RE: Longest, Deepest Recession in History?
I believe that is what the BBC reported, but not necessarily what the BOE intended to say.
In reading the article I noticed that they are anticipating a 6% spike in interest rates next year. In my own adult lifetime I have seen interest rates at 20% so 6% seems mild to me for the worst ever scenerio. I have also seen inflation running at 20%, so I am not alarmed at your possible plight.
As for me, I took all of the available precautionary steps over a decade ago during the 2007 bubble burst. I hit a high point in earning power just before retirement and paid everything off. Not just commercial credit but land and vehicles. With retirement my spending was trimmed back and expenses with it.
The food and equipment preps are always there in case the bottom suddenly falls out or the governments decide to shut the world down....again!
As for the political system over here???? Almost all of the "officials" are living in la-la land, separated from reality and having nothing in common with the common man. They have lied so much and for so long that they now believe what they are saying. It's almost like living in London!
We have a general election on Tuesday. We vote for many local and regional officials and for some of our national representatives. No one in any form of the media is going to report a worst case scenerio that might be a negative blow to the current liberals. So we would get no frightening if the world were splitting in half and magma flowing freely.
This Mid-term election is considered a report by the people on how well they feel the current admin is doing. This year everyone will scream that the election was rigged, stolen, polluted or hacked and much recounting will occur until the party that controls the ballot boxes in each neighborhood gets the count they want. After that they will sit and contemplate their navels for a week or so, then continue as always.
The real excitement this election is that our Supreme Court has reviewed some of our national laws and declared that they are not national, but State controlled. The individual states have scamper about to get these gaps covered.
In turn, the Court also decided that many of the State laws were actually Federal jurisdiction and the State and local governments have no say in them, and can not preempt them. That has upset some very much, since those laws cover firearms restrictions. They are having a difficult time accepting the fact that you can not enforce an illegal law.
__________
Every person should view freedom of speech as an essential right.
Without it you can not tell who the idiots are.
|