Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

European banks telling people to get ready for a global economic collapse in the next two years?

Too many major players in debt? Stimulus programs to blame?
What do you think?
http://www.telegraph.co.uk/finance/economics/6599281/Societe-Generale-tells-clients-how-to-prepare-for-global-collapse.html

 
lovinangels

Asked by lovinangels at 9:38 PM on Nov. 18, 2009 in Politics & Current Events

Level 39 (112,638 Credits)
This question is closed.
Answers (8)
  • Buy gold. With all the debt its very likely to happen.
    Carpy

    Answer by Carpy at 9:40 PM on Nov. 18, 2009

  • Société Générale has advised clients to be ready for a possible "global economic collapse" over the next two years, mapping a strategy of defensive investments to avoid wealth destruction
    lovinangels

    Answer by lovinangels at 9:40 PM on Nov. 18, 2009

  • In a report entitled "Worst-case debt scenario", the bank's asset team said state rescue packages over the last year have merely transferred private liabilities onto sagging sovereign shoulders, creating a fresh set of problems. Overall debt is still far too high in almost all rich economies as a share of GDP (350pc in the US), whether public or private. It must be reduced by the hard slog of "deleveraging", for years.
    lovinangels

    Answer by lovinangels at 9:44 PM on Nov. 18, 2009

  • Yeah, I've heard but gold, but I'm wondering If non perishable food will be almost as valuable? If unable to purchase grocery goods, won't food be best for trade?
    lovinangels

    Answer by lovinangels at 9:47 PM on Nov. 18, 2009

  • They did that in 1992 too, and the majority of their investors missed out on the Internet Boom. Pardon me if I take it with a grain of salt.
    Anonymous

    Answer by Anonymous at 10:05 PM on Nov. 18, 2009

  • Well...all I know that the dollar keeps falling in foreign countries.....oil is creeping back up.....China needs their money from their loans to the U.S because they are now having more problems w/ their economy.......
    pvtjokerus

    Answer by pvtjokerus at 10:25 PM on Nov. 18, 2009

  • lovin, I think you have a point about the food. Most people don't grow any of their own food. Many of the farms in this country are actually large businesses/corporations, not the small family farm of the past. Ditto for the meat industry. If the economy totally tanks these places will go out of business and there goes the food.

    We currently have almost 2 years worth of food on hand. I am going to add more to it. We will have a cushion as we transition to growing for ourselves if things get bad. If they don't I can easily maintain the supply by donating food as it gets close to date and replenishing.

    yourspecialkid

    Answer by yourspecialkid at 11:18 PM on Nov. 18, 2009

  • Gold will do not good. There are talks of not using gold any longer, which means the value will fall. Nope non perishable food for me.
    Ibelongtojesus

    Answer by Ibelongtojesus at 8:06 AM on Nov. 19, 2009