Amid political turmoil and higher borrowing cost, Italy’s economy officially fell into recession at the end of 2018. Most economists are also saying that during the next global depression, governments won’t be able to save anyone.
Rendered useless, the pressure is on the government in Italy to “fix” a recession caused by the government. The private sector never causes recessions and depressions, however, governments and their policies are responsible for both. Italy’s output shrank 0.2 percent in the three months through December, following a 0.1 percent decline in the previous quarter, statistics agency Istat said Thursday.
While the recession may prove short-lived, the latest bad news is likely to test market confidence in the government’s expansive program for 2019, reported Bloomberg. “The growth forecasts on which the budget was based have already been blown out of the water and euro-zone growth continues to weaken,” said James Athey, a portfolio manager at Aberdeen Standard Investments in London. “Italy is going to have to face up to some real problems.”
This was a foreseeable event, as Italy’s economy has been stumbling in recent years. Many didn’t want to see the signs, or perhaps they chose to ignore them. Because the government will be rendered completely useless and incompetent during the next major financial crisis, it’s important to learn to rely on yourself.
Now is a good time to prepare yourself and your family for a future recession in the United States. The gravy train will not last forever and when the everything bubble finally bursts, you’ll want to ensure you turn a catastrophe into an inconvenience. There are many resources out there to help anyone who is struggling with where or how to begin to prepare their personal finances for such an event. Look for a financial coach in your area who could help guide you through getting out of debt and saving money.
Another great resource is the Prepper’s Blueprint, a book that will detail the steps needed to prepare for any disaster including a financial one.
“If we have learned one thing studying the history of disasters, it is this: those who are prepared have a better chance at survival than those who are not.” –Tess Pennington, The Prepper’s Blueprint
Since when are recessions so horrifying? Only thing I can figure is the state of things isn’t as claimed and going into one can yank us even farther down to an actual depression because all this recession fear mongering is orherwise ridiculous.
Italy is just the tip of the EU iceberg, now that the UK has broken off in all but a final partition. Which country is the “Third King” of Revelation ???
After the EU unravels it will reassemble itself under a New Constitution and grow stronger as predicted, as the USA retreats from the world stage. 🙂
Well I head back to work tonight for 12 hours in this bitterly cold weather.
People need to understand something. There are issues right now especially in the Midwest with shortages of gas. My particular power plant switched over to fuel oil last night. The majority of new power plants are not duel fuel. They can only burn natural gas. We are really setting ourselves up for blackouts in the winter by closing all the coal plants. Environmentalist have gone to far.
I’m just putting out this warning to all. It probably won’t amount to much this time. We were close to rolling blackouts for years ago during the first so called polar vortex. The savior this time is the short duration of this cold spell. Which hey its winter. This is not special. It gets cold every winter.
I believe the earth is now getting cooler. Just my belief. So regarding power we should keep the coal stations running. Otherwise all your eggs are in one basket. Winter is the problem not summer. In winter homeowners have priority for gas because many use it to heat there homes. Some gas power plants cannot get gas at any cost for that reason. Either keep coal plants running or hurry up and build a lot of new gas pipeline so there is a way for power stations and homeowners to get it. I say keep coal and gas.
” Never put all your eggs in one basket “
Italy is doing a good job of dealing with invaders. That is the most pressing issue, not some contrived recession.
“Environmentalist have gone to far”,
Not really, you, people on this site, and
I are still alive.
The goal of all good Environmentalists
is to destroy modern society.