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I have seriously not come into contact with anyone who is openly in financial pain because of Covid


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3 minutes ago, ad_ceng said:

I really am undecided on bit coin - I have some but not a lot 

The way I look at Bitcoin is that it is the best outside bet I will ever put on, been in it since 2016 and now have good as convinced myself that the money I have in it is not real anymore, that kept me sane:)

The science is genius and the brightest honest people in this world will tell you that, it's the dark side in this world that threatens it which history proves is hard to beat

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We're changing lifestyle.  Other half been going to work (factory) to bring something in.  I had to retire at 60 to look after my parents.  Parents gone now, and I had to chuck lots of shoes and boots

Well, I've had a difficult 6+ months -- ltd company with workers on zero-hours contracts (most are retired and they all earn more than me) -- new contracts have stopped coming in, current work has bee

Can I just say, I have always liked you.

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33 minutes ago, dgul said:

Well, I've had a difficult 6+ months -- ltd company with workers on zero-hours contracts (most are retired and they all earn more than me) -- new contracts have stopped coming in, current work has been postponed (well, started up over the summer but looks to be mothballed again soon) and there's pretty much no support from gov.  I'm supporting the co. with savings.

IMO the pain for the general population hasn't even started yet -- 2021 will be horrendous.  Right now I'm trying to rejig the offering to include some aspects that I think will be important in 'the new economy' -- I'm not sure about it, but you've got to do something.

I think there'll be quite a bit of anger going around -- the people in the actual economy will be decimated, yet gov workers (plus 'one removed' like university staff), the retired and those on welfare will be protected.  There's going to be fireworks as we go into the 2020's.

Re gov workers being protected an announcement was made about the November spending review today

Quote

 

The Spending Review will build on that support and focus on three areas:

  • Providing departments with the certainty they need to tackle Covid-19 and deliver our Plan for Jobs to support employment;

  • Giving our vital public services enhanced support to continue to fight against the virus alongside delivering first class frontline services; and

  • Investing in infrastructure to deliver our ambitious plans to unite and level up the country, drive our economic recovery and Build Back Better.

https://www.gov.uk/government/news/spending-review-to-conclude-late-november?

 

Must be at the very least another £100bn QE coming in Nov.

 

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3 minutes ago, Democorruptcy said:

Re gov workers being protected an announcement was made about the November spending review today

Must be at the very least another £100bn QE coming in Nov.

 

There is going to be real have and have not in the UK after this, work for the gov your gonna be fine if not your little people and fucked

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1 minute ago, Democorruptcy said:

Yes, I've been calling it The Great Divide.

Indeed I like how they are framing all public sector workers as essential everyone else is non essential 

I hate the words non essential businesses - they are essential to the people who's living they provide, and I am sure the government would not turn there tax money away. 

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5 minutes ago, ad_ceng said:

Indeed I like how they are framing all public sector workers as essential everyone else is non essential 

I hate the words non essential businesses - they are essential to the people who's living they provide, and I am sure the government would not turn there tax money away. 

At one time the red ties threw money at the public sector, then the blue ties made some effort at trying to balance the books. Now both ties class the public sector as essential and god help the rest.

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Personally, I had the lockdown on unpaid leave from work.  No furlough, but work shut down by government diktat.  The reason was because I had an injury the previous year, then 9 months sick pay and I wasn't well enough to return, (fractured heel takes a long time), so I was on unaid leave in February, the qualifying month for if you could get furlough.

Lucky for me I haven't debts, or car leases, and still have savings.  They've taken a right good kicking though.

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41 minutes ago, ad_ceng said:

There is going to be real have and have not in the UK after this, work for the gov your gonna be fine if not your little people and fucked

Not this time.

I grant you that has been the cycle, but there is just too many people sat on the sidelines now just waiting and saying enough is enough. For example a bank bailout will never happen again or a Brexit washout, not without repercussions  anyway

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2 hours ago, Green Devil said:

Yes. That's probably correct, I should have said certain sectors are quids in. BTL holiday let's, IT resellers, online businesses etc you can add to the list. 

A couple I now of doing well.

1,  went into pizza restaurant in S London.  I was the only person in there.  Spoke to the owner and he said he's making more money than he ever has because of takeaway/delivery.

2, Serviced apartments are doing ok because hotels have shutdown they are getting all the key workers that were previously staying in hotels. 

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1 hour ago, haroldshand said:

Not this time.

I grant you that has been the cycle, but there is just too many people sat on the sidelines now just waiting and saying enough is enough. For example a bank bailout will never happen again or a Brexit washout, not without repercussions  anyway

xD

Do you really think it isn't happening now? All these taxpayer backed loans that banks are churning out because they have no liability? Next you will be telling me the Stamp Duty Holiday was to help people instead of protect the value of property assets that banks are holding.

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8 minutes ago, Democorruptcy said:

xD

Do you really think it isn't happening now? All these taxpayer backed loans that banks are churning out because they have no liability? Next you will be telling me the Stamp Duty Holiday was to help people instead of protect the value of property assets that banks are holding.

Well you need to decide to ask yourself will it work?

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4 hours ago, haroldshand said:

I might be really blind to this and totally shielded, but does anyone or has anyone come across anyone who has yet suffered financially in anyway through Covid?

Yes I am starting to personally see the job losses that are coming and they have crept up fast in the last month, but as of yet I have seen nothing like the rhetoric so many are using to politicise money handouts etc, Manchester being a good example. I have not seen desperation where people are going through  their savings or people with heads in hands as their businesses folds, rents not being paid or empty fridges and people  selling off their assets and even homes as claimed on a Radio call inn yesterday in desperation, in fact I am seeing house prices rocket up in the real world

Honesty not trying to contradict any real pain that might or is out there, but have any of you see it?

Me my work is short term contracts  i have had nowt from the government my earnings are down 70% on this time last year and last year was not the best of years 

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7 minutes ago, Democorruptcy said:

You need to ask yourself if banks are being bailed out because you just said "it will never happen again".

No, what I saying is a bank bail out might be attempted, but no government will be able to pull that off again without being rejected by the electorate

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7 minutes ago, haroldshand said:

No, what I saying is a bank bail out might be attempted, but no government will be able to pull that off again without being rejected by the electorate

It will be on a world level they the IMF announced it a week ago,

Remember BJs build back back better and greener speach a few weeks ago ,,,just a coincidence ?

 

Edited by Long time lurking
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2 hours ago, ad_ceng said:

Indeed I like how they are framing all public sector workers as essential everyone else is non essential 

I hate the words non essential businesses - they are essential to the people who's living they provide, and I am sure the government would not turn there tax money away. 

Essential used to be considered anything that created a positive balance of trade, how they hid that under the carpet and stopped mentioning it. Worse, manufacturing doesn't;t mater, China can do all that crap. Next thing you know you have a crap currency, all sorts of non jobs to make up the real ones lost and those Chinese that were working for peanuts/nothing somehow able to buy up everything around you - resources, accommodation, industry, the lot. 

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3 hours ago, haroldshand said:

Since the Tony Blair days I have constantly witnessed hard times being repaired(or more like patched up) in a way that never altered the wealth of the richest. Debt was used to fix things and then the bill was picked up by everyone and is being repaid and will continue to be repaid for a long time.

If Bert had  £3 million  and Glenda had several properties years ago they still have it and more today, premier footballers earned a fortune 15 years ago and have seen recessions come and go while they got richer, every year the Times rich list just shows the rich getting richer.

And now I am willing to bet that plans are being drawn up yet again post Covid  that those that  have get to keep and those that don't pay yet even more for the debt bill, this time I think there will be blood on the streets type protest from the silent majority.

Clearly it's not sustainable.  The rich getting richer whilst everyone else slowly languishes and diminishes.

I don't think it has neccassarily been intentional but with say this year in particular the zillionaires adding a few extra z's it's way too problematic to continue.

The rich will be super concerned right now and a lot of others that are pretty well off but have been thrown to the dogs (as giant steam roller gauged their businesses) are always super concerned.

In some way it seems to be lining up to some mega change coming where there is a great leveler of some sort.   I'd guess the super rich or powerful will be trying to steer the ship away from the guillotine or a Lenin style uprising.  But how and where to?

Maybe they'll expediate this digital currency that keeps getting talked up and start on a form of UBI. 

Definitely agree the pain still to come or at least more visible though.  They have decimated the economy, thousands or millions of jobs and real business has been taken away or will be.  Sure some winners but nowhere near to balance.  And even though not quite that bad and there are good businesses being made, you can remember that there were plenty of players that made pretty in the interwar years in Germany in the midst of turmoil and hyper inflation.  Doesn't make up for the downswing experienced by the other 90%.

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2 minutes ago, Long time lurking said:

Just listen to what the woman from the IMF says about debt restructuring ,she`s talking about sovereign debt in those terms it generally means one thing someone is getting knocked 

What did she say, I must have missed that

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I don't think you'll get a true picture of just how bad it is (or is soon going to be) out there from us lot on here as we are generally pretty clued-up financially.

Take my family for example, we've always lived well within our means.  Every mortgage we've had, we've overpaid from the outset.  Mortgage of £500, overpay by £500.  Only in the last year or so have I not overpaid and that's just so I can divert that money into SIPPs / company pensions.  At one point last year for about 6 months I was paying nearly 2/3rds of my salary into the company pension.  My friend's jaws collectively hit the floor when I told them this.  Even now I'm still paying in 30% with the company putting in half as much again.  My wife is self-employed and whilst her income fell during lockdown the government scheme covered the losses and some. 

However I have heard that some of our acquaintances have been put on permanently reduced hours (it was either that or redundancy) and that is going to hit them.  That couple in particular will be fine as there is parental wealth on both sides.

Others we know have been ok so far but it's still the honeymoon period.  I think they all know it can't last and that going forwards, unless things go straight back to normal they know their jobs are going to disappear.  I have a friend or two working for an airline and there is no way things can go on like they are for much longer.

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58 minutes ago, Dogtania said:

Clearly it's not sustainable.  The rich getting richer whilst everyone else slowly languishes and diminishes...

 

In some way it seems to be lining up to some mega change coming where there is a great leveller of some sort.  I'd guess the super rich or powerful will be trying to steer the ship away from the guillotine or a Lenin style uprising.  But how and where to?

Maybe they'll expediate this digital currency that keeps getting talked up and start on a form of UBI. 

 

Posted elsewhere:

 

What form will a financial reset take?

It is looking increasingly likely that Central Banks will introduce digital currencies...

 

Quote

Government Agenda For Digital Dollar Revealed! 

 

BOE to follow?

 

Quote

The Bank of England should create a "Bitpound" digital currency and take the world by storm

https://moneyweek.com/investments/alternative-finance/bitcoin/602146/the-bank-of-england-should-create-a-bitpound-digital

 

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