I think this is probably right.

I went to Woolworths a couple of days ago, and the shelves were pretty much empty.
For those who don't know, Woolwoths was a British institution on the high street. It was a surprise to know they had gone under, no one really expected that at all.
It was eerie walking through there, and we actually talked about how many more large chains might be in trouble and going the same way and just not mentioning it.

I don't know what the figures are for retail this Christmas, but the way so many shops are slashing prices, it reeks of desperation. As previously healthy retailers now have to compete so dramatically with those really struggling prices are coming down and so is profit. It wouldn't surprise me if the competition is causing more damage than the original crisis itself.

I think a lot of people determined to manage Christmas on a budget, but they're not really seeing any financial hardship just yet, so they're still spending, just not as much.
Come the new year, I think the majority will go back to saving and the retail and leisure industries will suffer the most.

I think by March/April time, we'll see a whole lot of well known companies sinking unfortunately.

Yes, this is about to hit in here pretty soon as well. Everyone is waiting for the christmas revenue boost before they liquidate.

Its really hitting the fan, all the countries that follow the 'western' system are getting a real kick in the pants.

I beg your forgiveness in regards to my lack of economics, but is it even possible to have a "worldwide bankruptcy"? I mean how can everyone be out of money at the same time?

Sincerely,

m.

Originally posted by Manawydan
I beg your forgiveness in regards to my lack of economics, but is it even possible to have a "worldwide bankruptcy"? I mean how can everyone be out of money at the same time?

Sincerely,

m.

I used the same headline as the article, which the source is linked. I did not change it.

Yes, the corporate herd is about to be culled in a big way.

On the retail side, you can look to every catagory and probably reduce the number of competitors by half, at least.

Office Depot, OfficeMax, Staples -- do you honestly see all these three surviving? My prediction is O.D. will bite the dust, leaving OfficeMax and Staples to duke it out.

I think we'll see further attrition in electronics (I wonder about Radioshack's survivability), among chain drug stores (CVS and Rite Aid are the weaker players here), certainly among car dealerships and even among chain grocers as Super Wal-Mart is truly killing the regional players.

Originally posted by Manawydan
I beg your forgiveness in regards to my lack of economics, but is it even possible to have a "worldwide bankruptcy"? I mean how can everyone be out of money at the same time?

Sincerely,

m.

See current events for example.

The Fiat money, deposit guarantee, central banking system that the western world uses has basically flooded the market with money that never existed. This in turn has led to a cascade of bad debts leading to "Western Bankruptcy" which will in turn damage the global economy more than we can really imagine at the moment.
It is kind of leading to a "Global Bankruptcy" but not really.

Corporate bankruptcies,sure there will be plenty.I believe they will pale in comparison to the personal bankruptcies that will be filed next year.Credit card companies are already pulling out all the stops.They have even gone as far as holding mail back to force late payment fees.They want to make all they can before the axe falls.

I don't know about global bankruptcy but I know for sure that the way the holidays has gone in this nation with consumer spending is been already told that many more businesses will be closing their doors and more people will be unemployed right after the holidays.

So at least we know the trend here in the US.

Here in Australia comsumer spending is still high with the Government hending money out to Families and Elderly. However, there are many organisations in deep financial problems and are not disclosing this fact with fear that their share price will drop further. Just recently a mining company here in Australia was unable to pay its suppliers and had to give them shares in exchange.....