Perfect Storm (financial)?

Said it before.....the problem isn't Covid-19.

The problem is underlying debt fuelled by a failing conventional capitalist system.

There are those who will Try and convince us that it's all just a virus, but the real virus is out of control capitalism, built on a mirage of fake money.

I hope this estimation is completely wrong...

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holy guacamole said..
Said it before.....the problem isn't Covid-19.

The problem is underlying debt fuelled by a failing conventional capitalist system.

There are those who will Try and convince us that it's all just a virus, but the real virus is out of control capitalism, built on a mirage of fake money.

I hope this estimation is completely wrong...

100% right !
virus was the catalyst from left field that always starts the correction.

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timmybuddhadude said..

Mark _australia said..
Geez I wish I had money to buy shares right now

I am keen on investing in something can't tell you what though but it's finally been legalised in Canada for one.. Canadian friends said people just queued up at the shops on the first week massive lines not just that I know people that have been harvesting it for years.. (in Canada)..
Anyway.. For westpac to buy shares/put money in costs $30/35 every buy and sell

Question is...
Can anyone recommend a cheap$reliable app please that isn't thirty+$ to either 'buy or sell' because I have never done it but now I am going to... But I don't really know how to..
Thanks in advance

Save yourself the trouble and just give your money to me. You going to lose it anyway with your approach and at least with me it will have a nice loving home !!

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Harrow said..
Commsec trading account applications are delayed due to the higher than usual number of applicants. Looks like everyone is getting ready for the starting gun.

Starting gun. Probably, but I reckon it will more likely be a well organised massive pump and dump with retailers left holding the bag before more massive drops as liquidity causes the "too big to fail" to fail.
Governments have allowed/encouraged this (the state of the economy) to happen and I think the problem is too big to be fixed other than a total crash, burn, reset of the system.
I'd love to and hope to be wrong because I've become quite used to a relatively comfortable life over the last 53 years.

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holy guacamole said..
Said it before.....the problem isn't Covid-19.

The problem is underlying debt fuelled by a failing conventional capitalist system.

There are those who will Try and convince us that it's all just a virus, but the real virus is out of control capitalism, built on a mirage of fake money.

I hope this estimation is completely wrong...

I don't think the conventional capitalist system is failing as all the first world nations are capitalist, the communist and marxists states have failed, that's why China is turning into a capitalist market. I would agree the finance systems have some major problems including printing money only then to loan it to the banks which already have too much debt.

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holy guacamole said..
Said it before.....the problem isn't Covid-19.

The problem is underlying debt fuelled by a failing conventional capitalist system.

There are those who will Try and convince us that it's all just a virus, but the real virus is out of control capitalism, built on a mirage of fake money.

I hope this estimation is completely wrong...

You made one basic error in that post which was the use the word "conventional".

Conventional capitalism has its roots in trade, People, particularly ship owners, realised that they could increase their wealth by using other peoples wealth in order to help finance forays into the wild blue yonder in order to bring products from far away places, such as tea, herbs, spices silk and what not which commanded a high premium in their ports of origin.

So they put their heads together and sold shares in their ventures. The Portugese perfected accountancy based on this type of transaction as the folk involved had to use real money, gold or silver or products which were in demand for barter to pay for the exchanges when they reached the far east. Or wherever it was that they were going.

This was conventional capitalism. If the ship sunk then the investors lost the lot. If they made it back they stood to make good profits. If they made it back late the profits were reduced because the blokes who made it back early had already filled the market.

Today's "conventional capitalism" bears little resemblance to that scenario. It comes about through the development of banks and the gradual acceptance of fiat currency.

Its a clusterf^ck of note and the biggest con ever perpetrated on humans.

Unfortunately most humans identify so strongly with their opinions that they cannot accept that their understanding of how money is created in today's world might be completely wrong so they will not bother to investigate it.

The ship will right... eventually. But not as we know it Jim, not as we know it.

what about QANTAS shares as a total gamble? totally on the nose. but what will happen when the government aquires? what happened to air italia? (i dont know)

i think my money is on the asx200 and not for a couple of months.

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myusernam said..
i think my money is on the asx200 and not for a couple of months.

It will be another month for the infection figures to really go skyward. Another 8% drop so far today, AX200 sitting at 4400. Like I said elsewhere, I figure 3500 will be where it goes, and this will be driven by the sheer panic when the Aussie infection figures match those of Italy, and then the death rate goes through the roof after the ICU beds are all full, expected to occur early April.

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myusernam said..
not to mention large parts of the economy shutting and failing. Panic and fundamentals/ good reason to panic.

Yeah, double whammy. It's the reason I've picked 3500 as the figure. Damn, aren't we lucky to be experiencing this once-in-a-lifetime event.

how much is eg $10000 at 3500 when it get back to 6500 say?

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myusernam said..
how much is eg $10000 at 3500 when it get back to 6500 say?

Do you mean $10000 x 6500/3500 = $18571, assuming you are simply buying into an index ETF. Is that what you wanted to know?

Dividends should no longer be assumed . Read up on what happened to FLT today

Just saw the news. 40,000 west Aussies queuing up at Centrelink coz they just lost their hospitality Jobs

Yeah, the joint is going to go nuts once this is all over.