What recession happened 300 years ago?

The Bank of England made reference to us being in the worst recession in 300 years. What's this recession and how bad was it 300 years ago?

Is it even relevant anymore?

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Video Transcription:

Hey guys, what does 300 worst of recession 300 years mean to you, that's what we are going to cover.

So if you've got any questions anything at all make sure you subscribe, make sure you write the questions any comments down in the notes and I'll be sure to get back to you.

Basically so let's talk about 300 years so basically the recession we are currently in elderly women now initially July 1 will announcement no doubt. It will be or is likely to rival the recession that we had 300 years ago. If you look at the chart here you'll see but there's been nothing like this in the past 300 years, not since 1706 and 1709. 1706 was effectively Wars and famine and then 1709 was the great freeze. Well, basically and they're not sure exactly what caused that recession or what was so cold over that winter what they think was there was a number of volcanoes put dust in the air which cooled things down. And it was also the sun's activity wasn't as much in that year as normal. And so those things combined they think caused massive freezing. And what happened was and then lasted two years there was Wars going on okay so you had Sweden invading Russia which sees that we are now but that back then that's what's actually happened. They end up losing actually that was the start if you like the Russian empire you know the greatness and all that sorts of stuff.

You've had Britain and France fighting as well in the Wars of succession so there is a lot going on. The most important thing was that because this freeze it ruined the supply chains. Now if you think back to then, but what was interesting is it wasn't much international trade you know come from countries are still established themselves the bottom line is if all of the food falls out then there's famine and that's what actually happened. And that caused the economy to grind a lot there was three months of where effectively though having affairs and they were skiing on on ice on the Thames so if you go to London the Thames river it was frozen over. I don't know about you guys but it's thoughts on that for a long long time and a lot of people said won't happen again because they've now dredged it out and it was very shallow before in parts.

The bottom line is that was the precursor that's 300 years and that's an amazing thing to have to go back that far and we're experiencing and in the middle of it in our lifetime. So you know it's something that I guess we'll be able to tell our kids about you know not something that we necessarily wanted to do. But the reality is we haven't really got into it for a large degree yet because there's been so much government funding in terms of the sea bills, bounced back loans schemes and the payment holidays and all these sorts of things, the government is doing furloughing hasn't really got into it. We've still got to and July 1 will be the start of it the start of the real negativity from the media which you've got to guard yourself against and really you know the weaning off the furloughing all the way through to the start of November.

That's really where I mean anyone who says they know what's gonna happen and tells you they know and reverts back to data and all that is full of BS I'm not going to say it.

Basically nobody knows what's really ever happened because if you think about it if we want to go anywhere near what it was like about 300 years records weren't that. Britain was still you know Great Britain it was the ruler of the world it was you know what the US is.

And actually you know so there's just no comparison and there is no comparison economically so you know the bottom line is the good thing is is that there is a plan, there is a strategy, it is a good one. But the more they dumped in now the more that's going to be paid out of the back end. So whether this is a come out that then is very small for the next you know five years ten years I mean Britain or UK just comes through ten years of austerity so you know whether we keep going staying in austerity or not we'll see.

But the reality is nobody knows and don't let them tell you that they do okay don't let some feed you or full of crap and the media will come out with all sorts of stuff you know what you have to do right now is work out how this affects you, how it's likely to affect you and then work on getting your finances in order ASAP yeah to make sure you can survive what will be at least the next six months okay of recession and it potentially next 18 months and it could be the only things that go wrong and if the government doesn't do what you should do.

All right so anyway that's really going to be the focus down but guys any questions you've got, you know put them in the comments and make sure you subscribe and which have real soon and stay safe stay healthy and yeah let's get on to the recovery belt as soon as possible bye.

Brett Alegre-Wood
June 5, 2020

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