Worldwide "Lay-Offs" Expected 2020

robal wrote:

manwonder wrote:

And now...India’s Jobless Rate Jumps to 27.1%, Survey Says

https://www.bloomberg.com/news/articles … emium-asia

That´s worse than the unemployment rate in 1930´s global depression at around 25%...

robal

Global depression kind of job losses...
Will they ALL ever come back?
(Never seen anything like this in my lifetime!)

https://www.google.com/amp/s/www.forbes … onomy/amp/

manwonder wrote:

robal wrote:

manwonder wrote:

And now...India’s Jobless Rate Jumps to 27.1%, Survey Says

https://www.bloomberg.com/news/articles … emium-asia

That´s worse than the unemployment rate in 1930´s global depression at around 25%...

robal

Global depression kind of job losses...
Will they ALL ever come back?
(Never seen anything like this in my lifetime!)

https://www.google.com/amp/s/www.forbes … onomy/amp/

More job losses coming on record... We might as well call it the 2020 global depression!

A Helpguide..


https://www.helpguide.org/articles/stre … stress.htm

Another 500,000 OFW's due to arrive in the Philippines in August!

https://news.mb.com.ph/2020/05/22/50000 … by-august/

Singapore Airlines Group just announced it is cutting about 4300 positions or around 20% of positions, while Australia's Qantas Airways has said it will cut nearly 30% of its pre-pandemic staff.
Even Cathay pacific appears to be next in line to carry out job cuts.
I thought things were slowly improving (wif respective govts wage support)..but even that does not seem to be enough.

Yes.this is terrible.

Richard Yan wrote:

Yes.this is terrible.

Yes...each employee who looses his job has a family to upkeep...so the pain must be 3-4 fold.

A should read :

A World Without Work: Technology, Automation and How We Should Respond
Book by Daniel Susskind

Omo

Job losses hit 4x that of the 2008 financial crisis....= the news is getting worse by the day.

https://www.bworldonline.com/2020-job-l … al-crisis/

The Philippines national debt is about 60% of GDP - Not that bad a number when you compare to other countries.
The UK is on about 85, but the US is running at around 109.
That means a lot of lending, perhaps trying to cut back on government projects, holding off on foreign aid, and taxes, lots of taxes - probably for a lot of years to come.
The biggest immediate problem is unemployment.
As family debt and student debt against savings puts a lot of people no more than a month or two from poverty, that hits spending, and that hits retail and other SME, and that means more unemployment. Go to the start of this paragraph - oops
See the problem?
If you see business after business closing rapidly, you're seeing the start of something potentially very nasty.
Reports from London especially, but the UK in general, show shop after shop gone. I have no idea in the States or the Philippines - You tell me.
My local area in Indonesia isn't too bad. A number have gone but most empty units have been filled again - but not all by a good number.

Expats tend to be expensive employees so you could be first to go.

lasvegan wrote:

Works in US and UK

Not really. The UK will have to recover the money they're paying out, and that can't really come from anywhere but taxes in the long term. Ram taxes up, and that'll lead to more unemployment.

Payments are fine as a short term way of keeping people in homes, but they can't last forever.
On the other side of the coin, landlords can't boot out non-paying tennents, but a lot of them rely on rents to pay their mortgages, so that's also stored up trouble as well.
I gather the US has a similar policy, but they also have the stock market problem. They released the markets from a lot of safeguards that stopped the dodgy practices we saw in previous crashes, so up goes the market - The rising stocks include now unprofitable hotel and retail chains (I understand about 60% of the market is retail/hospitality), so how long will that last before a crash?

As for expats - Retired ones might well see problems with pension funds, and working ones are generally well paid, so companies might well take a look at their salaries first.

I really hope I'm wrong, but there a big potential for trouble.

manwonder wrote:

Job losses hit 4x that of the 2008 financial crisis....= the news is getting worse by the day.

https://www.bworldonline.com/2020-job-l … al-crisis/

Financial gurus are all over youtube on this one - A few have been saying it for months, but have been ignored as cranks.
I hope they still get proven presimistic, but I'm unsure.

From a personal point of view, I would recommend trying to dump debt (easier said than done for most), and build up your bank accounts (See previous brackets).
I lost my main job months ago, but I'm lucky as I have enough cash not to worry for around ten years, and spurts of work that pay well. How long that work will last is debatable, so I'm cutting spending on all but essentials like my kids' schools and beef sandwiches with HP sauce.

Dump debt?..
I'm trying very hard to get into debt unfortunately NO local/SG bank wants to lend me cash @ the current 1-2%/ annum interest rate even though I have an excellent credit worthiness rating @ home + no debts whatsoever to begin with.
Sure they will provide me with an easy car loan/furniture loan/credit card roll over loans/specific investment loans which I'm not interested...but when it comes to personal investment loans either the interests are just way too high or they just don't bother.
I too had tightened my belt a few months before the onset of covid as I was made redundant from my old job....not that i miss it nor the arxx hoxx I worked with & am grateful I had been careful with the money earned for the past couple of years.
Agree on the part that even with a 10yr cash supply/saved up..expenses today are kept only to essential items. Another worry will be my retirement payouts due in 8.5yrs time & what that will afford me then.

If you have money put lots of it into something tangible. Now that you put your money into something tangible borrow other peoples money (banks or credit cards) and put that into tangibles.

Seismic events are around the corner, covid is not over with mutations happening, soon there will be mutations of mutations.

Some of you might remember the movie "The Sundance Kid". Paul Newman and Robert Redford, they're on a high cliff, on one side is a posse shooting at them and on the other side a deep drop off the cliff to a river below. Newman said "Lets Jump" and Redford said "I Can't Swim" and Newman replied "The Fall Will Probably Kill You Anyways".

Same thing with Covid's if the Viruses doesn't get you, the financial fallout will.

Countries will do what they always do, print more money (the paper is cheap) inflate the value of the dollar. Pay back old dollar hard debt with inflated soft dollars... If the price of Gold goes up, it's not because Gold is more valuable it's because the dollar is worth less. (That's worth less, not worthless, maybe that will happen too.)

Maybe they will mint Trillion Dollar Coins and place them in a Cigar Box under the Presidents Bed, the world economy will then be saved because the debt is backed up with this collateral.

At one time the value of the dollar was measured in the price of gold, then pre-fracking the value of the dollar was measured in the price of a barrel of oil.  With the glut of oil the value of the dollar has switched back to Gold.

Now if you had put your money, even your borrowed money into something that was tangible, when the dust clears, you will get equal value of pre-dust days.

Remember the people you wouldn't give two cents for soon it will be two dollars.

Enzyte Bob wrote:

If you have money put lots of it into something tangible.

Property prices might well fall, so hanging on until they drop may be a good move. Unless covid mutates into something as bad as black death, population increases and greedy estate agents will soon have prices back up. That may very well be good advice, but I'd suggest hanging on until the mugs get a little more desperate and start to sell cheap.  I've been looking at bank forclosures around here, and there are more and more on the list.

Enzyte Bob wrote:

Seismic events are around the corner, .

Possibly, and it's more than likely to be worst felt in countries with the strongest lockdown rules. More on the financial news (absolutely NOT proven, but financial gurus are chattering) - Some are claiming the US added stimulus check money in their GDP figure then doubled it by counting money spent with money from the checks - THIS IS NOT FACT, JUST CHATTER.

Enzyte Bob wrote:

Same thing with Covid's if the Viruses doesn't get you, the financial fallout will.

The more debt and fewer savings you have will, if it happens, put you top of the list to live in a tent.

Enzyte Bob wrote:

Remember the people you wouldn't give two cents for soon it will be two dollars.

Inflation figures, according to some, are also being manipulated by governments. I have no proof of this, but it wouldn't shock me to find out it's true. That, if true, will come to light eventually.

I've noticed a few other things, especially what looks like supply chain problems. Supermarkets have a given product, then it disappears (from all shops), then returns with no obvious cycle. I'm guessing the supply chains are being hit  - Can anyone supply evidence to prove or disprove that thought?