Oh No, It Just Got Really Serious...the U.S. vs the World Economy
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 19 February 2024
⏱️ 30 minutes
🧾️ Download transcript
Summary
Join Ken and Danille as they talk about the contrasts in global economic stability, highlighting the U.S. economy's consistent performance versus the rest of the world. They will also discuss the economic downturns in nations like China, Germany, and Japan and what it means for you and your finances.
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Visit Ken's Bookstore: https://kenmcelroy.com/books
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast. |
| 0:02.8 | Let's get right into this episode. |
| 0:04.9 | Welcome to the Ken McRoye show. |
| 0:06.5 | I'm your host, Daniel, here with Ken. |
| 0:08.4 | What's up, guys? |
| 0:09.3 | So the world is falling into a recession, and the question everyone is asking is, are we next? |
| 0:16.3 | So, Ken, do you think we're entering another 2008-style global financial crisis? |
| 0:21.6 | Well, it certainly looks that way. |
| 0:23.2 | I'll tell you, like, I remember hearing this as a kid, when the U.S. sneezes, the world catches a cold. |
| 0:31.1 | And I think that kind of sums up, you know, there's a lot of reasons, obviously. |
| 0:36.6 | And I think we got to first kind of define, you know, there's a lot of reasons, obviously. And I think we got to first kind of define, |
| 0:40.1 | you know, what a recession is, but then how's it just going to impact people? What does it |
| 0:45.0 | really mean, right? Because everybody talks about it, talks about it. You know, what it, what it is, |
| 0:50.5 | it's an economic decline, period. And what it, the technical term is that GDP falls, I think it's two consecutive quarters. |
| 0:59.0 | I believe that's what it is. |
| 1:00.0 | So it's been propped up. |
| 1:01.0 | So all that means for us is that paying bills is going to be harder. |
| 1:07.0 | Profits are down for businesses, potentially rising unemployment, which the Fed wants. |
| 1:14.4 | Investments are down and the cost of living is up. So a lot of the things inside of that, |
| 1:19.4 | and there's more, of course, but a lot of the things inside of that are happening, right? |
| 1:23.9 | Yeah. And if you look around the world, you know, Japan's in a recession. |
| 1:28.7 | Britain's in a recession. |
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