A global recession is on the horizon - please read OP for mod warning

patnor1011 · 02-10-2022 10:13PM

https://www.boards.ie/discussion/comment/119691365#Comment_119691365

It is all over the news. Austrians refused transit to Italy since new regulations came to effect and Italians somehow forgot to implement what was required. According to Austrian gas operator E-Control confirmed this and assured Austrians that deliveries to Austria are not affected.

Deub · 02-10-2022 10:42PM

https://www.boards.ie/discussion/comment/119693990#Comment_119693990

From what you are saying, it is not Austria that cut the gas off but the Italians who forgot to implement a change.

The news say it is Gazprom that suspended the gas to Italy.

Nowhere it says Austria cut off the gas to Italy. Does it mean the rest of your initial post was just your imagination?

Danzy · 02-10-2022 10:52PM

https://www.boards.ie/discussion/comment/119692029#Comment_119692029

I think this will also go down as the start of the end of the Russian empire. An Empire with a broken Army is one that can't enforce.

I still think it also marks a downturn in Europe as well maybe the EU might survive it but it will be different and in a poorer continent.

dockysher · 02-10-2022 11:36PM

once again anither weekend where i saw nothing close to recession, pubs/restaurants packed, More and more jobs being posted then ever, construction booming and will be for years to come with lack of houses.

I don;t see anyine struggling that I personally know. Some people love talking about gloom and recession but reality is the country is booming,

Jobs for everyone and well paid.

03-10-2022 12:15AM

https://www.boards.ie/discussion/comment/119694218#Comment_119694218

Wasn't that pretty much the same before the 07/08 crash. I was doing my plumbing apprenticeship at the time. Things were flying and then pretty much overnight it all fell apart.

But I don't worry about a recession coming. No point stressing over something I have zero control over. I'll adapt.

03-10-2022 12:28AM

https://www.boards.ie/discussion/comment/119691365#Comment_119691365

It

WhiteWalls · 03-10-2022 01:32AM

https://www.boards.ie/discussion/comment/119694218#Comment_119694218

Was only thinking the same as I paid over 18 quid for a cocktail and a pint in a pub well outside of Dublin. Place packed, people's attitudes haven't changed yet anyway

patnor1011 · 03-10-2022 02:22AM

https://www.boards.ie/discussion/comment/119694079#Comment_119694079

I refer you to E-Control which is Austrian gas transport company which also confirmed that they refused to transmit gas to Italy. No matter how you try to twist words fact is that Austria claims Italy did not implement some changes required after end of september so they refused delivery. Gazprom informed Italians that they can not supply gas due to Austrians blocking transport. It is that simple.

NSAman · 03-10-2022 03:27AM

CS and DB on the brink as mentioned. Figures being bandied about are humongous..around €2.4 trillion. That’s just mind blowing if true.

Deub · 03-10-2022 07:11AM

https://www.boards.ie/discussion/comment/119694440#Comment_119694440

It isn’t that simple. You twist information to suit your agenda that EU countries are turning against each other and Austria cut off to increase its reserve. Nowhere I read that. Only you, make that claim.

Anyway,, I am not here to convince you as you seem sure of the future.

EOQRTL · 03-10-2022 07:31AM

https://www.boards.ie/discussion/comment/119694466#Comment_119694466

Strap in, it's about to get very messy.

Mr. teddywinkles · 03-10-2022 07:40AM

https://www.boards.ie/discussion/comment/119694398#Comment_119694398

Can I ask and totally off topic but where are these packed places are.I was in my local. Usually awell established place last Saturday nite. And it was half capacity and emptied out by about 11.30. Been out round the country too.

Pub life died off long before all this even before covid. Dont know where all these rammed spots are.

I do know come a certain time any place Iv been round the country its empty and dead by about 12.30. No one buys drink out.

I think since the recession hit all died off dramatically. I suppose young people know no different.

brickster69 · 03-10-2022 08:31AM

Credit Suisse sat on plenty of cash, problem is it's "assets" are turning into an even bigger pile of dog ****. The Swiss set up a bailout fund in March so they were well prepared. Unfortunately it is only the tip of a gigantic iceberg.

Credit Suisse - numbers: Amazing the amount of uncapitalized risk these zombies have been allowed to get away with.

160b Cash

400b at call Liabilities

900b Leveraged exposure

40b Equity

brickster69 · 03-10-2022 08:57AM

Good timing by the Pope.

https://www.catholicworldreport.com/2022/08/23/pope-francis-instructs-vatican-entities-to-move-all-funds-to-vatican-bank-by-sept-30/

brickster69 · 03-10-2022 09:24AM

UK expecting significant interuptions to gas supply this winter. It's going to be every man for himself by the looks of it.

https://twitter.com/emilygosden/status/1576840617107542016

WhiteWalls · 03-10-2022 09:46AM

https://www.boards.ie/discussion/comment/119694557#Comment_119694557

I was in Bray. Place was hopping, was only there because I couldn't get a restaurant booking in Greystones. Plenty of people are buying drink out, prices are outrageous but people still have money in their pockets. Maybe it is a younger clientelle but still, places are busy

Cluedo Monopoly · 03-10-2022 09:54AM

https://www.boards.ie/discussion/comment/119694846#Comment_119694846

A lot of savings built up during Covid.

Recessions often have a lag effect to the consumer too.

FFG will be able to say again that "we all partied".

bucketybuck · 03-10-2022 10:12AM

It really is 2008 all over again. Has there ever been a recession that wasn't preceded by people saying that everything was grand?

WhiteWalls · 03-10-2022 10:16AM

https://www.boards.ie/discussion/comment/119694936#Comment_119694936

Everything isn't grand but it's most certainly not 2008 all over again. You're jumping the gun a little

EOQRTL · 03-10-2022 10:28AM

https://www.boards.ie/discussion/comment/119694936#Comment_119694936

Berties

Jonnyc135 · 03-10-2022 11:18AM

https://www.boards.ie/discussion/comment/119694748#Comment_119694748

Doesn't England supply us. Just as well I got the turf cut last April and they are in the shed seasoning as we speak. I actually got an EPP (European People Party) grocery bag in the fine gael tent at the ploughing might use it to start the fire with this evening as I would be ashamed to go into aldi with it.

Electricity could pose a big problem. Wonder will they allow us turn on the Derrybrien windfarm or will we be the goodie 2 shoes and bring the apple up to the head teacher the EU. Even if the European Court fined Ireland it still would be 1/10 of what the 70 turbines would produce in terms of income.

Germany can start up coal plants though that fine!!!

Cluedo Monopoly · 03-10-2022 11:22AM

https://www.boards.ie/discussion/comment/119695166#Comment_119695166

Did we turn those off already? I knew they needed to be dismantled but it seems a crazy decision now.

Jonnyc135 · 03-10-2022 11:25AM

https://www.boards.ie/discussion/comment/119695174#Comment_119695174

They are all switched off, Michael Fitzmaurice done a big video on it about a month ago calling them out on how nonsensical the idea is. Seemingly it would take 5 mins to get them all turned back on again and enough power when the wind blows for to power all of galway and mayo domestic housing needs.

Of course nonsense from the EU yet again

brickster69 · 03-10-2022 03:40PM

Looks like who ever blew up the pipelines never did a thorough job on them. One of the two strands of Nordstream 2 appears to be able to trasmit gas. Thirty bcm's from that one alone should be able to solve quite a few problems for Germany this winter.

https://twitter.com/energy_blogger/status/1576923242484228096

Sammy2012 · 03-10-2022 04:37PM

https://www.boards.ie/discussion/comment/119694557#Comment_119694557

I can't comment on nightlife as I'm passed going out every Saturday and would only be out the odd time now but I was out for lunch in my local town on Saturday. The place was packed. Lots of people in the restaurant and queuing outside the door for tables. There was a big crowd around the town in general.

03-10-2022 08:45PM

The busy pubs and restaurants could be similar to the phenomenon that happens before some people die, they get a sudden burst of energy and look like they have recovered but unfortunately it is only very temporary.

https://www.google.com/amp/s/www.agingcare.com/articles/amp/185452

For anyone who's interested in learning more about the phenomenon.

I fear that economically we could be going through condition.

Danzy · 03-10-2022 10:24PM

https://www.boards.ie/discussion/comment/119694948#Comment_119694948

In some ways it is worse, especially for the self employed.

Back then being leveraged was a problem. Now being open is a problem.

Hopefully things will straighten up but it's not a nice picture on any front.

Muddled through the last time and will do so again.

Ozark707 · 03-10-2022 11:03PM

US house prices suffer biggest monthly drop since 2009

https://finance.yahoo.com/news/us-home-prices-now-posting-040100770.html

dollylama · 03-10-2022 11:49PM

https://www.boards.ie/discussion/comment/119697853#Comment_119697853

You nailed it there ... being open is the problem this time. I see people everywhere accusing businesses of profiteering and greed with the price rises but I know from my own experience and having spoken to other businesses.. we'd rather just close for the next 6 months than continue down this one-way path of increasing our prices to cover spiraling costs all while trade is slowly but surely drying up! It's literally pointless being open for many businesses.. barely covering costs, if even, but closing till things cool down isn't a luxury many businesses can afford either.. literally open to keep revenue and the banks at bay

WhiteWalls · 03-10-2022 11:51PM

https://www.boards.ie/discussion/comment/119698129#Comment_119698129

In practicality how much help has the budget been for small businesses?

A global recession is on the horizon - please read OP for mod warning

Comments