It would be hard, but it certainly would not be “the end of things” for us. Not even close.
Also, since 2008, many businesses have sought to diversify so that, you know, most of their eggs are not in one basket.
I’m not saying a 2008 level crash can’t happen again, but it wouldn’t be as bad if repeated today for the same reasons it happened last time.
Plus, new financial laws and diversification help prevent such a severe crash from happening again, at least in the way it manifested then.
You can’t stop crashes in a capitalistic society, but you can temper them and pad them, no doubt.
For example, Germany took the dumb way and didn’t pad its crash, which is why it’s in a worse financial position than most of Western Europe. While everyone around them was padding their economy with financial stimulus through policy, the German government did nothing. Almost 10 years later, you can see how doing nothing truly hurts. Everyone around Germany is doing relatively fine economically and in terms of growth.
Germany has stalled almost entirely and has never truly recovered from the 2008 crash, then the COVID crash, as both times they did nothing. They didn’t stimulate or pad their economy to counteract either crash.
But now I’m getting wildly off topic over the interconnectivity of global economies and how 2008 and the COVID crash have pretty much taught everyone the lesson to diversify. So, it’s not as bad as you would think if the UK economy suddenly just vanished for whatever reason. Would be bad. But not world ending.
And last I heard, big money has been jumping ship in the UK, and it is a real urgent problem. The UK’s future economy, I would almost dare say, is going to need life support.
But that doesn’t have to deal with crashes. That’s just a poorly managed economy coupled with extremely poor policy decisions, such as leaving the EU right before COVID. If it wasn’t for COVID, Brexit probably wouldn’t have been as bad. But with you guys leaving the EU, it meant you couldn’t get EU stimulus packages during COVID, and that really hurt you guys in the end.
I mean before leaving EU you could have never know COVID was coming. Still. Isn't the universe a bitch? Leave EU, COVID, no EU stim packages, years of decline. Yikes. Definitely one for the history books.
polymarket.com
uk.news.yahoo.com
So don't mistake my posts above as just shitting on Europe. I'm critical of US too. More critical on maximalist policies in general.
