Global economy is headed for a recession - oil plunges 25%
 

Oil futures plunged this morning with NYMEX crude at $30 and Brent crude at $33.75. Asian markets down 3% to 5%. European equity markets haven't opened yet, but FTSE 100, CAC 40 and DAX indicated down 8.75% to 9.7%. Dow 30 indicated limit down 1255 and Nasdaq 100 indicated limit down 410. Huge flight to safety with all US Treasuries at < 1%. 30-year Treasury is 0.73%.

Also, this weekend India seized control of Yes Bank, the country's 4th largest private bank and Lebanon is defaulting on a 1.2 billion Eurobond loan today.

I think it's safest right now to park your money in physical precious metals

Yes, take physical delivery of precious metals like gold coins and don't believe the hype in digital coins. Some here have postulated that Bitcoin would be a safe place to park money in a global crisis, but it's at $7,961 down 9%. So in a real world situation, that theory has been proven false.

It's all a Hoax and of LOW risk to Americans and could never of been predicted weeks ago by anyone.

BTC to the moon!

Yup and this sucks for us in Alberta. :( ! We just started to recovery and since the last 4 - 5 years so many people have walkout their property and give back keys to bank.

I'm so Glad i don't work for any of those oilfield related company anymore :2 cents:

I look at my stock portfolio and a little tear is running down my face...

then again I learned not to panic, I don't need the money, I'll just let it sit and recover.

let's see how long it takes

Let's all calm down now..

Gotta admit. someone somewhere is making a huge killing right now.

It will get worse as the virus progresses.

Can't wait to scoop up more when the panic sellers stop panicking. :)

So what to buy? :)

No, make and sell porn...." Have to stay home quarrantined and nothing new on Netflix ? Buy and watch new porn" :thumbsup

This exactly! I looked this morning and have lost a lot but if not going to panic. I’m in it for the long run.

this is just the beginning...april-may is the peak...we are just warming up...

ever heard about "cut your losses quick"

or "sell now, buy cheaper later"

by "now" - i mean weeks ago.

When you get into trying to time the market you lose. Ask simpmaster why we never hear about his bitcoin millions. He was on here telling us he could predict the tops and bottoms daily....notice he doesn't talk about bitcoin anymore? lol

Shit, just since Trump's election, the DOW went from 17,888 to over 29,000. If you listened to all the dooms day shit libs you'd think we'd be at 10k. How many times during that run up did it crash due to rate hikes and daily trade war battles?

Wait and buy SCI at 39-40.

This has less to do with MSM than the fundamentals of the markets. While market timing may be difficult in typical markets, this is far from investing in a typical market. Just look at the facts and forget the liberal media. Every day, there are large companies telling workers to work at home. Major conferences and trade shows with tens of thousands of attendees are getting cancelled. Large public gatherings such as sporting events and concerts are beginning to ban fans from attending. Universities, colleges and schools are telling students that all of their classes are going online. There are many other signs that point to a severe recession.

The world is at record levels of debt due to low interest rates. With the inevitable global slowdown, there will be a massive number of credit downgrades, defaults and bankruptcies for overleveraged companies that can't refinance their debt at lower rates. The market downturn from the past few weeks is just the tip of the iceberg. You haven't seen anything yet.

Look at the balance sheet of the Federal Reserve. Even that is at record levels. Compare present levels to the financial crisis from 2008.

And I'm not forecasting doom and gloom ending with the apocalypse. All markets go through cycles and the world's major financial markets will recover eventually.

Several top 10 industries will be devastated, such as tourism. You're correct, a global recession is almost inevitable.

'historically' war is the way out of global recession :2 cents:

A number of countries were fucked before any virus came along and were just waiting for any event to push them over the recession edge.

Italy is near the top of that list.. chartered waters ahead.

The NBA has even taken a step further than just banning fans from attending games. They've suspended games for the rest of the season.

then a few hours later they suspended the season when an NBA player test positive for it.

Shit just got real and it's going to be crazy. Thinking about buying a bidet since people are hoarding TP.

BoyGeorge made a gross but valid statement... shit in the shower and squish it down the drain with your toes.

Singapore being a very small country imports all its toilet paper so they ran out basically overnight once people started preparing for quarantine. Here in Australia when we asked Singaporeans what was the one thing they would of got early.. all said TP, BUT that was a unique issue in Singapore. Most other countries.. USA, Australia and the likes make most of their TP in country, sure panic buying might clear the shelves, but Vendillio and his big rig will be delivering more over night.

Panic will take care of the rest.
REST: economy,people and countries