A global recession is on the horizon - please read OP for mod warning

People with healthy six figure savings does seem a bit implausible, alright but it does happen - maybe not common, but it does happen. I know of a few and they are not in what you would call really high paying jobs. Mid-level IT, that sort of thing. It's really a mindset of saving. Get into that habit, watch the savings grow and you'd be amazed how addictive it becomes.

Conversely I know of others in much better paying jobs/careers who literally spend every penny they get (and then some).

I do find the attitude of saving and renting a bit odd, though. To me, security of tenure is the big plus of owning your house, repossessions being rare.

The chances of buying at the bottom of a market are remote. If there is a crash, you risk not being able to get a mortgage at all, you might be unemployed and then where are you?

deposits have been rising since covid, this is more than likely due to rising economic uncertainties, i.e. people are sh1tting themselves, they know whats just about to happen!

In what sort of world is 200K per annum supposed to be peanuts?

Maybe for elite level sports people who have a small few years working to earn all they need to retire on and their industry being full of cash due to TV viewer payments that allow the best to negotiate a lot more, but I'd hope anyone employed at that level of pay for some sort of desk job to be some way competent.

Just working for a charity myself and get paid less than 10% of that for half time hours and was just told there is no funding for any improvement to cope with rising costs of living as the funding is already agreed for next year. Not looking for sympathy as being aware of my income being low I have not taken on a lot of expenses that others might have like a mortgage or children but just wanted to make the point that not everone is jumping jobs for big pay rises and life can become more difficult for many individuals in the economy at the same time as there is no technical recession.

I think the Irish economy is well placed to avoid the worst impacts of a recision with a lot of people earning money from high tech industries that will be the most likely to contimue to find profitable activities in selling medicines and other highly in demand products even when other sectors slow down dramatically and the severe changes in interest rates being talked about are unlikely to be applied as they would cause more harm than good.

A reduction in property prices would be welcome by many I think as the connection between incomes for large numbers of people and the price to get a place to live has become too distant for most and even some owning homes would not be overly depressed by this as it could mean their children might have some hope of having their own home without emigrating.

The data is out, US mortgage applications down 40%. Transaction will be down even more.

https://twitter.com/lenkiefer/status/1534866789582217217

Buckle up, winter is coming.

Cash now is only worth the price of the goods you are trying to purchase. If a kilo of rice is 1000 Euro then 1000 Euro is worth a kilo of rice.

If you take for example the GBP & USD on the banknote it says that " i promise to pay the bearer the sum of x dollars / pounds ".

At the time that meant you could exchange that piece of paper for the equivalent in gold or silver ( in those day's ), now it means **** all because the currencies are not backed by gold or silver because the central banks do not hold enough gold or silver compared to the amount banknotes in circulation.

If a currency were to back every banknote in circulation against a material asset it holds at the market price of that asset, it would in effect become the worlds only legitimate reserve currency. It could be set against any commodity or a bunch of them together. But once the price was fixed at the start x amount of that currency would always be worth x of that commodity.

You are admittedly adjusting your discretionary pending downwards to offset the impact of inflation. This happening collectively leads to a recession.

The Q2 earning cycle will dictate a lot of what happens next. Large companies will have an idea then how much they need to cut their cloth for the write down on exiting Russia. Cost containment and potential job cuts come on the radar then.

No idea about that illuminati **** but without a doubt we will all give it back and more in due course.

Period of Prolonged Suckage coming.

If you haven't done already, insulate the living feck out of your house and put in solar panels because this winter is going to get very expensive

interesting watch. Thanks for the share