Klaus Schwab: “everything is going as planned. Excellent.”
Bloomberg’s Tom Rees reports remarks delivered at a conference hosted in Frankfurt:^1
>Bank of England Deputy Governor Ben Broadbent said UK households have now run down the majority of their pandemic savings, removing a vital crutch propping up the economy.
>He said consumption in the UK has been “relatively weak” because a huge £200 billion ($243 billion) war chest of excess savings built up by households during the pandemic has “dwindled.”
>“Measured correctly, which I think is just to compare those with nominal incomes … much of that is gone,” said Broadbent Thursday at the European Central Bank conference on monetary policy.
I wonder what percentage of the population saved – like, actually _saved_ – £3000 during the covid years. I’d be surprised if it was double digits.
It makes me fucking livid to hear how well people did from the pandemic. It destroyed my life.
I think they’re seriously overestimating the savings people made while redoing their gardens, trying DIY, stockpiling yeast and toilet paper, and having barbecues. If I made any savings, I’m pretty sure they were gone a week after covid.
Why is it so bad for people to have savings? This winds me the fuck up. Average Joe can manage to save a few grand and the whole system starts to go wrong. Rich fucker can have millions in savings but it’s all perfectly fine and causes no problems at all.
I’ve felt like a tinfoil hat guy for the past year or two, but honestly as time goes on it seems like everything has been engineered to take what we managed to save and return it “back to where it belongs”.
When youre paycheck to paycheck. What the fuck is this shit?
No matter what people saved during the pandemic the truth is EVERYTHING is a lot more expensive today, compared with 2019 prices. That fact alone will mitigate any savings people accumulated over the covid years.
The pessimistic side of me thinks the real fallout from the pandemic will be seen for decades to come, financially paying for things like : healthcare and increased commuting costs are something we will all face if we are not already. The NHS was in a bad position pre pandemic- it’s fucked now, and getting steadily worse. We will all be paying for essential medical within years (my family already has had to due to wait times that have spiralled out of control).
That’s just my opinion, I think the less obvious things will massively outweigh any financial uplift people saw through the pandemic, and that coupled with 14 years of a government that has been asleep at the wheel (or helping themselves to the public kitty) has left the UK in an extremely poor position.
Let’s see how well off we all feel in 3-5 yrs when interest rates are 7-10% and people are in big financial trouble.
What savings? 3.8Million Self Employed are still waiting for £0.01 of financial support.
Savings? What’s that then?
I worked throughout the entirety of the pandemic. Not even from home. Didn’t get so much as a thanks.
Never mind. Glad others did well.
EVERYTHING JUST DON’T TAX RICH WHO MADE BILIONS BECAUSE OF PANDEMIC
​
The law give the privilege of greedy investors to have the right to get more rich, via price increases, inflation, and more, as the growth of wealth is more important that having enough funds where it’s actually needed to help people life
​
But that’s the law! <- exactly what every pro slave, pro woman NOT working and NOT voting, said when slavery and no right for woman was completely LEGAL!
​
Nothing will change as long as investors are in charge:
​
shareholders who have the privilege to get rich the more comanies work hard = increase company growth = increase company value on stock marketing = increase profit of shareholders because you worked hard and did have ownership right of the profit you generated LIKE A SLAVE OWNER VS SLAVE;
​
Banks You can’t afford a house like people could 100 years ago before bilioners existed? well no worries, all you need to do is sign here that you will work for decades to pay me as much as I say! Oh and DON’T DARE INCONVENIENCE ME, or else you need to pay INTEREST!!! Actually, you know what, you bothered me, now work hours just to give me free money as you sign the contract that you will pay me interest!! You don’t like? don’t worry, the government make sure it’s illegal to sleep in cars, tens are not accepted, homeless are hunted like criminals, so you will come back as you have no options
​
Landlords? Pay the RENT!!! How else can I pay the bills if you don give me your money, or what, do you want to pay the bills yourself? ok, than pay the rend without bills included… what do you mean why??!!! I own this house, and you rent it because there is NO WHERE ELSE YOU CAN LIVE, so of course you finance me to live off your hard working money, that I also use to pay the bank loan, so that I, the Landlord, will be the owners of the house you live in, and worked for years to pay the rent to live in!! Because this is the privilage of people who own the working class!
What pandemic savings? We earned less, everything cost more, when were we supposed to save money?
12 comments
Klaus Schwab: “everything is going as planned. Excellent.”
Bloomberg’s Tom Rees reports remarks delivered at a conference hosted in Frankfurt:^1
>Bank of England Deputy Governor Ben Broadbent said UK households have now run down the majority of their pandemic savings, removing a vital crutch propping up the economy.
>He said consumption in the UK has been “relatively weak” because a huge £200 billion ($243 billion) war chest of excess savings built up by households during the pandemic has “dwindled.”
>“Measured correctly, which I think is just to compare those with nominal incomes … much of that is gone,” said Broadbent Thursday at the European Central Bank conference on monetary policy.
^1 https://www.bnnbloomberg.ca/uk-households-probably-have-run-down-pandemic-savings-boe-says-1.1980670
£200bn = £3000 per head.
I wonder what percentage of the population saved – like, actually _saved_ – £3000 during the covid years. I’d be surprised if it was double digits.
It makes me fucking livid to hear how well people did from the pandemic. It destroyed my life.
I think they’re seriously overestimating the savings people made while redoing their gardens, trying DIY, stockpiling yeast and toilet paper, and having barbecues. If I made any savings, I’m pretty sure they were gone a week after covid.
Why is it so bad for people to have savings? This winds me the fuck up. Average Joe can manage to save a few grand and the whole system starts to go wrong. Rich fucker can have millions in savings but it’s all perfectly fine and causes no problems at all.
I’ve felt like a tinfoil hat guy for the past year or two, but honestly as time goes on it seems like everything has been engineered to take what we managed to save and return it “back to where it belongs”.
When youre paycheck to paycheck. What the fuck is this shit?
No matter what people saved during the pandemic the truth is EVERYTHING is a lot more expensive today, compared with 2019 prices. That fact alone will mitigate any savings people accumulated over the covid years.
The pessimistic side of me thinks the real fallout from the pandemic will be seen for decades to come, financially paying for things like : healthcare and increased commuting costs are something we will all face if we are not already. The NHS was in a bad position pre pandemic- it’s fucked now, and getting steadily worse. We will all be paying for essential medical within years (my family already has had to due to wait times that have spiralled out of control).
That’s just my opinion, I think the less obvious things will massively outweigh any financial uplift people saw through the pandemic, and that coupled with 14 years of a government that has been asleep at the wheel (or helping themselves to the public kitty) has left the UK in an extremely poor position.
Let’s see how well off we all feel in 3-5 yrs when interest rates are 7-10% and people are in big financial trouble.
What savings? 3.8Million Self Employed are still waiting for £0.01 of financial support.
Savings? What’s that then?
I worked throughout the entirety of the pandemic. Not even from home. Didn’t get so much as a thanks.
Never mind. Glad others did well.
EVERYTHING JUST DON’T TAX RICH WHO MADE BILIONS BECAUSE OF PANDEMIC
​
The law give the privilege of greedy investors to have the right to get more rich, via price increases, inflation, and more, as the growth of wealth is more important that having enough funds where it’s actually needed to help people life
​
But that’s the law! <- exactly what every pro slave, pro woman NOT working and NOT voting, said when slavery and no right for woman was completely LEGAL!
​
Nothing will change as long as investors are in charge:
​
shareholders who have the privilege to get rich the more comanies work hard = increase company growth = increase company value on stock marketing = increase profit of shareholders because you worked hard and did have ownership right of the profit you generated LIKE A SLAVE OWNER VS SLAVE;
​
Banks You can’t afford a house like people could 100 years ago before bilioners existed? well no worries, all you need to do is sign here that you will work for decades to pay me as much as I say! Oh and DON’T DARE INCONVENIENCE ME, or else you need to pay INTEREST!!! Actually, you know what, you bothered me, now work hours just to give me free money as you sign the contract that you will pay me interest!! You don’t like? don’t worry, the government make sure it’s illegal to sleep in cars, tens are not accepted, homeless are hunted like criminals, so you will come back as you have no options
​
Landlords? Pay the RENT!!! How else can I pay the bills if you don give me your money, or what, do you want to pay the bills yourself? ok, than pay the rend without bills included… what do you mean why??!!! I own this house, and you rent it because there is NO WHERE ELSE YOU CAN LIVE, so of course you finance me to live off your hard working money, that I also use to pay the bank loan, so that I, the Landlord, will be the owners of the house you live in, and worked for years to pay the rent to live in!! Because this is the privilage of people who own the working class!
What pandemic savings? We earned less, everything cost more, when were we supposed to save money?