Are you ready for the next credit crunch?

It's here now. Banks have stopped lending to each other. The next step is that they stop lending to the few people and firms that they are lending to at the moment.

 

Governments are currently trying to keep the supply of money moving around the world. They may succeed. They may fail.

 

Are you prepared for more bad times?

How exactly would you prepare?

I'm still enjoying the effects the current one is having on my life but hell yeah! Bring it on!

I'm still enjoying the effects the current one is having on my life but hell yeah! Bring it on!

I didn't notice it when it happened and if it hadn't been on the news I would have never known about it. I don't see a differance in what people are spending, life appears to be the same now as it was 10 years ago.

I didn't notice it when it happened and if it hadn't been on the news I would have never known about it. I don't see a differance in what people are spending, life appears to be the same now as it was 10 years ago.

I think in the main you're right Mr Smith. It is getting tougher, prices have increased blah blah blah but this is not a new phenomenon. The big difference this time is that the 'crisis' is more widespread and it has a fancy name.

I didn't notice it when it happened and if it hadn't been on the news I would have never known about it. I don't see a differance in what people are spending, life appears to be the same now as it was 10 years ago.

There seems to be a lot of anecdotal evidence of people struggling but like you I haven't felt directly touched by it yet. I'm in a relatively secure private sector job. The missus is in a similarly secure public sector role.

The question is how could this one affect us? Failing banks? Merchant networks failing? Transport disruption? ATMs shut down? It's all very well having money on paper but if you can't get it or spend it then what's the point?

There seems to be a lot of anecdotal evidence of people struggling but like you I haven't felt directly touched by it yet. I'm in a relatively secure private sector job. The missus is in a similarly secure public sector role.

 

The question is how could this one affect us? Failing banks? Merchant networks failing? Transport disruption? ATMs shut down? It's all very well having money on paper but if you can't get it or spend it then what's the point?[/QUOTe]

 

Exactly.

 

In the hours and hours of TV coverage and miles of newspaper copy, nobody is saying clearly what it will mean for the ordinary man in the street other than more jobs are going to go.

 

If you turn to the internet for information it's the end of the world, armageddon etc etc.

 

I suspect the answer is somewhere in between, but I would like to hear it in plain English from a respected and trustworthy source. Anything less and one begins to think they are hiding something which gives power to the conspiracy theorists.

 

I'd like to properly informed so they can't pull the wool over our eyes which I'm sure they are doing at the moment.

I'm already fully crunched, they can't hurt me anymore, there's nothing left to crunch:)

I'd agree with that. The people with nowt won't notice much difference..It'll be the middle income people who suffer the most...If some banks do go bust lots of them are going to lose everything. Jobs, Houses and Savings...