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

It is a bizarre/odd time. I turn on the news or open a paper, and immediately my concern levels heighten. Then I go out in public and what I see contradicts everything reported in the media.

Like similar posts, I think the fun many are having this summer will unfortunately come to an end during the winter months, and it could be the start of a grim few years ahead for world economies, and for all of us in general. I want to be very wrong but I think it is inevitable it is going to go south big time. Globalisation has resulted in the world hanging off a few main economies that are now in serious strive, causing serious strive, or both.

I reckon there are many people up and down the country who just cannot comprehend just how exposed we are to a significant recession. I suspect their pandemic savings, which they are now burning through, has given them a false sense of security.

A colleague in work (single mother with kids) bought a new house in a highly priced urban area last year, and recently got a new car on PCP. She said getting the car on PCP was the only way she could afford it. I wished her luck but thought to myself you are playing with fire, whatever financial wriggle room you had after buying the house is probably gone up in smoke with that move. Her most recent action leads me to believe that she like many are just not paying attention. It is our real world version of the movie “Don’t look up.”

It will be interesting to see what the budget ahead gives the taxpayer, and how the taxpayer responds. I won’t hold my breath for anything positive as currently every country is trying to take money out of their economy aswell as service massive debts as a result of Covid. Why would Ireland be any different?

Re: that woman who could only afford a car on pcp. I think you have to have a 15% deposit on pcp ...so around like 4k? Theres plenty good cars around for <= 4k. So...basically she wanted to drive around in a new car. 🙄

As someone who did a fair bit of CDF's and spread trading over the years, I have seen things pick up and move down on and off. For the most part, I am not on board the doom and gloom train. If there is a recession as bad as some think it will be I still see a light at the end of that tunnel. I might point out that while I do the markets, I don't borrow money willy-nilly for fancy living.

It's not the end of the world people unless of course, that's what you want yourself

We get it, there is a recession coming, maybe bad maybe not,

We have been here before, we will get through it again, no matter how bad it gets,

Or do you expect every one to just crawl under the debri and devastation that this recession will cause?

Or maybe we will all go grovelling to putin and ask him to save us from our decadent capitalist ways.

Not all doom and gloom.