some sort of crisis.

If you had a time machine what ever decade you decided to visit there'll be people saying ''we're in the middle of a crisis don't you know!''.

I refuse to hurtle towards anything. Just amble. By the time you get there it'll all be over.
Most crises are either fictitious and created by the media or they're real but created by the media winding up gullible people who then go into a state of panic and create a crisis out of nothing.
Relax and it will be fine. Try yoga.

Trump might have added to Turkeys woes but their economy has been on the downward slide for some time.

Isn't the finance minister Erdogans Son in Law. I think nepotism is alive and well and is in charge of Turkeys finances

Helmetbymidnight my point was, I’ve lived through two, fairly recent, periods of terrible economic uncertainty that went on for a good few years each time, 1991 & 2008, so two recessions within 15 years whilst members of the EU. 1000’s of families lost their homes & jobs, and quite a few people I know personally. So I’m not really sure what you’re saying, are you saying if we’d stayed in the EU we’d never experience economic uncertainty again?

Future generations will look back on this period and say “but why didn’t your DO anything”. ... Kind of like people think about Hitler and the rise of Natzism.

Who wonders why anyone (who specifically?) ... didn't 'do' anything about the rise of Hitler? National politics evolve slowly and in relation and as a reaction to the flow of events across the whole of the rest of the world. War is going on right now. What have you suggested we 'do'?

Brexit is probably the first time people have voted for economic downturn and used it as a badge of patriotic honour.

Price worth paying apparently.

I’m saying brexiteers have voted to make our economy much weaker and the average persons lives harder. You don’t have to be young- and not lived through hard times/ or old - and lived through plenty- to find that deeply frustrating.

Mm I don’t get it- do you think it’s only young people who think Brexit will fuck the economy? From experience they will be slightly more affected by it in the short term but will be best placed to make the most of any post-Brexit restructuring.

Just as my GPs were after the 40s, parents after 70s, me after late 80s/90s...

The economy has been shite for decades. In or out of Europe something would have to happen as the current level of micro managing, low interest rates, unprotected gig economy, etc isn't sustainable.

I'm doing what I did in the 80s, much as Nikephorus suggests. Deep breathing and taking it slowly. Getting wound up or panicking only makes it worse, or even creating a crisis.

It isn't just the UK. Europe, as a whole or separate countries, is buggered too. America, Russia? Nope! Now is the rise of hitherto 3rd world countries... and successive Western governments seem to be paralysed, simply watching African countries, China etc, move swiftly into successive trade gaps.

Why is this thread in AIBU anyway? It’s a thread about brext so should be moved to the brexit board.

I’m saying brexiteers have voted to make our economy much weaker and the average persons lives harder. You don’t have to be young- and not lived through hard times/ or old - and lived through plenty- to find that deeply frustrating.

I think some of us are saying that's too trite and that being older and having lived through some serious crashes are more convinced that a financial crisis will occur whether we are in the EU or not. Blaming Brexit for something that a) was already happening and b) is not fully realised yet is a distraction technique used by all political parties. Brexit is a symptom, not a cause (as I may have already said).

Why is this thread in AIBU anyway? It’s a thread about brext so should be moved to the brexit board. Possibly because, as many posters said when the specific board was mooted, Brexit is too immediate a topic to be sidelined....

No shit OP

To suggest any economic crisis would be down to brexit is delusional at best. The pound has been overvalued based on many economic measures for many years and the current falls are actually a correction to a more sensible level from an unsustainable level that was damaging to UK exporters.
Political instability in the main sources of natural resources, as well as the end of overinflated property prices which were being maintained by a lengthy period of historically low interest rates are much more likely to be the root cause of any forthcoming recession.

It’s not about Brexit, it’s about the economy. Unless, of course, you’re acknowledging that Brexit will cause an economic crisis.

I can understand why you’d want the discussion sidelined: out of sight, out of mind.

I have lived through a number of financial crashes and have seen people lose jobs and their marriages break down as a result. How anyone can be sanguine even about that happening is beyond me. Most of us want to live in a time of prosperity. If the worst happens many will manage but many won't.

You’d need a pretty big carpet to sweep Brexit under. This is not business as usual.