[colliric]

Fuck. Officially confirmed.

I'm old enough to remember the last one in 1990. No where near as fucking awful as this one is, yet a shitload of businesses closed and unemployment went up. Governments(state and federal) had to sell a shitload of public assets over the next half decade or so. Victoria closed a record amount of Public Schools(over 700) during Jeff Kennett's early years as Premier. They turned Telstra and the Commonwealth Bank fully private(both are now being run by rapacious Profit at all costs corporate assholes), privatised Gas & Electricity, and Public Transport turned to multi-operator shit for a while as they carved it all up.

It's only just started really this time. Fuck.

Only idiotic Democrats will blame Trump for the Recession in the USA too. Happening everywhere. Blame the fucking CCP and WHO, they let this shit get loose.

How bad is it in your country?

Australia is fucked. They can't sell public assets like they did last time, nothing left to sell off anymore.

Oh and fuck the Victorian government for forcing the AFL moving the Grand Final interstate too. Thanks Daniel Andrews, fuckwit cost Victoria Australia's biggest sporting event. First time outside of Victoria ever.

[ness31]

Who wants to watch a grand final at the Gabba? Pfft.

Oh well, the bright side of this recession is that we’re all in it together

[colliric]

https://en.wikipedia.org/wiki/COVID-19_ ... c_slowdown

The situation in the world at the moment looks extremely grim.

[ThirdTerm]

In Australia, the enormous losses due to COVID-19 are costing the nation's tourism industry up to $10 billion every month. It's unlikely that international borders are reopened until next year. Many operators have been forced to close since March, resulting in employee stand-downs. State border restrictions within Australia should be removed to save the tourism industry.

[skinster]

This recession has been expected for years hasn't it? People kept talking about it happening between x to x years and I guess we're there. And isn't it something to do with being a reverberation from 2008 anyway?

How the OP got to = "CHINA!", I do not know.

I mean, the problem starts with something beginning with C, so you're close. Try again.

[Rancid]

How bad is it in your country?

Personally, not that bad. The people that suffer the most are the immigrants, lower working classes, etc. I've actually gained wealth (retirement accounts mostly, and brokerage account investments. I kept buying into the markets as they were falling). We are expecting to see a large number of evictions and foreclosures. When that happens, then it will be hitting the fan here. At the same time, you will see banks and other investment interests scooping up all of that property on the cheap (just like in 2008 and every previous crisis), and thus become even wealthier once we're out of this.

I don't think this recession is the one that will cause revolution or any sort of significant change, but it pushes us closer to that point.

This recession has been expected for years hasn't it? People kept talking about it happening between x to x years and I guess we're there. And isn't it something to do with being a reverberation from 2008 anyway?

Indeed. Though not exactly a reverberation from 2008, since 2008 was more around troubled housing debt. Though, everything in history is connected, so maybe it is a reverberation. Anyway, The bubble we were all waiting to pop was the corporate debt bubble. Basically lots of company growth in the last 10 years was fueled on debt. Once that bubble would pop (i.e. debt obligations mature), then companies would start layoffs and stop expanding which would then push us down into recession since people don't have jobs to pay for shit. The other bubble/issues is the student debt trap as well, which would further make it hard for people to stimulate the economy since they are saddled with servicing debt. That's what we were expecting before COVID. It's not clear if COVID will really trigger those events or not. The current recessions are really just around lost productivity due to lockdowns and what not. It's very possible once we come out of the COVID recession, we will fall into another which is the aforementioned recession we've been expecting. We could see two back to back recessions basically.

I agree, that it's pointless and dumb to blame China. Ultimately, if we had managed our finances properly, and our fiscal policies properly, COVID's effect on the economy wouldn't be as big of a problem. Blaming China is more of a distraction people are engaging in order to not have to face the reality of our own issues/mistakes/fuckups/greediness.