The big collapse

[TheCountOfNowhere]

42 minutes ago, Noallegiance said:

Mother Earth getting in on the act. 5.7 Earthquake in Salt Lake City.

Now, imaging if the San Francisco disappeared into the water just about now....

[maynardgravy]

6 hours ago, Castlevania said:

They’ve just restarted FLS/TFS under a different name to get banks lending to small business. By small business they really mean buy to let.

Pretty pointless if no one can pay the rent - except for the sap tax-payer in HB, whose base is ever shrinking, so then onto the magic printing press,which means fewer people can pay the rent.... I'm seeing a feedback loop here. Eventually it all becomes unbearable noise.

[Sasquatch]

2 hours ago, SillyBilly said:

Aye, we've usually got good payers but unsurprisingly a couple have already not paid on time for large amounts in the past couple of weeks and difficult to pin them down. Clearly everyone will be hoarding and protecting their cash pile now (we will be for sure), but unfortunately a lot will using their suppliers' like us as free credit facilities. This thing is moving fast though, spoken to a few MDs we do business with over the past few days, another this morning, and it sounds like the hatches are being battened down now well and truly. These are solid businesses too. 

I have been fee invoicing like mad this week. Usually pretty lazy to be honest but if there was ever a time to be on top of things, that time is now. Never had a bad debt in 15 years of business. I'm hoping we maintain that record....

[SillyBilly]

2 hours ago, Sasquatch said:

I have been fee invoicing like mad this week. Usually pretty lazy to be honest but if there was ever a time to be on top of things, that time is now. Never had a bad debt in 15 years of business. I'm hoping we maintain that record....

Yeah I've had a couple of invoices land which obviously have been brought forward purely to get cash in. Our solicitors billed me this week for a load of work I'd normally expect to see invoiced in installments albeit no formal arrangement there so quite entitled to bill me as work done. Expect to see a few more. I know on our end we're trying to race through our order book at the moment to get goods delivered so we can invoice (in case of a shutdown), so we're all at it in one way or another!

 

[Loki]

5 hours ago, TheCountOfNowhere said:

Now, imaging if the San Francisco disappeared into the water just about now....

At least the streets would be clean

[TheCountOfNowhere]

It just struck me, i think a large bank is about to go under. 

This is what its all about. 

[Loki]

Just now, TheCountOfNowhere said:

It just struck me, i think a large bank is about to go under. 

This is what its all about. 

Deutsche Bank

[Green Devil]

2 minutes ago, Loki said:

Deutsche Bank

Will be saved by ms merkel. 

 

[Loki]

1 minute ago, Green Devil said:

Will be saved by ms merkel. 

 

Mr J Powell i think!

[gibbon]

Keep a regular eye on the local businesses for sale, been hardly any new listings. 

[Sasquatch]

14 hours ago, SillyBilly said:

Yeah I've had a couple of invoices land which obviously have been brought forward purely to get cash in. Our solicitors billed me this week for a load of work I'd normally expect to see invoiced in installments albeit no formal arrangement there so quite entitled to bill me as work done. Expect to see a few more. I know on our end we're trying to race through our order book at the moment to get goods delivered so we can invoice (in case of a shutdown), so we're all at it in one way or another!

 

I feel for you as it appears you are in a supply business with presumably significant overheads. We are service sector (construction) and only husband and wife. Low overheads. Our only 'problem' is sometimes working for say 3 or 4 months before we actually put in a fee claim. We have a couple of accounts like this and I've been invoicing for these this week. I have a friend who runs a larger consultancy (I think about 10 people). Spoke to him yesterday and he was putting a brave face on it but its clear he's very worried that he will have a lay people off. It's keeping him awake at nights.

[sleepwello'nights]

Have there been any proposals of how the schemes are going to happen?

There is an article on the So-Called BBC's website that local authorities who are apparently going to administer the schemes have not been informed or involved.

To make the public declaration wouldn't some brain storming have been generated by the COBRA meetings to at least discuss general principles.

[BoSon]

4 hours ago, sleepwello'nights said:

Have there been any proposals of how the schemes are going to happen?

There is an article on the So-Called BBC's website that local authorities who are apparently going to administer the schemes have not been informed or involved.

To make the public declaration wouldn't some brain storming have been generated by the COBRA meetings to at least discuss general principles.

Doesn't sound like they've got beyond the headline grabber news to show they're doing something. The actual detail is yet to come. Seen talk of local authorities being in place to start handing out those grants to businesses by early April, so a few weeks of pain for many yet.

As things are changing daily maybe there will be more announcements later and tomorrow as they get the pieces of the puzzle to make more sense.

[Loki]

Apologies if you don't know the memes behind this pic. Hopefully it'll still cause a giggle

https://knowyourmeme.com/memes/money-printer-go-brrr

 

[Loki]

Actually i think i prefer this one 

The graph is a great touch

[SillyBilly]

5 hours ago, Sasquatch said:

I feel for you as it appears you are in a supply business with presumably significant overheads. We are service sector (construction) and only husband and wife. Low overheads. Our only 'problem' is sometimes working for say 3 or 4 months before we actually put in a fee claim. We have a couple of accounts like this and I've been invoicing for these this week. I have a friend who runs a larger consultancy (I think about 10 people). Spoke to him yesterday and he was putting a brave face on it but its clear he's very worried that he will have a lay people off. It's keeping him awake at nights.

Yup, even if we go down to about 50% of our usual volume we'd be losing minimum £80,000 a month, possibly 6 figures. If we shut down completely then all bets are off. To shut down is unthinkable, riding recessions is okay when you hunker down for a few months at perhaps 30% less business, painful but our business has ridden many of those out. To potentially not invoice anything for 2 months+ with our fixed cost base would mean savage cuts/panic stations starting in 45-60- days. Saving grace for us now is that over the next 2 months we will have coming in what we have invoiced over the prior 2 months so income is okay for now, the crunch for us is end of May/early June. Suspect a lot will be in the same boat. Currently those that rely on daily income (footfall) are affected, when businesses like ours who rely on advanced order books start getting into trouble then we're really up s**t creek.

[Wight Flight]

34 minutes ago, SillyBilly said:

Saving grace for us now is that over the next 2 months we will have coming in what we have invoiced over the prior 2 months so income is okay for now

Don't want to be the bearer of bad news. Money just seems to have stopped. People aren't paying me and I won't be paying my suppliers unless I really, really have to.

It's all gone a bit FUBAR very quickly.

[TheCountOfNowhere]

42 minutes ago, Wight Flight said:

Don't want to be the bearer of bad news. Money just seems to have stopped. People aren't paying me and I won't be paying my suppliers unless I really, really have to.

It's all gone a bit FUBAR very quickly.

Luckily the banks have your their mates backs

[Iamcynical]

5 hours ago, Wight Flight said:

Don't want to be the bearer of bad news. Money just seems to have stopped. People aren't paying me and I won't be paying my suppliers unless I really, really have to.

It's all gone a bit FUBAR very quickly.

A mate who's involved with accounting software says customers have begun cancelling installs already.  The market is clearly spooked and people seem to be cancelling/postponing all non essential expenditure.

I imagine it's going to get increasingly difficult to extract the cash from customers who've been invoiced also.  

 

[One percent]

6 hours ago, Wight Flight said:

Don't want to be the bearer of bad news. Money just seems to have stopped. People aren't paying me and I won't be paying my suppliers unless I really, really have to.

It's all gone a bit FUBAR very quickly.

A lot of working people are living hand to mouth. I cant lay my hands on the figures but the number of people with little to no savings is frightening. Money churn has stopped dead. 

[sancho panza]

1 hour ago, One percent said:

A lot of working people are living hand to mouth. I cant lay my hands on the figures but the number of people with little to no savings is frightening. Money churn has stopped dead. 

https://www.finder.com/uk/saving-statistics

Key statistics

• 15% of Brits have no savings at all
• And one in three Brits has less than £1,500 in savings
• The number of Adult ISAs in the UK is falling, down from 12,657 in 2015/16 to just 10,815 in 2017/18
• More women than men are subscribed to Cash ISAs in the UK
• The number of Junior ISAs in the UK is rising, with over 900,000 open in 2017, up from 794,000 in 2016
• Despite more Junior ISA accounts being opened, the average amount invested is falling
• The average amount invested is now just £813, down from £1,050 just two years ago

Who has savings?

Just how many Brits have some cash set aside for a rainy day? We looked into the numbers of Brits who have savings and the reasons as to why many of us don’t.

• 15% of Brits have no savings at all
• With 22-29 year olds being the worst at saving, with 53% having no savings at all
• The Money Advice Service recommends having three months of expenses saved
• However, just under one in three Brits have less than £1,500 in savings
• Men tend to be better at saving with 55% of men adding to their savings each month
• While only 43% of women reported to adding to their savings each month

Why aren’t Brits saving?

We all know it is a good idea to set some money aside, so why are so many Brits not doing so?

• 40% reported lacklustre earnings as the reason for not saving
• While nearly two thirds of Brits didn’t have a financial plan in place for 2018
• However 91% of Brits did report they planned to add the same if not more to their savings in 2018 than they did in 2017

[Dave Bloke]

On 17/03/2020 at 21:51, TheCountOfNowhere said:

 

The people in charge are either clueless, gullible or criminal 

 

In France, supermarket staff, police and delivery drivers are all threatening strike action.

Supermarket staff don't want to work without masks or other protection. But there is none available, they can't even supply medical staff with marks.

Police have been told not to wear masks because it is scaring people - so they will exercise their right not to work in unsafe conditions.

Delivery drivers, where do I start? Half the trucks can't run because they are full of good to be delivered to shops that have been ordered to close immediately - nice one Macron, you really thought that through. They are having difficulties getting around due to checkpoints, lack of shops etc open on route to eat, sleep etc, motorway car parks shut, insecurity when they do find parking etc. They are going to have to guard food trucks soon.

Yeah, well maybe the public is clueless for electing the shits.

[sancho panza]

12 minutes ago, Dave Bloke said:

In France, supermarket staff, police and delivery drivers are all threatening strike action.

Supermarket staff don't want to work without masks or other protection. But there is none available, they can't even supply medical staff with marks.

Police have been told not to wear masks because it is scaring people - so they will exercise their right not to work in unsafe conditions.

Delivery drivers, where do I start? Half the trucks can't run because they are full of good to be delivered to shops that have been ordered to close immediately - nice one Macron, you really thought that through. They are having difficulties getting around due to checkpoints, lack of shops etc open on route to eat, sleep etc, motorway car parks shut, insecurity when they do find parking etc. They are going to have to guard food trucks soon.

Yeah, well maybe the public is clueless for electing the shits.

It has really surprised me how quickly France's left wing ruler has reverted to some methods that wouldn't have been out of place in another ,darker era.

By contrast ,the UK govt,has to a large extent ,held back on some of the more illiberal solutions of supposedly liberal foregin govts.

[Dave Bloke]

26 minutes ago, sancho panza said:

It has really surprised me how quickly France's left wing ruler has reverted to some methods that wouldn't have been out of place in another ,darker era.

Yes, it is pretty draconian here now. We are not supposed to go out more than 1km from home and yet Macron is ranting about the economy shutting down from his bunker. What the fuck did he expect?

[leonardratso]

are they shipping african boys in for him?