You see. It happened that I lived in Europe when the last financial crisis came. Due to my work and interests, I worked in a few other countries before moving to Australia.
At that time, I didn't have enough money after university to invest in shares, but I've seen what impact it had on finances and the economy. My friends in Ireland, where I lived and worked for a couple of days, almost lost everything over a short period.Properties went down 50%, and due to what we call FOMO majority of people had at least 2.
The recent market was ready for a big pull out without the virus. It was hard even to assess what price we should pay for shares. Massively overpriced, investors, including myself, started investing in speculative stock as there was nothing left to invest in. We have lived in a big bubble since 2009. Whatever you invested, you would make money, maybe almost everything.
Australia, to my understanding, didn't have a significant financial crisis since 1973, even 2009 did not affect Australia to extend what we faced in Europe or people in America. What I worry that this time if this virus is not contained quickly enough, Australia may face the first, significant recession. The firs perks to disappear are tax rebate and superannuation tax-free cap.
Hope it won't happen
It is terrifying that there are so many subjects in school, but the basic economy is not one of them
