[Politics] Bigger economic problems incoming

[Dibdab]

As if it couldn't get much worse, a lot of noise that Credit Suisse and Deutsche Bank are teetering on the verge of serious trouble with both looking worse than in 2008.

https://twitter.com/michaeltanchum/status/1576444086432649217?s=20&t=kSY7W2vnO6Hhhs1INyhhmw

If they hit the wall, a probable outcome is this will spark serious problems across the wider banking industry, the money printing machines start again to try and save them, which in our current predicament could easily lead to hyper inflation and currency collapse.

Let's hope it doesn't happen but I'm preparing for the worst and hoping for the best.

 

[KZNSeagull]

As if it couldn't get much worse, a lot of noise that Credit Suisse and Deutsche Bank are teetering on the verge of serious trouble with both looking worse than in 2008.

https://twitter.com/michaeltanchum/status/1576444086432649217?s=20&t=kSY7W2vnO6Hhhs1INyhhmw

If they hit the wall, a probable outcome is this will spark serious problems across the wider banking industry, the money printing machines start again to try and save them, which in our current predicament could easily lead to hyper inflation and currency collapse.

Let's hope it doesn't happen but I'm preparing for the worst and hoping for the best.

Trouble from what? What is that graph showing?

 

[Dibdab]

Trouble from what? What is that graph showing?

That two huge banking institutions are in very serious trouble. Exactly the catalyst for the 2008 crash.

 

[sparkie]

Thank goodness we have someone in charge who'll handle this as well as Gordon Brown did.

 

[KZNSeagull]

That two huge banking institutions are in very serious trouble. Exactly the catalyst for the 2008 crash.

That graph could be anything from share price to prostitute expenses. I know what caused the 2008 crash. What is tanking and why?

 

[Swansman]

Yup, some deep trouble coming up. What we're experiencing now is just the tip of the iceberg.

The world needs a complete remodeling. Growth, in the current sense, is a dead concept. Same with how we percieve the job market, since in 10 years one in three current jobs will be replaced by AI and automation. The current systems will collapse under that. Our percieved purposes and values are going to have to be entirely reconfigured. Either that, or one way or another the human population will decrease to sustainable levels.

In the short term, naturally there will be financials institutions etc. in trouble. Most of the economy today is built on what may have been old truths but are today lies rapidly going entirely obsolete. There's a lot of money, and not a lot of value. In the end that just doesnt work.

 

[beorhthelm]

Trouble from what? What is that graph showing?

shownig the share price of Credit Suisse (purple) and Deutsch Bank (orange). DB has been "in trouble" for years, whether or not true or exaggerated. CS has dropped ~20% in the past weeks, which isnt great, and might be becuse people in the know are bailing out. even if not, erosion of share price may make it insolvent. there is some chatter, assurances "Creidt Suisse is fine"... we know how well that goes for managers, could be an interesting morning tomorrow.

 

[KZNSeagull]

shownig the share price of Credit Suisse (purple) and Deutsch Bank (orange). DB has been "in trouble" for years, whether or not true or exaggerated. CS has dropped ~20% in the past weeks, which isnt great, and might be becuse people in the know are bailing out. even if not, erosion of share price may make it insolvent. there is some chatter, assurances "Creidt Suisse is fine"... we know how well that goes for managers, could be an interesting morning tomorrow.

What's caused that though, do you know? Are these company specific issues?

 

[beorhthelm]

What's caused that though, do you know? Are these company specific issues?

nothing specific other than the CEO saying "everythings is fine" https://12ft.io/proxy?q=https://www.ft.com/content/6104a699-fa7f-4a81-9c35-a9a2f8ff92d2

then a pile on by commentators. general markets are nervous and going lower so ripe for talking down.

 

[Dibdab]

That graph could be anything from share price to prostitute expenses. I know what caused the 2008 crash. What is tanking and why?

It’s share price. CS commentators saying they are effectively bankrupt,

 

[Eeyore]

It’s share price. CS commentators saying they are effectively bankrupt,

Share price is not always a reflection of the health of a company. It is often a reflection of sentiment.

 

[Normal Rob]

As if it couldn't get much worse, a lot of noise that Credit Suisse and Deutsche Bank are teetering on the verge of serious trouble with both looking worse than in 2008.

https://twitter.com/michaeltanchum/status/1576444086432649217?s=20&t=kSY7W2vnO6Hhhs1INyhhmw

If they hit the wall, a probable outcome is this will spark serious problems across the wider banking industry, the money printing machines start again to try and save them, which in our current predicament could easily lead to hyper inflation and currency collapse.

Let's hope it doesn't happen but I'm preparing for the worst and hoping for the best.

May I ask what 'preparing for the worst ' actually entails? What are you doing?

 

[Dibdab]

May I ask what 'preparing for the worst ' actually entails? What are you doing?

Personally, I'm diversifying my money into a portfolio that is more likely to hold value better against inflation than money in the bank. Usual suspects like Gold, Silver, commodities etc, and a bit of crypto albeit that's higher risk. I'm also trying to pay down as much of my (pretty large) mortgage as possible before my fixe rate ends in a year.

 

[Papak]

Yup, some deep trouble coming up. What we're experiencing now is just the tip of the iceberg.

The world needs a complete remodeling. Growth, in the current sense, is a dead concept. Same with how we percieve the job market, since in 10 years one in three current jobs will be replaced by AI and automation. The current systems will collapse under that. Our percieved purposes and values are going to have to be entirely reconfigured. Either that, or one way or another the human population will decrease to sustainable levels.

In the short term, naturally there will be financials institutions etc. in trouble. Most of the economy today is built on what may have been old truths but are today lies rapidly going entirely obsolete. There's a lot of money, and not a lot of value. In the end that just doesnt work.

I agree with some of this but by no means all. No way in 10 years that many jobs will be displaced by AI and if there are any jobs, what % of the displaced jobs will be required to design, build and maintain "the machines"?

There is definitely a "back to basics" requirement for the next generation (or 2) and stop bloody flying everywhere in aeroplanes, it is totally unnecessary most of the time!

 

[Igzilla]

I agree with some of this but by no means all. No way in 10 years that many jobs will be displaced by AI and if there are any jobs, what % of the displaced jobs will be required to design, build and maintain "the machines"?

There is definitely a "back to basics" requirement for the next generation (or 2) and stop bloody flying everywhere in aeroplanes, it is totally unnecessary most of the time!

When I started at my current job, there were 26 of us doing the same role across different categories. Now, there's 8 of us, with machine learning doing 'the heavy lifting '. Most of our time is spent reporting errors, where the AI is totally shit.

 

[Swansman]

I agree with some of this but by no means all. No way in 10 years that many jobs will be displaced by AI and if there are any jobs, what % of the displaced jobs will be required to design, build and maintain "the machines"?

There is definitely a "back to basics" requirement for the next generation (or 2) and stop bloody flying everywhere in aeroplanes, it is totally unnecessary most of the time!

I absolutely think that many jobs are under threat within 10 years, even more so within 20.

There will still be jobs for computer programmers etc. but not nearly all of these soon obsolete workers will be able to get a new job. Just like not every horse got a new job when a machine came and did a better job than the horse could.

 

[Justice]

Reports Barclays are in the shite over exposed themselves

 

[Springal]

World moves on, humans are unreliable slow and expensive. If you are already concerned your job can be replaced by AI then nows the time to reskill and move on. I don’t think there is loads it can replace really. I see it more to supplement existing tasks that were previously manual or guess work

 

[beorhthelm]

Reports Barclays are in the shite over exposed themselves

...to what?

 

[Worried Man Blues]

May I ask what 'preparing for the worst ' actually entails? What are you doing?

Yes I was thinking this but also more about prostitutes expenses.............