How has it really affected you - World financial collapse

All I hear about is "the recession/depression" , the world has fallen apart, toxic debt.

Thats in the UK/Europe Germany,Italy and France) as well as the USA...


How has it affected you , right now?

For me and the Mrs - must say no change at all . Prices for the staples seem OK , some up , some down but the monthly shop is the same Ish.

Electric/gas/water - gone up a bit but in place with the rest , Ok (or NOT?) wages and the increase this year has been cut for many ( not me at all I must say ) or the Army for that matter .

So , how has this Global slow down really affected posters?

I know some people won't be buying a new plasma 52 incher or the new shooter but in real terms , has it really made you stop bying anything?

Just wondering who it is really affecting , not me or any one I know .Not yet anyway.
Can't say it's made the slightest difference to life in Casa Carrots. We've always been pretty frugal and we're both in good jobs; we're in a flat I've owned since the early 90s so the mortgage is well on the way to being paid; and we've always looked on savings as money we want to still be there when we need it, rather than a form of investment for income, so we've always plumped for safety over return and have kept on putting the same away every month as before.

There was one slight scare when the father in law was put on a 3 day week (he's a shift foreman in a state-owned aluminium plant near Lanzhou), but PRC government's public spending plans have taken up the slack in production capacity, and things are more or less back to normal. In any case, they've got a small plot of land and raise enough to feed themselves from thatif the worst came to the worst.

So far as I can tell, the only change has been that my blood-pressure skyrockets whenever I read about Sir-fucking-Fred.
I'm self-employed and doing fine, all my close family except my brother are retired, and the Thomas the Bakers round the corner is still open. All in all, fine.


Book Reviewer
Hasn't affected me in the slightest and that's with me working in the financial sector too. Coincidentally, I'm just back from having a few beers with my two best mates and we've concluded (I taunt you, hubris!) that we're pretty much bomb-proof at the moment.

Me: I work in a very high growth area of the company where we're actively taking more people on and experienced people can pretty much name their terms.

Best mate 1: Senior Council Housing Officer, local government and very good at what he does.

Best mate 2: RN Petty Officer with 5 years to do of his 22. Should be making Chief PO this year.

Energy slighty more expensive, as is food but I've never really been one for credit.

Still feel for the poor sods who lose their jobs though and those that lived off dividends and / or interest.

Edit to change 'Senior PO' to 'Chief PO'

Told you that I'd had a few beers :)
Army still paying, final salary pension still in place. Still got money to do stuff.

If you didn't tell me I wouldn't know.
As a project management company owner I've seen my workload cut by a good two thirds since the start of 2008. Lots of my normal clients are saying they desperately need stuff done but can't afford it now. "Come back later in the year" is the usual response.

A few chancers are asking for work done "free" now for the possibility of paid work later, they get told to go forth and multiply but there are some companies out there on the verge of bankruptcy that are having to take these "opportunities" in the vague hope of work later. That paid work never comes.

Even the work that is available is on offer at less than half of last year's rate because of the number of people out there looking for work now. Lots of people have been made redundant, can't get other jobs and are trying the self-employed route as another way to earn money. I saw one such guy willing to work for free simply to get his name known, he won't listen to those of us with experience who tell him that he's only going to get used and once the recession is over he'll struggle to be known as anything else than the mug who worked for nothing.

Other scams by the big companies out there include getting small businesses like me in to do the pre-contract work, pass over the scope of work then hand it to an internal guy to do saving them the effort of the early planning work. There are some real shitbags who will push for small companies to do more and more "pre-contract" work further into the project then when they can't squeeze another day out of them they tell them to go away.

One other case that is sub-judice now so I can't divulge names or big details. A friend's company did some work for a major city firm including spending £20,000 cash up front to buy materials, the firm delayed and delayed paying him with lots of queries on the work, four months into the work he finally realised they were never going to pay and withheld his labour pending a written guarantee of payment for previous work and expenditure. They delayed again to the point that his bank demanded he repay his overdraft that he took out to cover the short-term purchases. He is now bankrupt as he had to give personal guarantees to cover the overdraft, his house is due for repossession and the firm have issued a letter saying they refuse to deal with administrators on disputed invoices.

The reputable ones of us tend to pass this info around and these shitbags will never see the competent companies tendering for any work in future. Unfortunately, as mentioned above, there are a lot of companies so desperate that they'll ruin themselves on the hope of some work.
PrinceAlbert said:
The bank rate dropping has saved me over £600 a month on my mortgage! Get in!
Lost more that half of that in interest income a month, not good.

Food hasn't reduced in price, petrol/diesel gone back up, electric/gas not come down.

Reduction in VAT not worth anything to me - most of our spend is on no-VAT items, or energy still 5% VAT.

Not killing me, but definitely worse off



Odo_de_StAmand said:
PrinceAlbert said:
The bank rate dropping has saved me over £600 a month on my mortgage! Get in!
Lost more that half of that in interest income a month, not good.

That's the downfall. Thankfully I have a life and spend my money. Any spare cash I have goes towards paying off my mortgage.
old_bloke said:
Smartas. you live there then or close too? so on a MOD pension its quite cheap then or you living in other parts?

PRC that is of course. :D
just seen this too:
If you're asking do I live in a left wing totalitarianism dominated by and for an elite minority under the pretence of ruling in the name of the proletariat, then the answer is: yes, I do live in Glasgow. :)
Glad I turned 500 square metres of garden over to fruit and vegetables 3 years ago and the fact that I dug a 600 gallon [a day] well at the same time before European directive on doing so came into force. Not in the Euro so exchange rate not too bad at the moment and petrol is cheaper than UK so all in all pensions are still affording us an equitable lifestyle. [Hungary]
Our small business is booming and we are struggling to keep up with demand.

But on the other hand, the wife is a legal exec in the conveyancing business and her job is on the line as the practice is on the brink of going under.

Personal purchases have been fantastic. I've found that if you have the cash at the bank, there are plenty of bargains to be had. Got a 3 week old huge leather sofa at 80% discount as the original buyer couldn't make the payments so returned it to the store. Plus plenty of other products at fantastic prices.

Where ever we go I just don't see people acting like they're in trouble. Was in Meadowhall shopping centre the other week and it was brimmers.

Hopefully those that are suffering really bad are those that greedily borrowed more than they could afford and as such are now hurting. That may sound bitter, but having lived through the 90's mortgage interest rates of 15% we learend a very painfull lesson, prudence. But as these debtors have been bailed out with historicly low mortgage rates, us that were prudent and saved our cash for a rainy day have been punished for there greed, I have no sympathy for their sob stories.
Not actually hit me that much.

Still serving and went from 1 land of LOA to another.

Got a steal on a tax-free car as they can't get rid of them in UK.

Got the pay rise and qtr charge doesn't go up as I am in grade 4 accm :D

Happy, at the minute.
The cushty permanent job I'd taken up the offer of got pulled after they'd fcuked me about for 12 weeks.

There's no contracting work about.
Made a lot of dosh and invested it wisely. Bought property, but ever put myself into deep mortage debt, and invested in long term growth rather than income.

Pension destroyed by Brown as Chancellor, rest destroyed by Brown as PM. Gone from higher rate taxpayer to zilch in short order thanks to Brown indulging those people imprudent enough to live on eternal debt.

Have a crate on me Prince Albert - Oh sorry you already are!
Liquidated my stock portfolio over a year ago. Would love to say I saw the big crash coming but timing was completely fortuitous, jammy cnut that I am!

All savings now liquid with no debts of any kind. Lead a pretty ascetic lifestyle anyway. As others have said some fantastic bargains to be had so i'm doing pretty well.

Feel bad for the old man though who hung on to his bank shares that are now pretty much worthless.
shares halved in value, savings getting no interest at all, property teetering on negative equity...but on the bright side, guaranteed job until 2035, final salary pension and a 2.8% pay rise!!

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