Stock up on canned food for stock market crash, warns former Gordon Brown adviser – ‘what’s coming is 20 times worst than 2008’

Can goods
August 2015 FINANCIALA former adviser to Gordon Brown has urged people to stock up on canned goods and bottled water as stock markets around the world slide. Damian McBride appeared to suggest that the stock market dip could lead to civil disorder or other situations where it would be unreasonable for someone to leave the house. “Advice on the looming crash, No.1: get hard cash in a safe place now; don’t assume banks & cash points will be open, or bank cards will work,” he tweeted. “Crash advice No.2: do you have enough bottled water, tinned goods & other essentials at home to live a month indoors? If not, get shopping.
“Crash advice No.3: agree a rally point with your loved ones in case transport and communication gets cut off; somewhere you can all head to.” Mr. McBride credited his former boss Gordon Brown with preventing a cataclysm by nationalizing the banking system during the 2008 crash. “We were close enough in 2008 (if the bank bailout hadn’t worked),” he said. “And what’s coming is on 20 times that scale.” Financial markets are unstable and periodically suffer crises which can have devastating consequences for the wider economy.
Index, China’s most important stock market index, was down 8.45 per cent, erasing a year’s gains in a day’s trading. The FTSE100 fell 4.5 per cent, hoping £60bn off the price of UK shares, and the Dow Jones in the US fell by over a thousand points in its first minute of trading. Some analysts have suggested that the stock market slide could be the start of a new global financial crisis. Mr McBride’s suggestions about stocking up on canned goods, setting rally points and stocking up on bottled water were ridiculed by some users on Twitter as over the top, however. Mr McBride was special adviser to Gordon Brown and head of communications at the Treasury for a period during the last Labour government. –Independent

Dow plunges more than 1,000 point in early trading

Blood on Wall Street BStocks plunged Monday as the market downturn showed no signs of letting up with the Dow tumbling as much as 1,089 points in the opening minutes of trading. Sharp early losses were pared in later morning trading but stocks were still down substantially. The Standard & Poor’s 500 index plunged as much as 100 points as it dipped into correction territory before cutting its losses to about 50 points, or a drop of 2.5%. The Dow was down about 350 points, or 2.1% and the Nasdaq composite index dropped 100 points, or 2.1% after being down as much as 5% earlier. Market anxiety is on the rise after a big sell-off in China overnight, where the Shanghai composite index shed 8.5%, its biggest one-day decline since 2007 — and Chinese media were dubbing the selloff “Black Monday.” The global stock rout then moved to Europe where major indexes there are off roughly 5%.
“Bad break,” is the way Edward Yardeni, chief investment strategist at Yardeni Research, described the global tumult in stock markets around the globe. “It’s a really cruel summer,” Savita Subramanian, equity and quant strategist at Bank of America Merrill Lynch told clients in a report before the opening bell. “Call it derisking, a flight to quality, a momentum meltdown, or the first signs of a global recession,” but the fact is the past week saw the first pullback of greater than 5% since last October and the worst week since September 2011, she added. –USA Today
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This entry was posted in Age of Decadence, Apathy, Anger, Mistrust, Disillusionment, Austerity, Bank Run, Banking Crisis, Bankruptcy, Boom and Bust Cycles, Currency - Economic warfare, Economic Collapse, Economic Hardship or Loss, Fiat Money Printing Fiasco, Financial Market plunge, Financial market turmoil, Geopolitical Crisis, Greed and Corruption, Hoarding Resources, Infrastructure collapse, Political Corruption, Political turmoil, Resource War, Squandered Resources, Struggle for Survival, Troubled Banks, Unemployment rising, Unsustainable Debt Burden, Widening gap between rich and poor. Bookmark the permalink.

5 Responses to Stock up on canned food for stock market crash, warns former Gordon Brown adviser – ‘what’s coming is 20 times worst than 2008’

  1. Whyte says:

    Geez anything sunny in that forecast, but right on schedule? Hey Alvin finished All Our Days of Splendor inspired me to host this years harvest party as the 20’s since this year was a write off for crops throw on a flapper dress and kick the heels up. Will start the other collection after I finish processing my garden harvest and my horse heals from being struck by lightning.

    • Utopia: the Collapse says:

      Oh that’s wonderful! You’re a fountain of light and inspiration. Sorry to hear about the horse. And thanks for reading.

      All the best,
      A.

  2. Dennis E. says:

    And who is scoffing those those prep/prepare for a rainy day ?
    In the past canning food was considered to be very smart.
    Today, you can be labeled a terrorist by the FBI? I think that was just a troll or fear porn what term some use.
    But for sure, remember operation security… loose lips, sink ships…
    Some who come here will finally pay heed to this warning and will pay three times as much because of the price increase….

    And, it is not a lack of faith to prepare. Then, why do you have a job, life insurance,etc…

  3. Yellow Bird says:

    shopping in a grocery store that is closing out, earlier this week gave me much to ponder while perusing mostly empty shelves…
    ________________________________
    George Chen says at end of trading day overseas today, China closed further Down again for 4th straight day. today Japan also closed at a negative. Bitcoin dropped over 7% too.
    Quartz update emphasizes the Upside, that other asian markets finished at a positive after a lot of volatility thru the day today. India appears to be treating this as a speculative opportunity?
    China govt doing what its famous for: heads are rolling all over the place

    George Chen tweets:
    George Chen ‏@george_chen 4h4 hours ago
    “Suddenly w/ all “good news” tonight – PBOC rate cut, CSRC investigation, police arrests – guess how China market will open tomorrow morning?”

    i will never understand Big Finance
    ____________________
    Silver lining? > at least yesterday the worlds 1% had the great privilege of experiencing a bit of an equalizing effect…
    http://www.scmp.com/news/china/money-wealth/article/1852345/asias-richest-man-loses-us36-billion-chinas-black-monday
    “About US$124 billion was wiped off the collective fortunes of the world’s 400 richest people as the global selloff pushed the Standard & Poor’s 500 Index into its first correction in nearly four years.”
    Biggest losers:
    China’s Wang JianLin, -US$3.6 billion
    US Bill Gates not far behind, -US$3.2 billion
    _____________
    meanwhile schools and public social institutions scramble to keep doors open, as always
    but did these 2 just join the rest of the 99? not hardly
    i really will never understand Money at all

  4. Yellow Bird says:

    8/26 morning in china…
    new George Chen tweets:

    George Chen ‏@george_chen 2h2 hours ago
    “How ironic! Beijing wants to blame everybody for stock market crash – now adding “underground banks” on blame list after “evil foreign forces”

    George Chen ‏@george_chen 2h2 hours ago
    “More local news like this these days: A man jumped at brokerage to commit suicide in Shenyang, local media confirmed ”

    George Chen ‏@george_chen 17m17 minutes ago
    “BREAKING: Chinese stock market diving below 2900 points, down nearly 4% despite Beijing’s rate cut to ease market worries (PBOC, NOW WHAT?)”

    and a link to an article published yesterday in Quartz, for those that understand such discussions
    (the rest of us can look at the plunging graphic and say a collective uh oh)
    http://qz.com/486047/beware-the-emerging-market-currency-bloodbath/

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