No matter how strong or weak the economy may be at the moment, there are always speculations that there would be another financial crisis. What scares most speculators and economists is that the next financial crisis will be worse than the last one. If world political and economic issues are anything to go by, then the speculators may be correct. Below are strong points why the speculators may be right.
1. Global unemployment.
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Statistics showed that before the last economic meltdown, unemployment rate in the U.S alone was 4.4%. Right now, it has risen to 4.7% and the rate of employment has decreased than the previous five years. This means that more people would be jobless in the next financial crisis than the last one.
2. Volatility of the markets.
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The already weak markets are being made weaker by the issue of the Brexit as more european countries are also planning on leaving the European Union. Also, a Donald Trump in the white house means nobody knows what the guy can do or not do with his constitutional powers. The future seems bleak and these are already affecting world markets.
3. Failing businesses.
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More business are failing today than ever before. In the U.S, existing businesses are failing faster than new ones for the first time in about thirty years. Small and medium scale businesses are becoming extinct, and even bigger corporations are not left out. These days, even Amazon and Microsoft are cutting costs.
4. Banks are no more safe to put money in.
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Statistics shows that banks are more unstable today than the last financial crisis. Many bank stocks have hit rock bottom and today, only five U.S banks are among the list of the top fifty banks in the world. If the U.S is seen as the economic fulcrum of the world, then this is not good news.
5. Governments are tampering with workers' money.
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In recent years, several governments have been using corporate accounts to bail themselves out of budget deficits and huge debts. Retirement accounts have become more unsafe in the last few years. When the next financial crisis comes, we wonder what will happen to pension, insurance and private funds.
6. The decline of peace.
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The unprecedented rise of terrorism and islamophobia all over the world is wrecking more economic havoc than ever. The violence that has spread all over the world has already displaced over 60 million people, according to the United Nations. With that large number of displaced people, the next economic meltdown would be catastrophic.
The next financial crisis is the reason why you have to secure your future properly. If you have enjoyed this post, please share. Thanks.
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