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> 2008 is coming again soon I have no idea why people LOVE making these statements. 2008 was something that affected mostly the US and while it affected th

> 2008 is coming again soon I have no idea why people __LOVE__ making these statements. 2008 was something that affected mostly the US and while it affected the rest of the world to a certain degree, overall very little changed. Before jumping on my throat, hear me out: There have been several significant financial events since then: the European debt crisis, then Portugal(which is relatively small on a global scale), same with Ukraine and Venezuela, Russia(still going 5 years later), Brazil and those are just off the top of my head. What I'm trying to say is that financial crisis occur almost every year. Keeping your finances tidy is a good life advise but prophecies shouldn't be the motivation for it.

onetimemanytime 7y ago
>>I have no idea why people __LOVE__ making these statements. 2008 was something that affected mostly the US and while it affected the rest of the world to a certain degree, overall very little changed. US is back on top. How's Italy, Greece, Spain etc doing?
- hobs 7y ago
  I dont know why this is downvoted - the EU implemented austerity and it took a gigantic chunk out of its economy in the last ten years - why is this controversial? Spain's growth rate has been what, 0%? Greece is totally screwed, and there's a strong set of evidence to say Brexit was a direct result of the 2008 crisis (because they pushed back so hard on austerity.)
  - axegon_ 7y ago
    > there's a strong set of evidence to say Brexit was a direct result of the 2008 crisis. Nah. The only selling point on the referendum was immigration. The only one people really cared about anyway.
    - Wildgoose 7y ago
      A lot of people cared about Democracy and the ability to hold the politicians we elected accountable for the decisions that were made. Mass immigration was important, but it wasn't the only factor.
- axegon_ 7y ago
  Greece is a very different animal altogether and I struggle to see how it will ever recover. I've been to Greece and I'm sorry to say but the same problems are obvious at every step of the socioeconomic ladder. Italy and Spain are recovering - new businesses are emerging, unemployment in Spain is down by 12% from 26%, Italy is at ~9.5% unemployment. Comparing several small countries to the US is completely pointless given the difference in population, area, industry , resources and so on...
- thrower123 7y ago
  They are essentially colonial dependents of Berlin. Which may have been the point all along.
katzgrau 7y ago
I'm equally perplexed as to why people always seem to think a big downturn is right around the corner. Maybe there are always enough warning signs that someone with a sufficient penchant for confirmation bias will latch on to. Regardless, nobody can tell the future - there are simply too many unknowns to consider. We will certainly have more good times and bad times. As to when they come, predict all you want, but historically analyst predictions have an awful track record (historically, expert predictions are wrong most of the time https://www.cxoadvisory.com/gurus/ https://www.cxoadvisory.com/gurus/ ). The occasional person who guessed right previously (there will always be some) are then raised up as oracles.
- iso1631 7y ago
  > I'm equally perplexed as to why people always seem to think a big downturn is right around the corner. There will be a downturn, sooner or later. Predict it every year and eventually you go down as the person who predicted the downturn.
- axegon_ 7y ago
  My point exactly. A broken watch is right twice a day. Let's assume that we are all in a simulation. A statement such as "the entity that created the simulation will pull the plug in what we perceive as two minutes". Well yeah, sure... Is it a valid statement? Yes. Is it accurate? Hell if I know.
- jotakami 7y ago
  In a nutshell, Austrian economics. Central banks have made money ridiculously cheap for over a decade, and this leads to malinvestment: investors pour this cheap money into projects that probably yield negative real returns, because there is way more money floating around than viable projects to spend it on. Spend capital on negative-yielding projects for long enough and you erode the productive capacity of the economy until a crisis hits. That’s the story; hard to say how well it describes reality but there’s surely a modicum of truth in there at least.
- ghastmaster 7y ago
  Time and date may not be predictable, but the simple math behind the modern monetary system of central banks is quite clear. Print or die. Inflation or recession. When the F.R.B. of the USA stops printing the market crashes. You can watch it happen if you are watching what they do. Since they are now wholly locked in a corner they only have the two options. Inflation or depression. Soon they will purchase stocks outright. We may not actually see a 2008 type scenario, but I'm not going to bet my house, car, and business on it. If we all saved and did not borrow, they could not print.
opminion 7y ago
> while it affected the rest of the world to a certain degree, overall very little changed. This only makes sense if you are making a sharp distinction between the 2008 US crisis and the European debt crisis, which is probably not what the parent meant. That's why people would strongly disagree with you.

> 2008 is coming again soon I have no idea why people __LOVE__ making these statements. 2008 was something that affected mostly the US and while it affected th

onetimemanytime 7y ago

>>I have no idea why people __LOVE__ making these statements. 2008 was something that affected mostly the US and while it affected the rest of the world to a certain degree, overall very little changed. US is back on top. How's Italy, Greece, Spain etc doing?

hobs 7y ago
I dont know why this is downvoted - the EU implemented austerity and it took a gigantic chunk out of its economy in the last ten years - why is this controversial? Spain's growth rate has been what, 0%? Greece is totally screwed, and there's a strong set of evidence to say Brexit was a direct result of the 2008 crisis (because they pushed back so hard on austerity.)
- axegon_ 7y ago
  > there's a strong set of evidence to say Brexit was a direct result of the 2008 crisis. Nah. The only selling point on the referendum was immigration. The only one people really cared about anyway.
  - Wildgoose 7y ago
    A lot of people cared about Democracy and the ability to hold the politicians we elected accountable for the decisions that were made. Mass immigration was important, but it wasn't the only factor.
axegon_ 7y ago
Greece is a very different animal altogether and I struggle to see how it will ever recover. I've been to Greece and I'm sorry to say but the same problems are obvious at every step of the socioeconomic ladder. Italy and Spain are recovering - new businesses are emerging, unemployment in Spain is down by 12% from 26%, Italy is at ~9.5% unemployment. Comparing several small countries to the US is completely pointless given the difference in population, area, industry , resources and so on...
thrower123 7y ago
They are essentially colonial dependents of Berlin. Which may have been the point all along.

katzgrau 7y ago

I'm equally perplexed as to why people always seem to think a big downturn is right around the corner. Maybe there are always enough warning signs that someone with a sufficient penchant for confirmation bias will latch on to. Regardless, nobody can tell the future - there are simply too many unknowns to consider. We will certainly have more good times and bad times. As to when they come, predict all you want, but historically analyst predictions have an awful track record (historically, expert predictions are wrong most of the time https://www.cxoadvisory.com/gurus/ https://www.cxoadvisory.com/gurus/ ). The occasional person who guessed right previously (there will always be some) are then raised up as oracles.

iso1631 7y ago
> I'm equally perplexed as to why people always seem to think a big downturn is right around the corner. There will be a downturn, sooner or later. Predict it every year and eventually you go down as the person who predicted the downturn.
axegon_ 7y ago
My point exactly. A broken watch is right twice a day. Let's assume that we are all in a simulation. A statement such as "the entity that created the simulation will pull the plug in what we perceive as two minutes". Well yeah, sure... Is it a valid statement? Yes. Is it accurate? Hell if I know.
jotakami 7y ago
In a nutshell, Austrian economics. Central banks have made money ridiculously cheap for over a decade, and this leads to malinvestment: investors pour this cheap money into projects that probably yield negative real returns, because there is way more money floating around than viable projects to spend it on. Spend capital on negative-yielding projects for long enough and you erode the productive capacity of the economy until a crisis hits. That’s the story; hard to say how well it describes reality but there’s surely a modicum of truth in there at least.
ghastmaster 7y ago
Time and date may not be predictable, but the simple math behind the modern monetary system of central banks is quite clear. Print or die. Inflation or recession. When the F.R.B. of the USA stops printing the market crashes. You can watch it happen if you are watching what they do. Since they are now wholly locked in a corner they only have the two options. Inflation or depression. Soon they will purchase stocks outright. We may not actually see a 2008 type scenario, but I'm not going to bet my house, car, and business on it. If we all saved and did not borrow, they could not print.

opminion 7y ago

> while it affected the rest of the world to a certain degree, overall very little changed. This only makes sense if you are making a sharp distinction between the 2008 US crisis and the European debt crisis, which is probably not what the parent meant. That's why people would strongly disagree with you.