Pay off debts (and don't get more). Too many people say 'take out loans, and buy investments with the savings!' They don't understand that debt is risk, and recessions are a big reason why.
Given the government's tendency for bailouts recently that might be a losing strategy. Things like eviction holidays are happening more and more. I wouldn't get into debt needlessly, but if you need something in the next few years anyway, now might be a good time.
Recessions are typically a few quarters to just over a year in the US. A well stocked pantry can go a long way to helping you supplement throughout the year.
You can stockup for 6 months fairly easily and by then you know the direction things are going. Mark dates on your supplies and use + reload them regularly. You will always have a 6 months buffer from when shit hits the fan.
the best answer is often nothing. selling your stocks may mean selling at the bottom .recessions tend to be brief and the market will bottom before the economy does.
It's a good general rule to keep a certain amount of money in cash or cash-like securities but there are limits to this. At a certain point, you lose out more on gains by keepin gmoney in cash than you'd lose by realizing losses to raise cash.
If you believe in the long term future of your investments, the thing to avoid is a cash flow crunch. That's what cash on hand is for. Leveraged investments may face a margin call. That's fine if you believe in the assets and you can cover it. If you can't then you may be forced to sell low.
Part of it too is psychological and being able to sleep at night. If you will suffer extraordinary stress by a 20% price correction then you're probably over-invested, just for your own wellbeing.
Really nothing out of the ordinary. Try to ensure you have a good amount of savings on hand and limited debt. Recessions while harsh are generally not long and are relatively common and likely the only way out of our current issue with inflation. Depressions are long and devastating.
Spend less than you earn, keep a decent amount of cash on hand (6 to 12 months spending).
Don't job hop, often companies have a last in first out policy.
Don't take on too much debt.
Keep your skills up to date and make sure your management knows how much you contribute.
During a recession companies are often looking for ways to cut costs so you need to change the way you market yourself to them. If you are an AWS expert for example then you might promote your ability to get AWS costs under control.
I just lost my job to someone from eastern europe so for engineers certainly we are seeing the return of outsourcing and insourcing with a vengeance. My work is always so temporary I can no longer pay rent or do any savings, sometimes I have had to go 3 weeks at a time without a meal. I have been a web developer since 1995 and with each recession I am pushed ever harder towards straight up starvation.
It's got to be sarcasm. I'm pretty sure three weeks without food is about the time it takes to straight up die from starvation, and if it doesn't kill you I'd guess you'd need a long time to recover from the experience before you could survive going that long without food again.
I'm going to get this guy's back here for a minute, because I've been there. 3 weeks is likely a bit of an exaggeration, but I myself went 8 days without a meal - I had food (small bits of bread, a little popcorn, but not much else) throughout that time, but not an actual meal - back in early 2008 (Great Recession).
3 weeks is 21 days, which is about half the time you'd need to die of starvation, assuming no other nutrient intake (and no water insecurity; you'll die in only a few days without water, even dirty water). That's likely not really what happened in this guy's case, since - and I speak from experience here - when you get that desperate, you get remarkably resourceful. Old multivitamins that you forgot were in the back of the cupboard and have sat there for at least 3-4 years? Yep, eat 'em. That freezerburned leftover scalloped potatoes at the bottom/back of the freezer from last year? Yeah, not the tastiest thing but it sure beats nothing. Out of everything else? Go see people at Sam's Club or Costco, or anywhere they give out free samples. Even a small bite can sustain you for a remarkably long time, much longer than you might think. The human body is _incredibly_ efficient; as a culture, we in the US eat just way more than we need (most of us, that is, myself included); so what passes for a "meal" for most of us, in a starvation context, could keep you going for 2-3 days.
So no, I don't think he's making this up, nor do I think it's sarcasm. I've been there. And take my word for it, because I hope you never have to find out for yourself, but the worst part of that scenario - being homeless or near-homeless, having no food - isn't the hunger. It's the fear.
There is no soup kitchen here. There is one food bank, which is only open once a month for a couple of hours. I haven't been, so cannot say whether they attempt to provide a month's worth of food or not.
The last food bank I went to operated twice a week and attempted to provide a week's worth of calories in pre-sorted bags of goods. Recipients were limited to 2x/mo. Obtaining a larger bag (e.g. for a family) required providing official state-issued photo ID for any and all additional recipients, which was then logged and counted as part of each individual's 2x/mo limit.
Some places don't have access to that, and let's face it: access to social programs in the US, what few there are, is usually very difficult, especially in places like Texas. And as wealth inequality has worsened over the decades, we're now seeing a rise of cases from families who've never even remotely been concerned with these kinds of things for literally several generations who are now in dire straits for the very first time and don't know what to do! They just don't know what options are out there, and combined with the way our culture is in the US, are unlikely to ask for help ("sign of weakness"), especially if they don't have very close friends/family in the area who are "safe" people for that sort of thing.
I predict we'll see a lot more stories like these, and worse, coming out of the US in the coming months and years. Not nearly enough is being done to address the underlying problems, and it's got to be a problem of cataclysmic proportions before Congress will even consider a 5-minute discussion over lunch, let alone draft a bill with any real teeth (regardless of party).
He's probably referring that if not having a job is going to get you into starvation in only three weeks, you should get better with your savings and your financial decisions
But anyway, we know too little about OP to make assumptions about his economy
It is simpler and more lucrative and will take almost anybody right now, organizations cant find devs and they are always rushed because the space is so much faster than the rest of tech
lucky for you, ideology isn't a luxury you can afford to have compared to comfortable web2 devs that talk themselves out of everything, go there and figure out what they want
The web3 concept extends beyond EVMs, as the term has mostly begin meaning “connect to nearest nodes instead of your own backend server” and so other distributed networks have their own equivalent but not typically with the web3.js library, but some other way to communicate with the nodes via RPC
You can get grants to contribute to development for making libraries like web3 (but thats probably the least lucrative thing to do)
The more lucrative thing would be to contract with projects that need their frontends built, or smart contracts deployed to these nodes (that the frontend interacts with)
Yes, I figured, but given the emails I receive from HN I know that there are many many people that would want to know and just don't want the common toxic derailing from any crypto related conversations here, its an oddly out of character aspect of this forum, but consistent
so I just write the accurate answers for the silent lurkers really
I've had the impression that "Web3" is essentially a marketing buzzword without much real weight behind it.
From a technological standpoint, how is it significantly different from "Web2"? Seems to me like it's essentially the same tech we've used for decades with some usage of the metamask API thrown in.
It is a marketing buzzword that comes with some predictable development needs, it lets people immediately know what I’m talking about so thats super effective
The primary difference is frequently the use of the library web3.js or some other equivalent for the respective network
Metamask browser extension is one of many apps that listen for web3.js calls and helps the browser connect to the nearest node on the configured network
Its basically the same tech but less of it, like I mentioned, it’s simpler. No product has to track user sessions across a massive funnel to sell their data or impress investors salivating over the potential of selling data, and the calls to action are all direct payments, so frontends are simpler.
Are you trying to run your own business? Me, my friends, and all of my coworkers have to live in the shadows because recruiters hunt us. Like, my buddy posted on Indeed and not has 5 unsolicited phone calls and 12 emails a day.
If you really can't find work in this market, you should really try fixing your resume since you most likely aren't selling your skills or have a red flag. Some of my older coworkers only put their last 12 years experience, or don't list dates on them to avoid age discrimination at the resume filter stage.
I tried that. I already have an issue with people wanting to hire me on less senior roles than I'm used to functioning, with pretty poor results. hacking my resume in half only made that worse and only made me less attractive to the kinds of positions where they actually thought that background was a strength (the ones I really wanted)
"Russia accounts for about 10% of the global nickel supply, mainly for use in stainless steel and electric vehicle batteries. Nickel was already rallying before Russia’s invasion of Ukraine as robust demand from the stainless steel and battery industry drained inventories, which now stand at 76,830 tonnes in LME-registered warehouses, their lowest since 2019."
Still surprises me that the increase is so much higher than other metals.
By definition, a decrease in average asset value decreases the net worth of those with assets more than those without.
Which isn't to say it's more painful to the wealthy, as they have the excess assets to buffer, but is to say that millionaires and billionaires don't have a magic "avoid recession impact" button.
> By definition, a decrease in average asset value decreases the net worth of those with assets more than those without.
That's if decrease is equal and linear for all verticals, which I don't believe is the case.
> billionaires don't have a magic "avoid recession impact" button.
They have many buttons: lots of intelligence which allows them to relocate assets before average folks, political lobbying which allows them to bailout troubled businesses in expense of national debt.
Honestly: sometimes I say something broad and incendiary because I want to get owned and get some good additional information from people who are engaged.
I honestly have no idea what the ripple effects of this war and recession will be.
Like the strategy of asking for help on Linux forums. 'dont ask for help, nobody will help you. Just claim what you're trying to achieve is impossible to do in Linux and you'll get lots of answers'
The planned 25 bp rate raise is nothing compared to the official inflation numbers and it will be done instead of the previously expected 50 bp raise. And keep in mind that real inflation is probably higher and that it will accelerate even further with the new energy and commodity prices.
So it looks like we will see recession AND double digits inflation numbers.
55 comments
[ 3.2 ms ] story [ 143 ms ] threadStock up on food, medication, and other supplies.
huh? recession is that short?
It's a good general rule to keep a certain amount of money in cash or cash-like securities but there are limits to this. At a certain point, you lose out more on gains by keepin gmoney in cash than you'd lose by realizing losses to raise cash.
If you believe in the long term future of your investments, the thing to avoid is a cash flow crunch. That's what cash on hand is for. Leveraged investments may face a margin call. That's fine if you believe in the assets and you can cover it. If you can't then you may be forced to sell low.
Part of it too is psychological and being able to sleep at night. If you will suffer extraordinary stress by a 20% price correction then you're probably over-invested, just for your own wellbeing.
Don't job hop, often companies have a last in first out policy.
Don't take on too much debt.
Keep your skills up to date and make sure your management knows how much you contribute.
During a recession companies are often looking for ways to cut costs so you need to change the way you market yourself to them. If you are an AWS expert for example then you might promote your ability to get AWS costs under control.
> I have been a web developer since 1995
Something doesn't add up. I don't mean to be rude, but I think the economy might be the least of your issues.
3 weeks is 21 days, which is about half the time you'd need to die of starvation, assuming no other nutrient intake (and no water insecurity; you'll die in only a few days without water, even dirty water). That's likely not really what happened in this guy's case, since - and I speak from experience here - when you get that desperate, you get remarkably resourceful. Old multivitamins that you forgot were in the back of the cupboard and have sat there for at least 3-4 years? Yep, eat 'em. That freezerburned leftover scalloped potatoes at the bottom/back of the freezer from last year? Yeah, not the tastiest thing but it sure beats nothing. Out of everything else? Go see people at Sam's Club or Costco, or anywhere they give out free samples. Even a small bite can sustain you for a remarkably long time, much longer than you might think. The human body is _incredibly_ efficient; as a culture, we in the US eat just way more than we need (most of us, that is, myself included); so what passes for a "meal" for most of us, in a starvation context, could keep you going for 2-3 days.
So no, I don't think he's making this up, nor do I think it's sarcasm. I've been there. And take my word for it, because I hope you never have to find out for yourself, but the worst part of that scenario - being homeless or near-homeless, having no food - isn't the hunger. It's the fear.
There is no soup kitchen here. There is one food bank, which is only open once a month for a couple of hours. I haven't been, so cannot say whether they attempt to provide a month's worth of food or not.
The last food bank I went to operated twice a week and attempted to provide a week's worth of calories in pre-sorted bags of goods. Recipients were limited to 2x/mo. Obtaining a larger bag (e.g. for a family) required providing official state-issued photo ID for any and all additional recipients, which was then logged and counted as part of each individual's 2x/mo limit.
I predict we'll see a lot more stories like these, and worse, coming out of the US in the coming months and years. Not nearly enough is being done to address the underlying problems, and it's got to be a problem of cataclysmic proportions before Congress will even consider a 5-minute discussion over lunch, let alone draft a bill with any real teeth (regardless of party).
But anyway, we know too little about OP to make assumptions about his economy
It is simpler and more lucrative and will take almost anybody right now, organizations cant find devs and they are always rushed because the space is so much faster than the rest of tech
lucky for you, ideology isn't a luxury you can afford to have compared to comfortable web2 devs that talk themselves out of everything, go there and figure out what they want
It was made for the main EVM called Ethereum, but other EVMs use this as well, things can be slightly different on other EVMs
https://github.com/ChainSafe/web3.js
https://web3js.readthedocs.io/en/v1.7.1/
The web3 concept extends beyond EVMs, as the term has mostly begin meaning “connect to nearest nodes instead of your own backend server” and so other distributed networks have their own equivalent but not typically with the web3.js library, but some other way to communicate with the nodes via RPC
You can get grants to contribute to development for making libraries like web3 (but thats probably the least lucrative thing to do)
The more lucrative thing would be to contract with projects that need their frontends built, or smart contracts deployed to these nodes (that the frontend interacts with)
so I just write the accurate answers for the silent lurkers really
From a technological standpoint, how is it significantly different from "Web2"? Seems to me like it's essentially the same tech we've used for decades with some usage of the metamask API thrown in.
The primary difference is frequently the use of the library web3.js or some other equivalent for the respective network
Metamask browser extension is one of many apps that listen for web3.js calls and helps the browser connect to the nearest node on the configured network
Its basically the same tech but less of it, like I mentioned, it’s simpler. No product has to track user sessions across a massive funnel to sell their data or impress investors salivating over the potential of selling data, and the calls to action are all direct payments, so frontends are simpler.
If you really can't find work in this market, you should really try fixing your resume since you most likely aren't selling your skills or have a red flag. Some of my older coworkers only put their last 12 years experience, or don't list dates on them to avoid age discrimination at the resume filter stage.
The word I want to start flying around is "collapse" because that is what it feels like we are heading towards.
Our oligarch class sold us out at every opportunity and they may have finally drained the last drop of blood.
1. Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens(2014) https://www.cambridge.org/core/journals/perspectives-on-poli...
Fear sells news and ads. You're the sucker buying it.
I have never seen anything like that.
Edit: Okay from the summary it says...
"Russia accounts for about 10% of the global nickel supply, mainly for use in stainless steel and electric vehicle batteries. Nickel was already rallying before Russia’s invasion of Ukraine as robust demand from the stainless steel and battery industry drained inventories, which now stand at 76,830 tonnes in LME-registered warehouses, their lowest since 2019."
Still surprises me that the increase is so much higher than other metals.
It paused? lol https://tradingeconomics.com/commodity/nickel
And my bet is that during pandemic, government money printing, housing and stocks rising, this graph becomes 2 times more dramatic.
It is already very painful for large share of population, but they have no idea what to do with this.
Which isn't to say it's more painful to the wealthy, as they have the excess assets to buffer, but is to say that millionaires and billionaires don't have a magic "avoid recession impact" button.
That's if decrease is equal and linear for all verticals, which I don't believe is the case.
> billionaires don't have a magic "avoid recession impact" button.
They have many buttons: lots of intelligence which allows them to relocate assets before average folks, political lobbying which allows them to bailout troubled businesses in expense of national debt.
I honestly have no idea what the ripple effects of this war and recession will be.
Perhaps it's less the "oligarch class selling out" but rather "the great debt game that created so much prosperity has reached it's final stages".
So it looks like we will see recession AND double digits inflation numbers.