Australians leave UK to escape credit crunch

Australians leave UK to escape credit crunch

www.telegraph.co.uk

Australian authorities have recorded a 50 per cent increase in the number of their citizens returning down under since last summer. Growing numbers of migrants from Poland, India and Nigeria are also said to be leaving in the hope of easier times and more economic stability back home.

The cost of raising a family is said to have jumped more sharply in the UK than in any other country in the western world. The departures are harming the building industry and businesses in the City in particular, which relies on seasonal workers from other countries, is suffering.

The Australian government said 2,600 people had returned home each month since last June, around 1,000 more per month than the previous five years.

(visit the link for the full news article)

Is anyone else starting to see a little bit of a pattern here on ATS?

I think this is the real true start of the snowball.

We've seen Americans become homeless and live in tents, we've seen oil jump, we've seen the bankers and the governments trying to keep a lid on things..

But now, here on ATS... we get this.. a growing list of threads all related to the same thing..Money

Meltdown;
www.abovetopsecret.com...

Disturbing blog;
www.abovetopsecret.com...

Visa for teens;
www.abovetopsecret.com...

high gas prices;
www.abovetopsecret.com...

Crippled economy;
www.abovetopsecret.com...

3% drop;
www.abovetopsecret.com...

And the list is growing rather rapidly in this last week.. I wonder how many more new reports we'll see on the same subject.

We may very well have just passed the point of no return in the last few days.

Good luck all...


www.telegraph.co.uk
(visit the link for the full news article)

Global economy faces deep slowdown and deflation threat, BIS warns.

The Bank for International Settlements has warned that many in the City and elsewhere may have underestimated the scale of the coming economic downturn in one of its most sombre portraits yet of the international financial system.

The Swiss institution - known as the central bankers' bank - issued the alert in its annual report, released today.

"The difficulties in the sub-prime market were a trigger for, rather than a cause of, all the disruptive events that have followed," it said. "Moreover... the magnitude of the problems yet to be faced could be much greater than many now perceive."

www.telegraph.co.uk.../money/2008/06/30/cnbis130.xml

Taylor Wimpey seeks cash injection as its land bank loses £660m in value.

Taylor Wimpey, the UK's second biggest housebuilder, has confirmed that it is in talks with its largest institutional shareholders for a cash injection to keep the business afloat amid the lowest house sales levels since the 1970s.

The troubled housebuilder said it is in talks with its major shareholders, which include Standard Life, Legal & General, Alliance Bernstein, Toscafund Asset Management, Barclays, Scottish Widows and M&G, to raise the cash in an emergency fund-raising.

In addition, Taylor Wimpey said it has agreed amendments to its banking covenants "in light of current market conditions and to protect aganist risk of further deterioration."

Taylor Wimpey, which has pushed aggressively into the ailing US housing market, also said it has written down the value of its landbank by about £550m in the UK, by £70m in the US and £40m in Spain.

www.telegraph.co.uk.../money/2008/06/30/bcnwimpey130.xml

Barclays warns of a financial storm as Federal Reserve's credibility crumbles.

US central bank accused of unleashing an inflation shock that will rock financial markets, reports Ambrose Evans-Pritchard

Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall "below zero".

"We're in a nasty environment," said Tim Bond, the bank's chief equity strategist. "There is an inflation shock underway. This is going to be very negative for financial assets. We are going into tortoise mood and are retreating into our shell. Investors will do well if they can preserve their wealth."

www.telegraph.co.uk.../money/2008/06/27/cnbarclays127.xml


Can you hear it?... that creaking, groaning noise.. I think it's the foundations slowly breaking up.. Looks like the tower is gonna fall.

buckle up!

The more and more I read about this, and the more and more I educate myself to the intricacies of our financial system, the more amazed I am that the people that run our financial markets have been so greedy and short-termist.

The proverbial is really hitting the fan, it's just a question of how deep the recession goes, and how long it lasts.

reply to post by Smokersroom


I know exactly what you feel. I am shocked at the amount of reports on financial losses and downturns that i have found in just three online news sights.

Some are reporting the same thing, where as others are reporting on stuff that the others haven't touched and I could have posted two more seperate incidences but thought I'd done enough to highlight the point.

The majority of the reports posted here are from the 29th/30th of June.

It really is shocking.

Originally posted by Extralien

Australians leave UK to escape credit crunch

www.telegraph.co.uk

Australian authorities have recorded a 50 per cent increase in the number of their citizens returning down under since last summer. Growing numbers of migrants from Poland, India and Nigeria are also said to be leaving in the hope of easier times and more economic stability back home.

The cost of raising a family is said to have jumped more sharply in the UK than in any other country in the western world. The departures are harming the building industry and businesses in the City in particular, which relies on seasonal workers from other countries, is suffering.

The Australian government said 2,600 people had returned home each month since last June, around 1,000 more per month than the previous five years.

(visit the link for the full news article)

They will only enjoy this escape for a short while. In ten years Australia and New Sealand will be Chinese Financial Property and go with their flow. They will have to rely on their tourism from then on.

[edit on 30-6-2008 by Pjotr]

reply to post by Extralien



You should see the housing standstill in Inverness. They the housing companies brought up huge tracks of land to cash in on massive house prices, started building and are now scrabbling around worried sick because there are no first time buyers at all.

The big houses are slowly getting sold, but the smaller flats and two bedroom houses are taking way way longer than they wanted or expected.

Add to that the amount of small businesses shutting in Inverness, and it seems like the melt down is just around the corner.......

reply to post by Extralien


"I know exactly what you feel. I am shocked at the amount of reports on financial losses and downturns that i have found in just three online news sights.

Some are reporting the same thing, where as others are reporting on stuff that the others haven't touched and I could have posted two more seperate incidences but thought I'd done enough to highlight the point.

The majority of the reports posted here are from the 29th/30th of June.

It really is shocking."

Add to that list all the Iran conflict threads
and you'll soon realize whatever is coming is unfolding
at a rapid pace.........

Of course, Pinktip.

Nobody in their right mind should fail to forget the links with everything else that's going n.

Even the chat and banter that goes on between the world governments, the EU and the UN is all part of it. Things may get reported as to who said what, but if time was taken to connect the dots, or if you're lucky enough to see the full picture, then all becomes far clearer.

I see DimensionalDetective has already posted another thread on such matters. www.abovetopsecret.com...

This list of related threads is growing.


Edit to add;
Global economic crash late July

And this from the Telegraph

Barclays warns of a financial storm as Federal Reserve's credibility crumbles.

US central bank accused of unleashing an inflation shock that will rock financial markets, reports Ambrose Evans-Pritchard

Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall "below zero".

"We're in a nasty environment," said Tim Bond, the bank's chief equity strategist. "There is an inflation shock underway. This is going to be very negative for financial assets. We are going into tortoise mood and are retreating into our shell. Investors will do well if they can preserve their wealth."

www.telegraph.co.uk.../money/2008/06/27/cnbarclays127.xml

[edit on 30-6-2008 by Extralien]

I wonder if there is any post in the survival forum, to bring ATS members together in such a situation, where it all collapses?

Personally, I know there's a couple like-minded people in my area that I'd want to know are nearby when the proverbial is being spewed back at us from said fan....

I don't know, maybe at that point it's every man for himself, and we won't want anything to do with one another, even like-minded when the bad stuff happens.

I couldn't believe it yesterday, I went to the store for shampoo, mouthwash, and a couple needed groceries. Mouthwash, and some food items cost so much more than they did just a couple months ago....

Inflation is already insane. I hope people are buying up extras, if their family can somehow leave them alone to be saved for tough times. I have two living garbage disposals living with me, so am not able to stock any food at all, I'm finding, no matter how much extra I buy.

Seems July is going to be a real interesting month. Just a hunch.

Lost Nemesis you do have a point, perhaps all ATS members should have a way of contacting their nearest ATS members when the s**t hits the fan.

Perhaps we can start up localised ATS groups within the mainframe of ATS.


Wolfie

Well, I live in the South East of England and this is what I've experienced...

Yeah the housing market is slowing down here (parents brought this house 30 years ago), but the labour market is still going strong. We do not spend that much on food shopping, only three of us now. Neither my parents or myself drive, the house does not have gas so the bills are pretty low. We have limited or non-existence debt (my student loans are a separate issue) so the credit crunch has not really effected us that badly.

My parents and I have savings. Plus tied up equity in the house and shares too.

Yes there is a problem but a lot of people are over-reacting just a little bit. A 3% drop on a stock market is nothing compared to a stock market crash of +10% (all exchanges in the World have a built in system to stop trading after -10%), an economic depression is a recession which has lasted over 18 months (recession is two quarters of negative growth) and an economic collapse takes a decade to occur.

This self fulfilling prophecy of wanting an economic collapse in order to say "I told you so" is a bit over dramatic and you would not be cheering on ATS if it happened.

The credit crunch will be nothing compared to when the petrol dollar cycle ends and the US experiences Weimar Republic style hyperinflation.

The West is experiencing what happened to Japan in the Asian finanical crisis. Deflation, not inflation, will be the big problem soon (when you take food and oil out of the equation).

[edit on 30-6-2008 by infinite]

Skynews and ONS have shown house prices have increased by 4% in Canterbury (down to the student market).

Scotland's house market overall is fairly sound too, so it is not all doom and gloom in the United Kingdom. But I do expect a decline of atleast 20% in the housing market, it is in need of a correction.

reply to post by LostNemesis


hi there,

check out the survival forum part of this site , there is a lot of threads regarding the UK and `meet ups `.

snoopyuk