The 2022-23 Economic Crisis Megathread

[Tamas]

Hungary is really having it bad, according to most pundits largely because of politics as the EU withholding money is leaving the state budget in an especially precarious position.

Despite yanking up base interest rate to 11%, the national currency is at record low levels against the Euro (which itself is a bit sickly against the dollar), and August's inflation came in at a whooping 15.6% with the inflation of some basic foodstuffs between 45-65%.

[Zanza]

Does it hurt Orban? If so, that's a welcome development.

[Tamas]

Does it hurt Orban? If so, that's a welcome development.

In theory it does, but like all dicators he'll make damn sure he avoids that hurt no matter the cost to others. In other words I think the country is guaranteed to descend at least Turkey level troubles, and on the long run it'll resemble Venezuela.

[Syt]

On the plus side, I will get a one time payment for increasing inflation (EUR 250), and a one time payment for increasing energy prices (EUR 250 from the government).

(I'm not eligible for the EUR 120 energy bill voucher, because my salary is too high )

So this law was to apply to "all Persons who have their legal main residence in Austria for at least 6 months before [some date]."

The ÖVP is now pushing to amend the law to exclude all asylum seekers to avoid creating additional "pull factors" for economic refugees.

[Josquius]

On the plus side, I will get a one time payment for increasing inflation (EUR 250), and a one time payment for increasing energy prices (EUR 250 from the government).

(I'm not eligible for the EUR 120 energy bill voucher, because my salary is too high )

So this law was to apply to "all Persons who have their legal main residence in Austria for at least 6 months before [some date]."

The ÖVP is now pushing to amend the law to exclude all asylum seekers to avoid creating additional "pull factors" for economic refugees.

Pff.
Because of course I'm going to go on  a dangerous trek across the world for 120 euros.

[Syt]

500, not 120. But yeah.

[Zanza]

[Tamas]

Bank of England so shocked by Queen's death they are delaying their interest rate decision from next Thursday to the Thursday after.

I mean, what's the rush.

[DGuller]

So the UK strategy for winter is to make cash an attractive alternative for generating heat?

[PJL]

So the UK strategy for winter is to make cash an attractive alternative for generating heat?

One way would have been to make any notes with the Queen on it cease to be legal tender by the end of this month. That way, any spare notes left over can be used to light fires etc.  . Unfortunately we now have those polymer cash notes, so I don't think those burn as easily.

[Tamas]

So this week's data showed that US inflation stopped decreasing and in fact creeped up 0.1% month-on-month which might have finally made it sink in for the stock market that the Fed is not going to return to money-printing party times anytime soon. Especially as other recent data seemed to show that recession may be coming but its not here yet.

In the UK, however, we had the slight inflation decrease the US had the month previous.

Also, retail sales volumes plummeted by 1.6% month-on-month in the UK. This may prove Sheilbh right in the sense that the Bank of England won't have to raise interest rates too high, demand will collapse on its own together with the British economy.

I need to figure out how this recession is likely going to affect UK property prices.

[Tamas]

Funnily enough, the terrible UK retail sales data is making the FTSE the only European stock market in the green this morning.

[Richard Hakluyt]

It has been quite the safe haven for the past year or so, at least for people using sterling 

[Tamas]

It has been quite the safe haven for the past year or so, at least for people using sterling 

The one good move I made this year was selling half of my stocks in my account back around the start of the year and then (albeit quite too late, could have been much better) converting those pounds into dollars (via a money market fund you get access to there). The stocks I kept on have been absolutely massacred but at least the paper-gains on my dollahs' are easing the pain.

[Maladict]

My energy provider is going to triple gas and electricity rates in October, after doubling them in April. I'm not up for renewal until January, any chance the war is over by then?