Gross domestic product fell at a 0.9% annualized rate after a 1.6% decline in the first three months of the year, the Commerce Department’s preliminary estimate showed Thursday. Personal consumption, the biggest part of the economy, rose at a 1% pace, a deceleration from the prior period.
The portents of disaster were on display during the recent turmoil in Sri Lanka, where epic government mismanagement sent the country into a thirty-five-billion-dollar debt default amid severe food-and-fuel shortages. While Sri Lanka waits for China, Japan, and commercial lenders—which together represent two-thirds of the country’s debt—to restructure its loans, markets worry that other low- and middle-income countries soon won’t be able to meet their obligations either.
And as crises have shown over and over again in recent decades, the financial collapse of one government can create a domino effect — known as contagion in market parlance — as skittish traders yank money out of countries with similar economic problems and, in so doing, accelerate their crash. The worst of those crises was the Latin American debt debacle of the 1980s. The current moment, emerging-market watchers say, bears a certain resemblance. Like then, the Federal Reserve is suddenly ratcheting up interest rates at a rapid-fire clip in a bid to curb inflation, sparking a surge in the value of the dollar that is making it difficult for developing nations to service their foreign bonds.
A recession is a good thing to realign the economy and clean out the crap.
What you REALLY need to be concerned about are the coming food riots.
It’s already started in Sri Lanka and the Netherlands with the banning of fertiliser use. That idiot Trudeau is doing the same in Canada and the equivalent of him here is heading in the same direction. Meanwhile production from Ukraine will be greatly reduced.
This adds up to a large chunk of global cereal production missing.
Governments will fall. People will starve. Watch this space!
and who is going to start this civil war? angry whiteys with guns? Tama Iti? please tell us more of the plot to the dystopian sci fi novel you are writing.
Maori are not going to start a civil war. i don’t know what maori are saying on your local marae, but i will guess that “lets have a civil war” isn’t a topic of conversation. as to your assumption that all maori will go “all in” if DS gets his wet dream fantasies come true, is bull shit. most maori will protest legally. a few will be violent fuckwits.
and as for your low opinion of Pakeha toting guns and shooting Maori, over TPM policies that will never pass legislation unless over 50% of the vote in parliament is pure fantasy.
get a grip, sometimes you say stuff that’ll make me think, “you know what, he’s got a point”, but most of the time its just bull shit like this. pointless, irrelevant, shit stirring, fuckwittery, of such blatent disregard for truth over point scoring, makes you a pathetic, hollow waste of space.
Mahutacorp, thats a nice little racist dig. i imagine like all tough little bigots, you hide in your basement, too scared to leave and blame it all on everyone else rather than your own cowardice.
congrats, you win dickhead of the week.
I think that concern about the plight of those wanting to be insured is fraught!
https://www.scoop.co.nz/stories/BU2207/S00445/2022-extreme-weather-insurance-claims-near-200m.htm
…New claims data released today by the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) shows total insurance payments back to communities for extreme weather events closing in on $200 million for the year to the end of June. Last year set a new annual record for such payments at $324 million…
“Insurance only transfers risk, it doesn’t reduce it. Communities need to act now through local and central government to build reliance to local risks be that flooding, sea level rise, drought or wildfires. Investment is needed in natural and man-made measurers in order to keep risks at a level where insurance is affordable for both homeowners and insurers alike over the medium to long term,” added Tim. ( ICNZ Chief Executive, Tim Grafton.)
“Thankfully, some communities have been spared even worse damage due to some flood defences performing reasonably well, albeit near their limits. However, they will have to ask themselves if that will continue to be the case as the current trend of intensifying extreme events continues.”
If you included the NZ debt to GDP ratio you might have some evidence to support your opinion however the actual information shows that NZ is in a sound financial position (relative to the distressed nations in the article) so while we are in for a bumpy ride Martyn’s warnings regarding climate should worry you more. There are already instances where people can’t afford insurance because the premiums have increased because of risk & the increase in major events will soon be making insurance companies bankrupt, super funds, banks & industry will follow.
The hopeless NATZ haven’t built a single social house for about 30 years.
Comments are closed.