This is a short video from The Economic Ninja that most people should watch. He explains how quickly a company can close their doors due to tightening credit markets.
He’s been warning for many, many months there is a coming unemployment disaster this autumn as credit for companies dries up. Whether it is credit cards for individuals or credit for corporations, the credit market is changing rapidly. Many people are susceptible to this kind of job loss and they have no idea.
All of us should be thinking about how we would pivot if our income was impacted this fall by the highly likely impending credit crisis. We should also be thinking ahead in terms of other ways this might impact us even if we don’t suffer direct job loss. Everything is interconnected.