To me the GFC was a result of a number of issues not just the subprime crisis , I also found it interesting how oil prices spiked to over $120 a barrel just prior , a similar situation happened with the great depression but it was from Peak Coal being the problem back then https://ourfiniteworld.com/2017/12/...e-1930s-was-an-energy-crisis/comment-page-21/
"Paying off debts is not going to help you preserve the value of your money, the AUD is down around 70c/USD right now and that is a 30% devaluation against the USD in the past few years."
Disagree all4one
Agree with you Menta , best to pay down debt if you can , also look at other effects from a recessionary environment as a above is a good idea , ie if a recession occurs electricity prices are likely to increase reason is there will be reduced consumption from fewer customers which is going to mean the fixed costs will increase per customer, therefore probably a good idea to recession proof oneself via insulation , low consumption appliances and lights and or solar .
Prior to the great depression near us a hard working farm worker saved his money and towards the end of the depression bought his bosses farm for a pittance , farm is still in the families name and is a dynasty , there can be some great opportunities available in a depression for those with a little cash .
