High bankruptcy rates, prolonged depression, global economic meltdown
Global economic activity has been slowing down for some time, and there are fears that this could lead to a major collapse. Central banks around the world are already taking measures to try and prevent this from happening, but it is not clear if they will be successful.
What are you doing about it?
In the wake of the 2008 economic collapse, many people began questioning the long-term viability of our economy. From government bailouts to quantitative easing, the markets were a mess. In this article, we’ll look at how you can survive an economic collapse.
Economic meltdown meaning
What the heck is economic meltdown? It is when the economy of a country collapses. The economy of a country or region suddenly gets much worse, crashes and people lose a lot of money.
Why is the next big economic meltdown is expected to be much worse than the last one?
What is economic collapse?
An economy in distress for a long period, ranging from a few years to several decades is referred to economic collapse. Since its a national, regional, or territorial economic breakdown that follows a crisis, the value of money falls very quickly and the economy is in a very bad state.
It may be preceded by several events or signs pointing to fragility in the economy, A stock market crash is an economic collapse that causes the country’s economy to suddenly stop working. Subsequently, when a country’s economy collapses it causes a lot of financial problems for businesses and for everyone who lives there.
People might lose their jobs, their homes, and their savings.
Wikipedia’s definition of economic meltdown covers both its causes and characteristics, i.e.,
- Stock market crash
- Rising interest rates
- Sovereign debt crisis
- Local currency crisis
- Global currency crisis
Here’s the definition:
Economic collapse, also called economic meltdown, is any of a broad range of bad economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death rate and perhaps even a decline in population (such as in countries of the former USSR in the 1990s).
In a future post, we will address the core of an economic meltdown, addressing each of the above causes and signs. Click here not to miss it.
Economic meltdown definition
An unexpected event that can occur at any point and without any standard cycle is called economic meltdown. An economic meltdown can occur due to financial deregulation, like the 2008 great recession, or an unexpected crisis, like the Covid-19 pandemic.
The economic meltdown is a time when the economy is not doing well and experiences a sudden severe decrease.
The last meltdown in 2008, well known as the Great Recession, was the worst global recession since World War II. It was caused by deregulation in the financial industry. The unemployment rate rose sharply, uncertainty was heightened, and the pace of economic growth slowed significantly.
Economic meltdown synonym
In the United States, an economic collapse of massive scale hasn’t been experienced in nearly 80 years. After the stock market crash of 1929, the economy has been relatively stable and growing. But what happens when the unthinkable happens and our economy crashes?
Without any embellishments, here are other economic meltdown synonyms.
Here we go!
What have we left out?
World economy collapse 2022
If you’re like most Americans, you probably don’t spend much time worrying about the economy. As long as your bills are paid, it’s not your problem.
As the stock market continues to be unpredictable, and the economy continues to be shaky, many people are wondering what will happen next.
Will there be a full economic collapse? How will that impact our lives?
What are the top signs that an eminent economic meltdown is right around the corner?
Causes of economic meltdown
The economic crisis is a global economy that is in a state of meltdown. The causes of the global economic meltdown are numerous and varied, but the effects are being felt by people all over the world.
An economy can collapse because of a lot of different things:
- The government can’t pay its debts
- There’s too much inflation
- There’s not enough money to pay for things
- Natural disaster
- Financial crisis
- Stock market crash
- Change in government policy.
Eric Schneiderman is very interested in the more grassroots consequences of the economic meltdown: issues related to mortgage foreclosures, debt collection, and the practices of credit card companies and others who hold a lot of consumer debt.
What about you?
An economic meltdown leads to:
- Reduced trade volumes
- A decrease in the standard of living for many people
- Social unrest
- An increase in unemployment
- A decrease in the value of the dollar
- Social chaos
- Breakdown of law and order.
- Currency volatility
We are facing another economic meltdown. The ecosystem, on which the human species depends for life, is being destroyed at a rate that has not even been anticipated by climate scientists. We don’t have a lot of time left. So either we get out and fight or we’re finished. Fear is the only thing the Democratic Party has to offer – fear that the Republican Party is worse.
— Chris Hedges
The impact of a prolonged depression on startups and small businesses
Do you really know the economic meltdown causes and consequences that affect your business?
The prolonged depression affects small business and startups because they might not have as much money to invest in their businesses. This can cause them to go bankrupt because they can’t afford to keep their businesses running.
The 15 most misunderstood facts about economic meltdown
There are many things that can cause an economic meltdown, but 15 of the most misunderstood facts are:
- A meltdown can be caused by a variety of things, including a natural disaster, a stock market crash, or a bank failure.
- A meltdown can happen very quickly, or it can take months or years to develop.
- A meltdown can happen to any country, no matter how rich or poor it is.
- A meltdown can have devastating effects on a country, including high unemployment, inflation, and poverty.
- A meltdown can be difficult to recover from, and it may take years for a country to get back to where it was before.
- The stock market is not the economy.
- A recession is when GDP growth is negative for two consecutive quarters.
- A prolonged depression is a more severe recession.
- The cause of the Great Recession was the housing market crash.
- The Great Recession was the worst economic downturn since the Great Depression.
- The unemployment rate during the Great Recession peaked at 10%.
- The Great Recession officially ended in June 2009.
- The housing market has not fully recovered from the Great Recession.
- The Great Recession had a ripple effect on the global economy.
- The Great Recession led to austerity measures in Europe.
- The United States was not the only country affected
What to expect during steep decline in economic activity
With the resultant effect of decrease in the value of money, due to an economic meltdown, people may not be able to buy as much with their money.
When currency becomes worthless, people can lose their homes too.
Apart from businesses closing, there may be less food and water available, and people may become sick more often.
How to prepare for an economic collapse
Is the economic meltdown getting worse and worse?
The global economy is in a state of flux, and many experts are predicting an impending economic meltdown. If you’re not prepared, this could spell disaster for your finances.
Here’s what you need to know to protect yourself from the coming economic crisis.
1. Have an emergency fund
If you don’t have an emergency fund, now is the time to start one. An emergency fund is a savings account that you use to cover unexpected expenses, like a job loss or medical emergency.
Most experts recommend saving enough money to cover three to six months of living expenses. If you can’t save that much, start with what you can and build up your fund over time.
2. Have a plan for how to get out of debt
Debt can be a major financial burden, especially if you’re facing an economic downturn. If you’re carrying a lot of debt, now is the time to start paying it off.
Start by making a list of all your debts, from the smallest to the largest. Then, make a plan to pay off each debt. You may want to consider consolidating your debts or transferring your balance to a lower-interest credit card.
3. Invest in yourself
Investing in yourself is one of the best ways to protect your financial future. This means learning about and investing in retirement plans, such as 401(k)s, IRAs, and pensions.
We are living in an historic moment. We are each called to take part in a great transformation. Our survival as a species is threatened by global warming, economic meltdown, and an ever-increasing gap between rich and poor. Yet these threats offer an opportunity to awaken as an interconnected and beloved community.
— Desmond Tutu
12 additional things you can do to survive an economic meltdown
- Store non-perishable food and water.
- Invest in gold, silver, or other precious metals.
- Learn new useful skills like gardening, growing your own food, or carpentry.
- Save money
- Stockpile supplies like medicine and fuel.
- Have a plan for getting backup source of income.
- Find a safe place to live.
- Join or start a community.
- barter goods and services.
- Be prepared to defend yourself.
- Get rid of your stuff.
- Get rid of your house.
Is there life after an economic collapse?
What could a post-economic meltdown world look like?
The image on the Top 10 stock market crashes in history above is proof that there is life after an economic meltdown.
You got this!
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Orlov, Dmitry (2008). Reinventing Collapse: The Soviet Example and American Prospects. New Society Publishers. ISBN 978-0-86571-606-3. https://archive.org/details/reinventingcolla00orlo
Schiff, Peter; Downes, John (2011). Crash Proof 2.0: How to Profit From the Economic Collapse. ISBN 978-1-118-15200-3. https://www.goodreads.com/book/show/6427967-crash-proof-2-0
“‘America will collapse’, RT”. 9 March 2009. Archived from the original on 2021-12-13 – via YouTube https://ghostarchive.org/varchive/NmTBnhOXufg
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