Covid 19 will spell disaster for many families.
Apart from the distress that the many deaths are causing, others will lose their jobs, their means of making a living.
The thousands that have been furloughed must be waiting anxiously in case the temporary situation becomes more permanent. Unemployment will be back big time, this will be a massive blow for younger people used to full employment.
New graduates will find it increasingly difficult to get that first vital job to get them into the job market.
Houses, cars, TVs and other property will be repossessed by finance companies.
Those families, the jobs, that property will be gone forever, never to be replaced.
Lives will be destroyed.
The sources of low-cost credit are already disappearing.
We are potentially moving into a time for preserving equity and debt will be increasingly difficult to obtain as finance houses tighten the reins.
Then there is the massive government debt that is being incurred as a result of the funds released to support the populations of the world and tax income dries up.
Inflation will return as government debt is monetised.
Confusion, terror and pain will ensue.
Photo by Callum Skelton on Unsplash
Thousands of small businesses, shops, restaurants, taxis and airlines can only survive if they are always full or turning over product.
Most manufacturers no longer hold anything more than a small buffer stock of raw materials, relying on just-in-time delivery of supplies and raw materials to keep production going. These supply chains will be damaged perhaps forever.
Consequently, inflation may take over. The prices of many goods and services will rise.
Things that we took for granted before will become a luxury.
The economic carnage will be eye-watering.
The virus will change the way we live profoundly, forever.
The legacy of this virus will be with us for a long time to come but it will take years before we can fully determine its true impact.
Change will be the norm for all of us.
Like it or not.
The irreversible situation
Borders are being reinforced across the world to limit the spread of the disease.
The EEC president Christine Lagarde warned that the “eurozone economy could shrink 12pc after worst contraction ever.”
“…. International Airlines Group the owner of British Airways announced its worst quarterly loss stating that 12,000 staff out of a total of 42,000 could face redundancy…..”
BA expects to lose up to a quarter of their pilots.
“Relying on a state-funded furlough scheme was not a viable option when combatting demand that will take years return.”
This may only be the beginning and the crisis is hitting every airline in the world.
The consequences will mean a poorer world.
In Moscow, Mayor Sergei Sobyanin confirmed that passes would be issued to control movement.
Oil prices have plummeted but we can be sure they will rise once again if for no other reason that the government will increase the tax take.
It may seem mercenary and crass to even be suggesting an alternative approach under current circumstances, but this situation, this time, might be just the opportunity some may need to create a new future for themselves.
It is increasingly important that we make every effort to safeguard the future of ourselves and our families. We must plan for the future.
What better way to do this than to ensure that we have our own secured income.
Many will have no idea how they can do this. You may lack the confidence to take bold steps yourself, however with assistance and the right guidance you can make this an opportunity.
An opportunity to rely on your self and your own efforts.
There is no better way than by setting up your own business. The right person to guide you in this effort is John Thornhill.