From a Health Crises to a Wealth Crises

[earthdome]

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

We read daily with increasing alarm of the deteriorating state of national economies and the soaring debts being accumulated to levels not seen since the 1930’s  as a result of the COVID 19 Pandemic.

One minor correction. The pandemic isn't responsible for the deteriorating state of national economies. The actions of politicians and governments is mostly responsible.

[Tommy T.]

7 hours ago, earthdome said:

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.

Totally agreed! (A..."greed?") Pun intentional...

Please refer to my previous posts for my reply.

And couple your comments with some recent ones of some in US demanding payroll tax cuts too???!!! I'm thinking I should buy stocks in paper and ink manufacturing companies as the government keeps printing money.

[bastonjock]

British Airways and virgin Atlantic have both announced massive job losses this week 

 

[insite]

10 hours ago, bastonjock said:

British Airways and virgin Atlantic have both announced massive job losses this week 

 

This is just the start - there are going to be a a lot of big names to follow these with huge job losses and bankruptcies 

More than half of Britain's adult population is now being bankrolled by the state amid warnings from the Chancellor that the furlough scheme could soon cost as much as the NHS. Analysis of official figures shows that 27 million people are now being funded by the Government amid growing concern over the devastating toll to the economy wrought by the coronavirus pandemic

Hundreds of thousands of furloughed workers could lose their jobs when taxpayer support is withdrawn as businesses shrink and collapse

 

 

[graham59]

Hopefully government will see sense and get people and companies back to productive work... and my pound sterling then doesn't go straight through the floor also. 

[Jollygoodfellow]

Why couldn't they do this before the shit hit the fan? 

Philippines to create one million jobs as part of COVID-19 recovery plan
The COVID-19 recovery plan, which will cost US$493 million, looks to provide 1 million jobs in the provinces and rural areas for workers.

https://hrmasia.com/philippines-to-create-one-million-jobs-as-part-of-covid-19-recovery-plan/

[insite]

This is how the Bank of England are currently assessing it .........

BoE forecast indicates sharpest contraction since start of 18th century

The Bank of England’s forecast for a 14pc contraction in the British economy this year is truly historic – Threadneedle Street’s own reconstructed growth data suggests that mean the sharpest contraction since 1706:

Daily Telegraph 07 May 20

Worst downturn since 1706

Combination chart with 3 data series.

The Bank of England is predicting the sharpest annual contraction in centuries

View as data table, Worst downturn since 1706

The chart has 1 X axis displaying values. Range: 1697.8 to 2024.2.

The chart has 1 Y axis displaying values. Range: -20 to 25.

 

 

Worst downturn since 1706 The Bank of England is predicting the sharpest annual contraction in centuries

[graham59]

Yeah.   Some people might have to put off buying that new 'smart' 65" TV... and some more of the idle benefit parasites may need to get of their arses and do some work.    

[insite]

I wish the solution were quiet so simple ........

[graham59]

10 hours ago, insite said:

I wish the solution were quiet so simple ........

Or quite...even.  

'Nothing is simple in this world', but it does make things a little easier and more pleasant when society members are pulling in the same direction.