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[SOURCE](https://www.thestreet.com/.image/ar_1:1%2Cc_fill%2Ccs_srgb%2Cq_auto:good%2Cw_1200/MTg4MjUwOTkxOTUzNDU0NTMy/new-recession.png)</center>

>A recession is usually considered to be at least two consecutive quarters of economic contraction – or 'negative growth' – in Gross Domestic Product (GDP).
[SOURCE](https://www.google.com/url?sa=t&source=web&rct=j&url=https://blog.ons.gov.uk/2022/11/11/uncertainty-and-the-r-word-what-exactly-is-a-recession/amp/&ved=2ahUKEwjTwum-kPr8AhVZQkEAHaK1B_4QFnoECBEQBQ&usg=AOvVaw1-CSeTkHzqsmXG87BCZNMV)

A recession is a period of economic decline characterized by declining gross domestic product (GDP), increasing unemployment, and declining consumer spending. There are several factors that can contribute to a recession, so lets getnout our "recession BINGO" cards and you can cross these off your country's financial status as i call them out....

<center>![Screenshot_20230203_191907_Chrome.jpg](https://images.hive.blog/DQmZyzgFCrJnxYJ2iz2Pe6axPF2Sm5Yz6zbthmcDjhLtRvs/Screenshot_20230203_191907_Chrome.jpg)
[SOURCE](https://images.news18.com/ibnlive/uploads/2022/07/shutterstock_recession-gfx-1689740182-16588848904x3.png)</center>

+ **Monetary policy:** Central banks play a crucial role in controlling inflation and keeping the economy stable. If they raise interest rates too quickly or too much, they can slow down economic activity and lead to a recession.

+ **Government spending:** Tightening of government spending, both at the local council and nationwide level, can have a significant impact on the economy. If government spending decreases, it can reduce consumer spending and lead to a recession.

+ **Inequality:** A widening gap between the rich and the poor can lead to a recession. When the majority of the population is unable to afford basic goods and services, consumer spending decreases and the economy can contract.

+ **Global economic conditions:** The global economy is interconnected, and events in one part of the world can affect economies in other parts of the world. For example, a recession in the United Kingdom can lead to decreased demand for goods from Europe, which in turn can have a snowball effect and lead to a recession.

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[SOURCE](https://img.republicworld.com/republic-prod/stories/promolarge/xhdpi/jla0upquq4v9cn4w_1670847419.jpeg)</center>

If a recession leads to a significant decline in consumer spending, it can cause a country's currency value to collapse. When consumer spending decreases, businesses suffer and may start to lay off workers, leading to increased unemployment. As unemployment increases, consumer spending decreases even further, and the cycle continues.

A currency collapse can occur when the value of a currency drops dramatically and quickly. This can happen when there is a sudden loss of confidence in a currency, such as when a country experiences high inflation, a banking crisis, or a sharp decline in economic growth. When a currency's value decreases, it can become more difficult for a country to pay its debts, leading to a lack of confidence in the government's ability to manage its finances.

In addition to a decrease in consumer spending, a currency collapse can also be caused by a loss of confidence in the government's ability to repay its debts. When a government is unable to repay its debts, it can lead to a decrease in the value of its currency, as investors and creditors become concerned about the government's ability to repay its debts.

<center>![Screenshot_20230203_215233_Chrome.jpg](https://images.hive.blog/DQmXXrYcsdPbqm7dLTNQUu16Q9pboHFA5p6obrLvtyihrob/Screenshot_20230203_215233_Chrome.jpg)
[SOURCE](https://www.telegraph.co.uk/content/dam/money/2021/09/09/A-pound-coin-with-arrows-down_trans_NvBQzQNjv4BqNUHzxaamNmHDqK-YksWRz2o-yMLyYquKCawpyDOW254.jpg?imwidth=350)</center>

In summary...... The UK is pretty much screwed!! The Bank of England(BOE) raised rates again yesterday to their highest level in 14yrs, public spending still remains optimistically high, inflation "officially" tops 10% and our economy has shrunk for 2 consecutive quaters. Categorically putting us in a recession we might now have to live with for the next few year.

<center>![Screenshot_20230203_215704_Chrome.jpg](https://images.hive.blog/DQmTy3xtrmVVA8Zc9NUGMcuK9wj9g4xbWuReowW76rLyy6S/Screenshot_20230203_215704_Chrome.jpg)
[SOURCE ](https://st3.depositphotos.com/15907072/35343/i/600/depositphotos_353430466-stock-photo-gold-bar-background-growth-chart.jpg)</center>

A recession and a currency collapse are closely linked, with a recession often leading to a currency collapse. The factors that contribute to a recession, such as monetary policy, government spending, inequality, and global economic conditions, can all lead to a decrease in consumer spending and a loss of confidence in a currency. The result can be a vicious cycle of declining economic activity, increasing unemployment, and a collapse in the value of a country's currency. Which is why having some preciois metals on hand to see you through cannot be overlooked. If the UKs currency continues to devalue and basically becomes as good as toilet paper, gold and silver will still have value because other country's will still value them for their intrinsic properties and historical importance.

So.... ummmm.... yeah!! Buy the shiny stuff before its too late. But on a positive note, youll never run out of toilet paper.

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40+yr old, trying to shift a few pounds and sharing his efforsts on the blockchain. Come find me on [STRAVA](https://www.strava.com/athletes/20624817) or actifit, and we can keep each other motivated .

<center>![Screenshot_20211227-214606_Chrome.jpg](https://images.hive.blog/DQmXnu9NewJF9z3ZE8EtJBnLf4EYh9pvphNMdQffAp9zBHf/Screenshot_20211227-214606_Chrome.jpg)</center>

Proud member of #teamuk. Teamuk is a tag for all UK residents, ex-pats or anyone currently staying here to use and get a daily upvote from the community. While the community actively encourages users of the platform to post and use the tag, remember that it is for UK members only.

Come join the community over on the discord channel- [HERE](https://discord.gg/D2zBEV4R)

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