Hitting Rock Bottom
I suppose this is a similar scenario to what we experience in Crypto when social media is buzzing we are near the end of the Bull Cycle and should be looking to get out into safe havens before the downside happens.
You don't have to look very far to find doom and gloom reports everywhere which kind of tells us we are in for a rough ride at some point. How long or when will the recession hit is what I am wondering as things are bad already over here.
I have noticed certain signals lately with one being the slow down in sales via the biggest online retailer in Southern Africa. One of our contacts in the UK selling similar items through Amazon is sitting on over 6 months of inventory as sales tapered off towards March and have not recovered since.
Business has generally been very poor for some time and has been similar to resessions experienced in the past yet apparently we are still heading into one. This is a concern as things have been more of a struggle of late and know how many are struggling already at their financial limits.
Sad to see as this is a family who will lose everything and will be the first of many.
I noticed this week local advertising for a liquidation property auction happening next week and this is not normal. We often see auction advertising for properties but this is the first liquidation one I have ever seen with residential property. I took a look at their website today and there are 8 liquidation auctions this month all in close proximity to where I stay. This is not healthy and a definite sign the economy is already in a recession.
I have decided to sell my car and have viewings this weekend lined up as I don't use it these days and is a waste of insurance payments each month. I think everyone is looking at battening down the hatches getting ready for the storm we are about to face.
When you think about it us on Hive are in not such a bad position when the proverbial hits the fan. We have crypto and I think crypto could actually weather the storm quite well and if it doesn't can just buy cheaper with the pennies and cents we still have hidden away. Scary to think I still haven't drawn a salary or taken a payment from my business since February 2020 and it kind of owes me a small fortune if and when it pays. It will pay up when the time is right whether I am here or in another country as that is how it has to be.
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We will see where things go. I expect more pain before they get better.
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To make matters worse, South Africa's GDP per capita has not really recovered and has been flat or worse in the last ten years or so, so we are not keeping up with rising prices as well as other places in the world... I think our middle class is struggling to cope even worse than everywhere else?
Yes it has been bad for a long time already and hard to imagine it will still deteriorate even more. The middle class has been hammered.
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I saw a news story a while ago where they were talking about stores having a ton of excess inventory now and they were trying to get rid of it. We are likely seeing a similar swing in the housing market. The problem with that is it is going to allow more of these businesses to buy houses.
Terrible scenario really as the wrong people are benefitting from the downturn.
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economic recession is most probably going to hit us in the next decade or so before, as my assumption is right. Its something which depends so many other factors, and people struggling with their basic needs somewhere is a big sign of it.
Those who cling to long term investment, even its small enough as pennies and cents, but ideally when we fall into crisis, these amounts are more likely ti save us in right times. Crypto assets are like that, an emergency medicine when other drugs fail to cure.
Not the next decade as it is going to hit now within the next 6 months. The world economy is in bad shape and we are all going to feel the pain.
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So true and when I roll my eyes towards the countries like Pakistan, Sri-lanka, I become so frightened to see that how common people survive in those conditions, when statistically noting that their foreign exchange currency reserve falls down to zero, and no such money literally left to choose for buying foreign items, such as food, medicine,clothing, fuels etc.
I would expect to turn things again, as I would pray that, just a years ago we recovered from lethal shots like the covid catastrophe, and that made economic stagflation so tremendously, another such level disasters would literally cripple us. May God bless us all, 😮..