Many People Ask Me What Do I Think Is Going To Happen With the Global Credit Crisis?

Many people ask me what do I think is going to happen with the Global Credit Crisis?

My response has been its far worse than the media and Governments realise.

 

I’ve been stating for over 6mths the world is heading towards a severe recession and even bet it will head into a depression.

 

Many people even many successful intelligent people were surprised by my comments and didn’t quite see why I’d think that.

 

No one knows for sure what will happen but each month since I made my predictions everything I suggested would happen is.

 

It’s almost like many people including Governments around the world and in Australia have been hopelessly optimistic, and almost in denial thinking somehow it would be a small downturn and then a recovery in later 2009.

 

I’ve watched in dismay as I see how foolish these people have been and now how surprised they are, as things start to get worse and they slowly start to figure out.

 

“Houston we have a problem”

 

I mean the Australian politicians are still trying to argue we aren’t in a recession and we may avoid a recession.

 

When we are definitely in a recession, and will do well to avoid a depression, as majority of the world economy do go into depression.

 

Just last week whilst in America leading economists admitted the US is now a 30% chance of going into a depression.

 

These comments would have been scoffed at 6 mths ago just like many people scoffed at my view.

 

Some people ask what the difference between a recession and a depression is.

 

The best answer I heard is a recession is when your neighbour loses his job and a depression is when you lose your job.

 

Seriously the exact definitions vary.

 

What people must understand is Governments don’t wish to cause panic and thus don’t tell people how bad it is, and how bad it will be, and also often they aren’t smart enough to know.

 

What should you do?

 

I’d suggest financial intelligence is, you should slash unnecessary spending and built up your savings. Eliminate and any bad debt or excessive debt.

 

Go to work on improving your job related skills and financial education to be prepared to take advantage of opportunity.

 

Actually a severe recession or depression has been the catalyst for many to create a lot of wealth.

 

Innovate if you’re a business owner and cut overheads early and hard and fast

 

I know it’s not a fun thing to do but if companies don’t they won’t be around and thus all staff will lose their jobs so it’s best to shed some to save the rest.

 

And remember we don’t want to ignore the reality of the world economy.

 

We want to acknowledge it and then focus on how to I create abundance amongst the world recession, as there is still a massive amount of wealth around.

 

Wealth is never lost in a financial crisis but merely transferred.

 

The financially educated and the ones who can see into the future even 6 mths into the future can be better prepared than those who are on the Titanic while its sinking. They still don’t realise there is a serious problem because the authorities don’t wish to create a panic and they should have already got off into a lifeboat before it’s to late.

 

The above advice conflicts with what Governments want us to do. They want us to spend not save to boost the economy. In fact they will borrow billions and throw the money at us to get us to spend. And it’s this paradox that explains why we are in this mess in the first place.

 

Growth at all costs, especially by easy credit and over leveraging and spending more then you earn to boost the economy is why the growth in the past hasn’t been sustainable.

 

My advice is to see what’s going to happen and act now.

 

I’ll be covering more at the 21st Century 4 day seminars so get yourself to one.

 

If you’re already a 21st Century Member you can attend as many times as you wish for free.

 

if your not a Member then become one now and get prepared for the great financial challenges ahead and learn how to not only survive but thrive in the Global Credit Crisis Visit www.21stCenturyacademy.com

 

Regards Jamie McIntyre

CEO 21st Century Education

 

To view my blog visit www.jamiemcintyre.com

 

For a copy of my best Selling Book and DVD for free visit www.21stcenturyacademy.com

 

To visit any of the 21st Century Group of Companies go to www.21stcenturyeducation.com.au