A former advisor to the ex-Prime Minister Gordon Brown has urged people in Britain to stockpile food and water supplies due to the impending September crash that’s about to occur around the world.
Damian McBride Tweeted that people should prepare for financial armageddon – in a crisis that will be far worse than the crash of 2008.
He urged people to withdraw their cash and stash it away in a safe place, and to organise a safe meeting place with loved ones in case communication and transport systems break down.
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Express.co.uk reports:
Mr McBride said that Britain was close to reaching a similar point in 2008 – when he was within the Treasury’s top team – and predicted that a crisis 20 times worse is about to kick in.
Advice on the looming crash, No.1: get hard cash in a safe place now; don’t assume banks & cashpoints will be open, or bank cards will work.
— Damian McBride (@DPMcBride) August 24, 2015
Crash advice No.2: do you have enough bottled water, tinned goods & other essentials at home to live a month indoors? If not, get shopping. — Damian McBride (@DPMcBride) August 24, 2015
Crash advice No.3: agree a rally point with your loved ones in case transport and communication gets cut off; somewhere you can all head to.
— Damian McBride (@DPMcBride) August 24, 2015
It comes amid a day of carnage on the FTSE 100 with the leading index having more than £60billion wiped off its value. The UK’s premier share index continued to sink in afternoon trading to reach as low as 5768.22 – a drop of more than six per cent – and a level not seen since November 2012. The panicked sell-off follows a disastrous day of trading in China where fears over the country’s slowdown and the Government’s ability to handle it have firmly set in. Mr McBride worked for Mr Brown while he was Chancellor and also oversaw his campaign to replace Tony Blair as Prime Minister in 2007. The former special adviser added that financial levers, such as cutting interest rates and Quantitative Easing (QE), which the Government was able to use in 2008, are no longer available – a view that has been echoed by other market critics.
Simply this, @AndrewzCooper – we were close enough in 2008 (if the bank bailout hadn’t worked), and what’s coming is on 20 times that scale. — Damian McBride (@DPMcBride) August 24, 2015
Plus @AndrewzCooper – none of the levers we could pull in 2008 are available now given the economy’s already flooded with cheap money.
— Damian McBride (@DPMcBride) August 24, 2015
Alastair George, chief strategist at Edison Investment Research, said: “By keeping rates so low policymakers took the risk that they would face a crisis without having room to cut rates, and their bluff has been called as markets demand yet another round of QE.
“This is unfortunately where the world has got to by keeping ultra-loose monetary policy in place for far too long after the crisis of 2008, in our view.”
Mr McBride was forced to resign his position in April 2009 after it emerged he and another Labour supporter had discussed spreading made-up rumours about the private lives of Conservative politicians via email.
Alongside fears of a slowdown in Chinese growth and demand, investors are also spooked by fears over elections in Europe’s debt-laden countries Greece, Spain and Portugal.
