Economy - Finance - Is the Perfect Storm Brewing for the World

I have a 'gut' feeling that the World is heading for what I would call a 'Perfect Storm' and I'm not talking Mother Nature (that's another worry) !
What I am most concerned about is the current condition of the 'Financial World' and that my friends effects all of us, no matter where you live !!!
[Disclaimer: Let me say up front that I have no formal Financial Education and any opinions expressed by me are only that 'opinions' !
My opinions are based on over 40 years of being a Business Owner and being able to survive through a number of so called Credit Squeezes and Recessions]
My big concerns are listed below but not in any particular order as in their own right they are all important:

• Interest Rates, historically low (America at 0%, Australia 2%, this is making borrowing 'too' easy which leads to more 'debt'!
• Debt both Domestic and Soveriegn, the numbers in the Debt ledger are mind boggling ( and if numbers I have read are true debt has nearly trebled since the GFC in 2008)  Prob due to the first point above!
• Gross Domestic Product, at .2% growth Australia is a whisker away from being in a 'recession' cycle!  and it is 24 years (so I'm told) since Australia has had 'negative' growth.  Bad Sign that one :(
• Refugee situation, you might say what has the refugee situation got to do with 'finances' ?  I just ask ?  Where does the money come from to pay for the Refugees being relocated to all the Countries that are being compassionate enough to accept them into their welcomeing arms?
• Global Warming,  again the cost of 'fixing' Global Warming seems to be aimed right at the Taxpayers Pocket!
• Government Fragmentation, by this I mean the inability of the Ruling Party of Government, no matter, where in the World be it in the USA or Australia , to get through Laws that are needed to encourage Progress!

Sorry for my 77 year oldies Rant but I am not holding out much hope for the future :(  However I would sure love to hear from one of my readers with some good news  !
Cheers for now
Opa
Image attribution: Jeny - https://pixabay.com/en/cloud-storm-sky-storm-clouds-278230/

Our Worlds Bleak Outlook

Hello World,

We have really stuffed things up this time. I am sure that most of you have not seen the world in such a bad state as it is now?
Our illustrious Prime Minister Mr.(Which Country is He in Today) Rudd has told us from his lovely warm hotel room in London? ( I can't keep up with him) talk about Teflon Coated. He keeps sliding into every which country. "The economy is going to get worse"

April 01, 2009 10:55am

So now even Mr Rudd our "saviour" has finally come out and is saying the economy is going to get worse.

Gee you reckon?

The Organisation for Economic Cooperation and Development has forecast
global growth to shrink by 2.7 per cent this year and warned 25 million
people across the world's leading developed nations could join
unemployment queues.


I believe there is already 20 million unemployed in China?


Mr Rudd is warning the world that a prolonged economic crisis could lead
to political instability and social unrest in some developing countries.
Now that did not take him long to figure that out, only what 12 months!
Australian Finance Minister Lindsay Tanner today backed Reserve Bank of
Australia deputy governor Ric Battellino who said most households and
business think the economic downturn is already severe enough to call a
recession.

"I think that's probably right," Mr Tanner told ABC Television reporter
Tony Jones.
"There is little doubt now that we are going to see a further degree of negative growth."

"It is very, very much a grim picture that the OECD is painting."

The ugly OECD report, released overnight, says unemployment is now
expected to jump to an average of more than 10 per cent by the end of
2010 in OECD member countries.

The report does not make a prediction on Australia's unemployment rate, which is officially forecast by Treasury to reach 7 per cent.

According to who you listen to It is a line ball decision to whether the RBA will change interest rates next week.
The RBA cut the official cash rate to a record low 3.25 per cent in February.

So hold your breath people this is really only the start of worse things
to come!
Oh yeah, one last thing for this post. Whats the bet on the Pensioners in Australia getting their pensions adjusted as promised.
Till next time.
Opa