Are we in a global recession?

At this time of writing in early March 2024, the stock markets are approaching all-time highs. According to the stock markets, and the political elites, economies are doing well, the labor markets remain strong with low unemployment, and inflation is coming under control.

However, please don’t be charmed by this phoney good news, because phoney is what it is-

• Inflation. Don’t be fooled by the stats you are fed which appear to be manipulated to show an incorrect position. Inflation is not “cooling” now or anytime soon.
• Global food chains remain at near breaking point, which are causing shortages
• Although the financial markets appear to be doing well, their performance is underpinned and skewed by the giant US tech stocks.
• There is a big dis-connect between the markets and the reality on the High Streets. Stores are closing and many small/medium businesses are struggling.
• The access to enough money for people globally remains the biggest stressor. So if you look behind the rosy headlines, and you see the true picture, what can you do? Here are some recommendations-

1. Live within your means. Even better, try and put some spare away in order to build up reserves.
2. Do not incur further debt.
3. Reduce, or if possible, remove current debt.

Faced with a very likely global recession, it is imperative for people to be, and remain, on a secure financial footing.