Hitting Rock Bottom
I suppose this is a similar scenario to what we experience in Crypto when social media is buzzing we are near the end of the Bull Cycle and should be looking to get out into safe havens before the downside happens.
You don't have to look very far to find doom and gloom reports everywhere which kind of tells us we are in for a rough ride at some point. How long or when will the recession hit is what I am wondering as things are bad already over here.
I have noticed certain signals lately with one being the slow down in sales via the biggest online retailer in Southern Africa. One of our contacts in the UK selling similar items through Amazon is sitting on over 6 months of inventory as sales tapered off towards March and have not recovered since.
Business has generally been very poor for some time and has been similar to resessions experienced in the past yet apparently we are still heading into one. This is a concern as things have been more of a struggle of late and know how many are struggling already at their financial limits.
Sad to see as this is a family who will lose everything and will be the first of many.
I noticed this week local advertising for a liquidation property auction happening next week and this is not normal. We often see auction advertising for properties but this is the first liquidation one I have ever seen with residential property. I took a look at their website today and there are 8 liquidation auctions this month all in close proximity to where I stay. This is not healthy and a definite sign the economy is already in a recession.
I have decided to sell my car and have viewings this weekend lined up as I don't use it these days and is a waste of insurance payments each month. I think everyone is looking at battening down the hatches getting ready for the storm we are about to face.
When you think about it us on Hive are in not such a bad position when the proverbial hits the fan. We have crypto and I think crypto could actually weather the storm quite well and if it doesn't can just buy cheaper with the pennies and cents we still have hidden away. Scary to think I still haven't drawn a salary or taken a payment from my business since February 2020 and it kind of owes me a small fortune if and when it pays. It will pay up when the time is right whether I am here or in another country as that is how it has to be.
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