It's the end of the world as we know it and I feel fine

[TylerDurden]

All the newspapers are screaming that this current economic crisis will be as bad as the Great Depression, and perhaps even worse, with the Icelandic and Pakistani economies practically bankrupt, and more to follow. I've even had someone e-mail me, telling me how she was approached on the street by a reporter who asked her how she thought she would be affected by the current crisis.

I'm not really that impressed, though as the newspapers always sensationalise everything to fill up the columns,such as making a huge fuss if house-prices go down a percent or two etc.. Sure, my brother(who works in Finance) is concerned, but I was just wondering what other people are experiencing in their own corners of the world re this current crisis.

[Busgrw]

Not too concerned about it myself. I'm up here in Edinburgh and although things are tight for most people, I reckon once the 'doom mongers' stop filling column inches with depressing predictions that things will start to get better. I'm hoping all will start to improve early in the new year as I 'm looking a mortgage

[Satya]

Today I went to the high end health food/gourmet market that I frequent once a fortnight or so.  It was at about 1/4 the capacity of shoppers that normally would be there this time of a Saturday.  I haven't been there for a few weeks, as it's a bit far and I mainly buy direct from farms.  And mind you, I live in N TX, an area that has remained pretty strong throughout this economic downturn.  I was floored and even asked about where everyone was.  The fish monger said they are hurting from the economic downturn and their business has slowed.  Dramatically!

The worst is yet to come in the US, where too many people live in a deep state of perpetual debt; driving cars and living a lifestyle well beyond their means (and never considering about conserving energy or anything).  The blame can be partly placed on the government, but how stupid can you get to think you can drive a fancy new truck and buy fancy new things continually on low middle class incomes?  For those of us who can continue to buy without credit cards, prices will just be too good to resist soon as they drop like the stock market has.  (I need book shelves and some things I have delayed buying). Many retailers will probably fail, as the party is over, and too many of them popped up in the easy money frenzy.  And really, I think it's a good thing that credit markets are frozen.  Most people have over extended themselves way too much and need a break from the fantasy that a rich lifestyle can belong to anyone in this country.  I do feel bad for anyone working in service or retail industries.  Those jobs, along with financiers' jobs will be most at risk.  It will get far worse for many people before it gets better.  People need to live within their means and face reality; and they will, whether they want to or not. 

And won't this forced conservation be a good thing for the planet?  People will not have kids that they can't afford, peak oil will not be nearly as bad as demand has plummeted, and China and India's full-speed-ahead economies will slow.  Those are good things, if you ask me.

[goodsamaritan]

World financial crisis does not have that much impact nor thought for Filipinos.
Only some 1% of Filipinos have stock market investments.
On our newspapers and news are business as usual domestic news.
The man on the street does not know nor care whats up out there.
Filipinos will know when their relatives in your countries suddenly stop sending money.

[Satya]

Exactly one year ago I sold a stock fund at the peak of the market and bought bonds.  Soon I will reinvest in stocks, though I still have some stocks which are steady.  In the US, the writing has been on the wall for a LONG time.

[wodgina]

Here in Western Australia we are going through the biggest boom in our history mainly fueled my China's insatiable need for iron ore. It's seriously out of control! things are really expensive ($500000 is the average price for a home and that's on the outer fringes of the city) rents are ridiculous. The old, the sick and students are struggling.

A lot of people are making a lot of money but I don't think it's been good. People seem to be drinking more and harder, everyone's smoking ice even people who wouldn't of in the past. People are working huge hours and seem more stressed and spending money on brand new 4WD drives McMansions it's crazy. People seem to lose the plot quicker eg road rage and king hits.

Unemployment is at such a low level that it would be considered zero unemployment so people who aren't suited to working are now working, driving trucks etc  I've noticed the roads are more dangerous, with more rollovers etc. Guys are maintaining industrial plants without the proper training and experience so I'm really careful going to some jobs. My brother was working underground in a mine and worked out his partner was masquerading as a qualified tradesman (earn $4000 a week), scary stuff when your a kilometer underground and your relying on the other guy to look out for you. People are turning a blind eye to this stuff.

Being a boom town we have also had recessions,  I miss the times when people had no money, unemployment was at 15%. Instead of going out and wasting huge amounts of money on crap like jet ski's buying massive 4WD's,  all night drinking sessions at crappy nightclubs. We used to stay at home have a BBQ drive to the beach in their crappy old cars and just hang out at the beach talking crap.

It's changed so much in the last 5 years, I'm looking forward to more simpler times...I may eat my words but something has to give.

[wodgina]

Exactly one year ago I sold a stock fund at the peak of the market and bought bonds.  Soon I will reinvest in stocks, though I still have some stocks which are steady.  In the US, the writing has been on the wall for a LONG time.

It's true it's no shock!

My folks are retiring soon had all there savings in shares through Superannuation, in the last couple of years  they pulled it all out of shares and into different term deposits in good banks and diversified further with  gold, silver.

But when do I get a loan and get into the market? hmmm

So what's the plan, is anyone here being pro active, we seem like an intelligent dynamic lot? has anyone here thought about finding a more secure job?
Saving money, hiding money in Switzerland, buying gold or maybe even ..stockpiling pemmican 

I like the sound of living in the Philippines

Andrew

ps Made my first batch of pemmican, I fluked it! cheers Lex for the jerky maker it worked a treat.

[Raw Kyle]

I wanted to buy gold with my savings but went in for a short term cd with a local bank (something like 4% interest) and a couple of government bonds because like most of you know I'm in the market to buy my first house and wanted my money to be easily liquidated. Well my cd is up next month and the bonds should be available to me around that time and I've been looking at houses so if everything goes to plan I should buy a house by late Fall or Winter hopefully with the deal of the century (housing market has gone to shit here) and will be sitting pretty with a decent property that will appreciate handsomely after the market turns around and we start up another retarded credit driven housing bubble.

[seesawsemiology]

i work at a natural foods coop so there is a whole lot of sensational conspiracy theory talk which can be fun but im not one to buy into it. that being said a coworker showed me something sort of freaky yesterday, check it out and tell me what you think:

http://www.quizlaw.com/blog/maybe_theyre_for_a_really_big.php
 
this is just one blog post and video but there is stuff about this all over the internet.
again im not jumping to any conclusions but it is a bit unsettling

[xylothrill]

We started feeling it long ago as our economy in this state is driven by tourism. I agree with Satya that people need to live within their means but the government needs to as well. Prolonged deficit spending hurts everyone. Sure, you can live high on the hog but not for long. Whether you're an individual, a family, an established company, a county, a state, or an entire country, it'll catch up. What kind of example is the government setting when they constantly deficit spend? Credit can be used responsibly and should be. If there's an emergency, it's nice to have that credit. If you need a sensible home, it's nice to have credit.

[Raw Kyle]

i work at a natural foods coop so there is a whole lot of sensational conspiracy theory talk which can be fun but im not one to buy into it. that being said a coworker showed me something sort of freaky yesterday, check it out and tell me what you think:

http://www.quizlaw.com/blog/maybe_theyre_for_a_really_big.php
 
this is just one blog post and video but there is stuff about this all over the internet.
again im not jumping to any conclusions but it is a bit unsettling

What would the coffins be for?

I for one believe the conspiracy theories about the economy. Remember a conspiracy is just an effort by more than one person to manipulate or "get away with something." In that regard a "conspiracy theory" is not just a whacko tin foil helmet wearing, X-Files obsessed story but an idea that there are groups of people using secret and nefarious tactics to accomplish their goals.