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Naming the Economic Crisis - The Great Default ?


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I wonderered how the likely economic depression will be come to be known.

Reading this article of yet another debt can kicking exercise  UK car loans and pawnbroker payments freeze extended

I thought of the unsustainable debt, and the inevitable lack of ability to pay it back, so thought of 'The Great Default'

 

Articles such as this: Covid fight: We need a name for the greatest economic crisis in a century 

propose to name the covid medical crisis, but I am talking about the economic crisis that was close to happening, even  before Covid hit

Credit Crunch 2 would be accurate as credit is tightening, but perhaps not severe enough in tone. 

Any Ideas ? 

The Great Lockdown: Worst Economic Downturn Since the Great Depression


 

  

 

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4 hours ago, The Spaniard said:

Systemic Hyper-Inflationary Transformation

I'm not sure the sweary thing will get anywhere.

But, if we get big inflation (as I expect), then Hyper-Inflationary Transformation could catch on.

BrexitHIT / CovidHIT / Climate ChangeHIT etc 

 

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This isnt the end or beginning of the end etc etc.

I have a nasty feeling that not all countrys are equal before this covid crisis and that the UK may well suffer more than others. Population density, population ignorance, poor health, substance dependancy, poverty etc etc.

 

We are in trouble my dear esteemed fellow posters and this period will not be something we all care to remember.

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9 hours ago, Roman Roady said:

We are in trouble

I agree with this.  Moving to cheaper, so if I loose my job and can’t move in autumn due to second wave, makes more affordable.   Will sit right here and wait for the house price crash. 

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3 hours ago, Saving For a Space Ship said:

I've changed my mind from 'The Great Default' to just 

'Donalds' Fault' 

Its nothing to do with him, or Boris, or BREXIT etc etc.

Blaming the current POTUS may make the make the virtue signalling, champagne socialist, administrative class feel better, but he is a symptom of our times and not the cause.

It is decades of short sighted economic miss management by the western democracies for political expediency that has got us where we are now.

Over the past 50 years or more, there have been episodes where the governments should have acted to preserve long term prosperity but baulked at the short to medium term impact purely because they wanted to save their political skins. The recessions of the 70's, 80's, 90's, dotcom bubble, credit crunch and now this.

Had this economy been in better shape thanks to careful systemic management we might have been able to weather the storm and actually gain some advantage over others.

Our leaders were too busy with all of the unnecessary plate spinning when the earth quake hit.

As it is all I see for the UK now is more relative decline...a low productivity economy with a large dense low skilled population suffering a catastrophic loss of employment.

The stuff of nightmares from my formative years in the 70's and 80's.

 

 

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  • 415 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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