From a Health Crises to a Wealth Crises

[John Chamberlain]

I dread to think of the financial disaster from this this COVID, I hope that time will heal the wounds but how much time I have no idea, there are bound to be so many far reaching effects that we have not even thought of yet. We are very lucky being retired with an income, so most of this doesn't alter our way of life, mind you I do look forward to the lockdown being relaxed and being able get out & about a bit, especially to be able to have a few beers or a gin, that will be lovely !! I think its been 8 weeks without so far, I might just have to open a bottle of wine we have been saving hahaha. We do need to get back to the UK but there's no rush and until it has the COVID under control we are staying in Ph, its so much safer here and we will have more time to get our building project finished.

[Tukaram (Tim)]

I came into this world with nothing, and after 56 years, I still have most of it.  

[GeoffH]

14 hours ago, MikeB said:

Loss of job and income is bad enough but losing your employer-based health insurance on top is devastating.

The USA is almost the only first world country without universal health care, free health care or similar.  Loss of healthcare simply isn’t a problem most face unless you’re living in a third world country.

 

 

Edited May 3, 2020 by GeoffH

[Mike J]

18 hours ago, graham59 said:

I always trusted that my accountant knew what was good for me (and several of my self-employed colleagues, who were also his clients)...... seeing as he lived a prosperous lifestyle, including driving a Rolls Royce...and of course his, (actually very reasonable) fees were 'tax deductible' anyway... as was his Rolls.   

I hope his name was not Bernie Madoff.  

[graham59]

Not quite in Mr.Madoff's league. 

[insite]

This may be of interest to some retirees particularly the end piece - then again it may not !

The Fed's Destruction Of Financial Markets and What It Means For You 20200502.pdf

[hk blues]

On 5/2/2020 at 6:07 PM, MikeB said:

I'm not sure what you're referring to, I'm not aware of any program that moves people to govt payroll unless it's unemployment benefits. I read the UK has something like that. You can be "furloughed" by a private company and kept on payroll but there is no obligation to continue benefits. Loss of job and income is bad enough but losing your employer-based health insurance on top is devastating. You are usually covered until the end of month so millions of those laid off workers lost health insurance on April 1, May 1, etc.

Sorry, I wasn't clear enough when I said moving to govt. payroll - I didn't exactly mean physically becoming govt. employees, rather the government is picking up the tab for paying these employees - 80% in the UK's case. The 2 trillion rescue package in the USA will be used to do the same.    

[Arizona Kid]

On 5/1/2020 at 2:59 PM, graham59 said:

That said, my alcohol supply is getting very very low.

Just don't start drinking the hand sanitizer!

[Arizona Kid]

On 5/2/2020 at 9:48 PM, GeoffH said:

The USA is almost the only first world country without universal health care,

Too many lobbyists representing the medical community with their foot in the door of congress.

[earthdome]

On 4/30/2020 at 4:11 AM, insite said:

Where is this money coming from and if borrowed or printed how is it to be paid back

Money (debt) is created by central banks and the government whenever they want to. This is called monetary inflation.

Politicians and governments haven't paid any debt off for a long time so there is no chance they will start now or anytime in the future.