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I'm thinking about leaving the country I'm a lot more hesitant about buying my first home my mortgage is going up and I'm angry so guys believe it or not this is not the USA I know a lot of people are you know watch this channel in the USA and you think oh my God you know you totally identify these people in fact this is the UK and um the reason why we're going over this is I won't understand that the recession is not just USA it's Global and if you see these headlines that's why I want to read this article with you guys together Bank of England expects UK to fall in longest recession ever or longest ever recession I guess actually better you should say it um but uh this is nuts and essentially what's kind of funny about them not that funny actually um but what's interesting about this is when they're saying long is a recession I mean why don't we just call it a depression we must be honest here um this looks pretty pretty bleak to be perfectly Frank um the government on the you know central banks usually don't use this kind of language and this is why I think we got to read this together I mean what is going on over there in England and especially for anyone watching this UK I'd love to hear you guys thoughts on this thing um our fed in in the USA is trying to keep people calm whereas I guess the UK I mean I don't know we let's see what they say um the bank owner has warned the UK is facing its longest recession since records began as it raised interest rates by the most in 33 years it warned the UK would face a quote very challenging two-year slump with unemployment nearly doubling by 2025.
um and uh guys you know this USA I've been telling you guys unemployment's gonna go up and be warning people about this and you know for those who think I'm crazy I'm not crazy uh you can see it's happening in the UK um you know this is essentially what happens when you raise into trades it slows down business activity companies fire people there's just not enough money in the system and also too it's harder for people to say borrow money to buy a car borrow money to buy a house this everything slows so unemployment's gonna go up but um you know the idea is though can you slow your economy and not cause a potentially depression um this is it's nuts and I know I'm using the d word but when you hear like longest recession ever let's see what else do they say here though um bank boss Andrea Bailey warned of a quote tough road ahead for UK households but said it had to act forcibly now or things will be quote will be worse later on WOW it lifted it lifted interest rates to three percent from 2.25 the biggest jump since 1989.
um so basically at 75 basis points just like the FED in USA but they usually don't raise it that much and you can see I mean biggest since 1999 is you know it's the same kind of stuff we're talking about in the USA um by raising rates the bank is trying to bring down soaring prices as the cost of living Rises as as fast as rate in 40 years same kind of stuff except the difference between UK and USA the USA does have a much stronger economy the the UK is is definitely a lot weaker and they're also facing as it says here too as well food and energy prices um you guys you may not knowing this is sort of why we cover this stuff um people in the UK have been actually been protesting their utility bills and saying you know we're not going to pay because it's just like 70 100 a year kind of increases just nuts um winter is is coming so I'm sure prices are going to be High um let's just keep reading this together food and energy prices have jumped in part because of the Ukraine war which have left many households facing hardship and started drag on the economy you guys know this stuff um boy uh recession is Def I'm just still kind of shock reading this myself a recession is defined as when a country's economy shrinks for two three month periods or quarters in a row yep um typically companies make less money uh pay Falls and unemployment Rises so companies do make less money um pay falls in the terms of companies don't have to like try to pay a bunch of money to get people to come to work but generally speaking at least in the USA maybe UK could be different um once a company hires you they're going to pay you x amount they usually are kind of forced to pay you that x amount and so salaries don't necessarily fall they just fire you um but this idea of pay cuts um I don't know I haven't read any articles where the where they're just pay cutting people and USA but yes as you guys understand I'm saying that more people unemployed mean there's more people that need jobs and you don't have to pay them so much to come back but I don't know if the necessarily just do pay cuts I haven't read any yet um this guy this means the government receives less money in tax to use on public services such as health education yeah you know there's just less money in the system essentially less less people working less people the tax um the bank can personally expected the UK to fall on a recession at the end of this year and said it would fall uh would would last for all next year um so so previously they were saying it was going to be all next year as well but I think they're just saying it's it's worse than what they had uh predicted or better probably better way to say worse than what they wanted to tell people publicly that's probably a better way to say it but now I believe the economy already entered a quote challenging downturn in the summer which will continue next year into the first half of 2024 a possible general election year it's always an election year right uh this is probably going to be one of the more contentious elections coming going forward in the UK I mean the brexit thing if that wasn't contentious enough um I mean people losing their jobs unemployment is doubling it's pretty it's pretty scary uh while not be the UK's deepest downturn it will be the longest since records began in 1920s it's like 100 years ago oh my God the unemployment rate is currently at its lowest in 50 years but expected to rise to nearly 6.5 percent so uh in the USA guys we're at three and a half percent uh unemployment healthy unemployment's around five percent the FED is saying for Americans saying like I might go to 4.6 I say it could go between five to ten percent it's hard to predict for sure um here this is like the official numbers from UK they're saying hey it could go to 6.5 but like I mean you know although to be fair for the UK they're kind of alarmist so maybe they're more practical in the numbers that they're giving people you know I I don't know in UK numbers to predict If 6.5 employment is realistic for them or not um but I'm just saying they're already using headlines like worst recession in years oh my God okay the interest rate announcement is the first since prime minister uh Mr trust and uh former uh Chancellor quasi-cartung unveiled their controversal meaning budget if you guys remember the basic gist was um before it was trust uh they were like hey um we're going to lower taxes and we're going to increase spending like as if that made any sense um let's see what else what else it says uh their plans for 45 billion worth of unfunded tax cuts as we just talked about uh much of which had been reversed and the value of the pound tumbling and Spark Market terminal forced to make them to step into restorative column right if you guys remember the um the pound basically crashed because like nobody had any faith in their economy and they're like okay for the only way for you to get this to work is it's pretty much a whole bunch of money and so therefore like we're expecting to do that and everything everything crashed and also too this is very real um when when you think that everyone's going to suddenly lose their jobs and the economy is going to fold your currency is you know propped up by you being able to tax people and get that money and like you know pay for services and stuff but I mean everything starts to crumble you just don't have any faith anymore and this is sort of why you know everyone's kind of been running to the dollar um boy this is just crazy I'm still kind of in shock that this language like longest recession they're saying I I'm not shocked that this could happen but I'm more shocked that the bank of England is like officially saying it let's see what else to have to say here um Mr Billy told the BBC he believed that the mini budget had damage this is a quote damaged the UK standing internationally I would agree with that um he said that a recent international monetary fund gathering in Washington quote it was very apparent to me that the UK's position in the UK standing had been damaged that same week Mr cartung was sacked as yeah he was fired so okay so unemployment right now in the UK quarter 3 or 22 is 3.5 percent and there are forecasting quarter four oh by 2025 okay okay okay so they're forecasting an appointment to go up but they're saying like it take like three years from now hmm that's interesting I I'm just thinking about this I don't know um that's a long forecast for now that's like essentially like three years from now I okay let's keep reading um Chancellor Jeremy Hunt said the most important thing the British government can do right now is to restore stability sort out public finances and get debt falling so that the interest rate Rises as low as possible it's it's interesting because um in the USA for whatever reason we don't talk about our national debt that much anymore it used to be a huge campaign issue and it and it still should be uh who knows why we don't do it but um you know I'm still in shock over this whole thing and uh yeah mortgage about their loan and I'm just kind of going through here um here's just a quote from a UK person my disposal income has gone down dramatically recently I I earned more amount to get benefits they need to help the middle earners yeah and that's the rest so um basically banking and is saying things are bad guys um what else we got in the news I just had to share this with you and read through this I was pretty crazy um also too you know the the in the USA you're kind of like Okay can the FED raise interest rates and not trigger amount down well the UK is saying no we're going to trigger mint on no matter what so it's pretty hard to believe that we're not going to be going into recession for USA and the percentages keep going up so I think we're going to meltdown I mean UK is saying officially um UK look at this this is Deloitte this is a major consulting firm guys they're they're firing half their executive team I saw this it just means business activity is slowing um you know and businesses don't have enough money to pay their people it's just not going to be a you know thing that uh that they're gonna be hiring I mean they just don't have enough money so they're going to be firing of course and um you know the the largest increase by the bank England um also too Deloitte is firing Elon Musk said he's firing half the Twitter people and the reason why I show you guys this stuff is is I want to understand that you know it's not just USA it's not just Twitter there are multiple companies uh that are all facing these slowdowns it's it's everyone so this is why I've been telling you guys prepare for a rainy day um someone asked me in the comments about stripe yeah stripe is firing people too is the headline stripe Cuts head count by 14 right prepares for leaner times um and now we take a look at the quote of this stuff this is actually sort of what what they're saying it's always good to see what company CEOs say this is from stripe which is like your PayPal so like your payments company which represent much of the economy um so are you saying here we're facing stubborn inflation energy stocks higher interest rates reduced investment budgets and sparser startup funding then the money's just not there basically to adapt ourselves probably for the world we're heading into we need to reduce our costs hence we got to fire people right um easy to understand they you know things slow down the money's not coming in you got to fire people and this is a more quote from them we were much too optimistic about the internet economies near-term growth in 2022 and 2023 and underestimated both the likelihood and impact of the broader slowdown we grew operating costs too quickly buoyed by the success we're seeing in some of our new product areas we were allowed coordination costs to grow and operational and efficiency season so basically guys what happened was is lots of free money everyone thought everything was going to grow together you maybe have all these like you know younger CEOs and experienced people and they're just like oh wow good times good times roll forever and let's hire all these people everything's going to be great and um they didn't plan and this is just poor planning by his companies and the companies that didn't go crazy on their hiring are going to be better off because it's tough to like fire people like you spend a bunch of money to hire someone now you spend much money for who you're going to fire and the morale goes down in the said company um it's tough culture matters at companies you guys know this I mean just imagine if like everyone's losing their job and how people are going to feel it's it's why I keep saying like it's it's hard to imagine it Twitter is going to suddenly you know rebound after you just fire all these people you know and they'll say what more stripe says stripe is not a discretionary service that customers turn off if budget is squeezed however we do not need to match the pace of our investments with the realities around us doing right by our users and shareholders including you means embracing the reality as it is actually I I had a friend that um worked with stripe I'd have to ask him how he feels about this stuff but um I um it it's just inevitable especially a lot of these tech companies are going to be slowing we talked about this I mean look at this there's another one Tesla you know is the headline from the day Tesla is trying to deliver his fall in October from a record high um things are slowing down and it's just so like when people you know the Tesla balls are like oh yeah everyone's gonna buy an expensive car and stuff like that I'm just like what are you guys talking about like what are you talking about people are losing their jobs and you know it's expected that stuff's gonna slow plus you have like this increase in like craziness around the world um you guys know I'm in Korea the north keep shooting missiles at us um someone asked me can I see the missiles um I haven't seen one yet uh thank God but I mean they've been ordering people in some places in Japan to you know essentially stay in your home you know go to a bomb shelter kind of situation um it's uh no one knows what to make of it um they're firing like every day now and it's just it's not cool um because like you know it's just take this stuff seriously uh the same way with this this is also not cool I mean it's like the world's getting like more dangerous look at this um ousted Pakistan uh prime minister Imran Khan shot in the shin clear assassination attempt and you know we had something like this um as well as the former prime minister of Japan um I think that was three months ago there was assassination attempt on him as well if you guys remember that uh it the world's just it's uneasy right now right and you know it's interesting because during these kind of times people just basically start playing lottery tickets like for real this is you know because the jackpot is 1.5 billion um what happens is people lose their jobs and they feel like their only hope is to do this kind of stuff and this is sort of why I've been saying guys crime is going to grow up grow up as well so I was thinking unemployment's gonna go up crime is going to go up um you got to just be careful out there uh it's something I've been talking to you guys about and being really quite serious um and you know the other thing is too is people who get desperate and in desperate times you know people go do crazy stuff um and and the thing that's really troubling um and it just you know I wanted to talk about this in in as much seriousness as possible the situation in the USA where people think it's cool to bring guns to ballot boxes you know guns to voting I just want you to to let that sink in to where it's think how dangerous this is you know uh democracy in the USA should be peaceful people have a right to vote to you know our election process should be uh you know should be celebrated really um we should all be you know run around wearing our American stickers and proud that we voted kind of thing you know I mean it's just I'm always I always think election day is great just the idea the community comes out and votes and and and I don't know you have this group of people that like think that everything was stolen there's all this crime going on and um you know all this nefarious activity and so therefore they have to bring guns to The Ballot Box but really what it means though it's it's voter intimidation I mean there's no other way to put it because you know it just makes me uncomfortable just imagine just just think about this guys this is not a police officer this is just some regular person who decides to bring a rifle and just hangs out around a Ballot Box I mean just think about this for a minute I mean is this what the USA is devolving into that we're basically celebrating the wild west mentality and you know let's let's say this particular person doesn't you know feel like you know you say if I want to go vote and I don't feel like this person you know likes the way that I'm gonna Vote or this person thinks that you know uh that that they they are only looking for people that look like them to you know allow vote it just you you want to make the voting ballot Just I hope you guys understand this you wanted to make it feel free and open and and welcoming to anyone who wants to vote and um yes this person in their mind is like they're protecting democracy but you know realistically I just don't want regular person running with a rifle and camouflage like this hang out The Ballot Box and I I'm putting all these stories together because I I um I do you know uh fear for the world right this is more than just markets this is just your daily lives and stuff like that and this is sort of why I tell you guys so many times that you can't depend on the markets like to to like you know get rich 100 and you know two days that kind of stuff um your best situation right now is it's preserve your wealth right focus on your job skills focus on networking um have a great group of friends around you that are going to be supporting each other is the one thing that I've always mentioned to you guys is that in these kind of downturns the better relationships you have with people and the better person you've been through this whole time it'll become evident and people you know because people some the people who essentially don't understand the world who feel like they're hopeless don't have my choices they resort to you know guns of The Ballot Box kind of thing and I don't want you to be that that person um there's always opportunity in the world if you understand what's going on right if you plan for these things ahead if you see where the opportunity is there's always something an example like I've told you guys so many times um like for example if you wanted to get a job say teachers there's a huge demand for that there's a huge demand for nurtures cyber security is going to be a big field a new thing alternative energy right there's there are opportunities out there you just got to be business position yourself to be in these things or if you feel like that you know maybe your particular company is slowing down you got to throw okay um where can I go that there is opportunity right and so this is sort of why you want a network of people or say on the channel we have a community people that we talk about these things and try to help each other it's always great I always like hearing from people who you know sharing experience of like you know I struggle with here I struggled this year whatever and then now I got a job after asking friends and stuff and I think there's one person in community that said um in the 0809 crisis like everyone that the their dad's you know company was was being fired except their dad was kept on even though the dad's Department um you know everyone lost their job but because of dad was a good worker you know moved to a different department and that's sort of how the world Works um people want good people people want people with positive attitudes people want people that can you know solve problems this kind of things and so you know when I show you guys this news and stuff all the time I just want you to understand the markets and plan ahead be ahead of the game don't be trained in the game that's sort of how that how this works so um stay upbeat stay positive and I think knowing that these things are coming and being prepared is how I stay positive because I'm not like surprised by this stuff um it's suddenly you wake up and you're like what the heck is this you know personally Against The Ballot Box and you'll be like you know surprised but we're prepared for the stuff and also too um I I can't stress enough as to is to keep people honest I think that's a good way to say it we'll just keep it that way and I understand the people with the guns think they're trying to keep you honest but I I'm calling BS on that and I just think it's it's wrong so anyway this that's the news of the day UK is melting down and it seems like the world is going in the wrong direction however we're going to be going in the right direction by being prepared so thanks again for watching I'd love to hear your thoughts on this and I'll catch you next video
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