
English: 
- [Instructor] Hello, Philip
Mazloumian here with you today.
And I would like to explain
why I believe we're entering
a new economic recession.
And how I'll be doing this is
by focusing on what are called
the three factors that make up an economy.
I will be going through
some leading indicators,
and validating my beliefs
with graphs and figures
from a variety of sources
provided by governments
from around the world.
And frankly, I believe the
outlook is not very positive,
of which we could be entering
not just a recession,
but ultimately, the greatest depression,
and more so than what we
last experienced in 1929.
JOHN F. Kennedy once
famously said a rising tide
lifts all boats.
It's a fantastic analogy in my opinion,
but what does it mean?

English: 
- [Instructor] Hello, Philip
Mazloumian here with you today.
And I would like to explain
why I believe we're entering
a new economic recession.
And how I'll be doing this is
by focusing on what are called
the three factors that make up an economy.
I will be going through
some leading indicators,
and validating my beliefs
with graphs and figures
from a variety of sources
provided by governments
from around the world.
And frankly, I believe the
outlook is not very positive,
of which we could be entering
not just a recession,
but ultimately, the greatest depression,
and more so than what we
last experienced in 1929.
JOHN F. Kennedy once
famously said a rising tide
lifts all boats.
It's a fantastic analogy in my opinion,
but what does it mean?

English: 
Well, I guess it's saying
that we the people,
we're the boats and the
rising tide, is in essence
prosperous society and economic
and political institutions,
that are all heading in the
right direction will carry us
all to new heights.
But I guess this begs the question,
what happens if the tide recedes?
We've enjoyed quite a ride,
since the great recession 2007, 2008.
We've had the longest bull run in history,
major investable asset classes
have achieved all-time highs.
You just have to look at
house prices or stock market
valuations, to understand what I mean.
To borrow debt has never been
cheaper, with central banks
offering negative interest
rates on a quite wide scale.
So you have to really
contemplate especially
if you're a business
owner, or an executive,

English: 
Well, I guess it's saying
that we the people,
we're the boats and the
rising tide, is in essence
prosperous society and economic
and political institutions,
that are all heading in the
right direction will carry us
all to new heights.
But I guess this begs the question,
what happens if the tide recedes?
We've enjoyed quite a ride,
since the great recession 2007, 2008.
We've had the longest bull run in history,
major investable asset classes
have achieved all-time highs.
You just have to look at
house prices or stock market
valuations, to understand what I mean.
To borrow debt has never been
cheaper, with central banks
offering negative interest
rates on a quite wide scale.
So you have to really
contemplate especially
if you're a business
owner, or an executive,

English: 
has the success that you might
have experienced in the last
few years really been
down to the initiatives
of your enterprise?
Or is it the rising tide
effects of the overall improving
economy that you've been enjoying?
But now a certain virus,
which we will not name,
has come along and burst the bubble.
So are we really entering a recession?
Personally I believe, yes we are.
And I think we're actually
going to enter the greatest
depression that we have ever experienced.
And I'm going to explain why using
the three factors of production.
So the economy essentially
consists of three factors.
They are households,
businesses, and governments.
So let's jump in and look at households.

English: 
has the success that you might
have experienced in the last
few years really been
down to the initiatives
of your enterprise?
Or is it the rising tide
effects of the overall improving
economy that you've been enjoying?
But now a certain virus,
which we will not name,
has come along and burst the bubble.
So are we really entering a recession?
Personally I believe, yes we are.
And I think we're actually
going to enter the greatest
depression that we have ever experienced.
And I'm going to explain why using
the three factors of production.
So the economy essentially
consists of three factors.
They are households,
businesses, and governments.
So let's jump in and look at households.

English: 
And effectively households
are the citizens of a nation
coming together working,
generating incomes,
spending their incomes, being
productive members of society.
And the country that I want
to look at specifically,
is the USA.
And here is a graph of their
number of unemployed persons
taken from the US Bureau
of Labour Statistics.
And what you'll see in March of 2020,
they had about 7 million unemployed.
And if I'm correct, locked
down measures really only
kicked off in about March.
And then in April, look at
the difference in people
that have now stated
themselves as being unemployed,
massive 23 million in April 2020.
That's 230% increase in just one month,

English: 
And effectively households
are the citizens of a nation
coming together working,
generating incomes,
spending their incomes, being
productive members of society.
And the country that I want
to look at specifically,
is the USA.
And here is a graph of their
number of unemployed persons
taken from the US Bureau
of Labour Statistics.
And what you'll see in March of 2020,
they had about 7 million unemployed.
And if I'm correct, locked
down measures really only
kicked off in about March.
And then in April, look at
the difference in people
that have now stated
themselves as being unemployed,
massive 23 million in April 2020.
That's 230% increase in just one month,

English: 
and so what I wanna do now
is give you some context.
How does that compare
to unemployment figures
across American history?
And the graph that you're seeing now,
is unemployment figures going
farther back to about 1950.
And what you're seeing
here, this is the rise
in unemployment from about 2008 to 2012,
which corresponds with the last recession.
And here is the massive
jump in unemployment due
to the lock downs that
we've been experiencing
in the first quarter of 2020.
And I just like to emphasize
that the 2008 unemployment
figures were spread out
over a number of years.
Astonishingly, the quarter one
to quarter two unemployment

English: 
and so what I wanna do now
is give you some context.
How does that compare
to unemployment figures
across American history?
And the graph that you're seeing now,
is unemployment figures going
farther back to about 1950.
And what you're seeing
here, this is the rise
in unemployment from about 2008 to 2012,
which corresponds with the last recession.
And here is the massive
jump in unemployment due
to the lock downs that
we've been experiencing
in the first quarter of 2020.
And I just like to emphasize
that the 2008 unemployment
figures were spread out
over a number of years.
Astonishingly, the quarter one
to quarter two unemployment

English: 
figures have happened in a
far shorter period of time.
And at the time of recording,
we are still moving
through this process.
And I fear that the
unemployment figures are going
to only be higher, as
more and more data comes
in as the months and years pass.
And this is not just a problem
that's affecting the USA.
It is a pattern that's
being repeated globally.
And what I've done now is taken
some charts of unemployment
figures from key nations around the world.
And what you're seeing
here first, is unemployment
for around 2020, the
first quarter and look
at the significant jump in
unemployment figures there.
And the same is true for
Australia, Hong Kong, and Canada.
And you can look at many other nations
to see similar trends.

English: 
figures have happened in a
far shorter period of time.
And at the time of recording,
we are still moving
through this process.
And I fear that the
unemployment figures are going
to only be higher, as
more and more data comes
in as the months and years pass.
And this is not just a problem
that's affecting the USA.
It is a pattern that's
being repeated globally.
And what I've done now is taken
some charts of unemployment
figures from key nations around the world.
And what you're seeing
here first, is unemployment
for around 2020, the
first quarter and look
at the significant jump in
unemployment figures there.
And the same is true for
Australia, Hong Kong, and Canada.
And you can look at many other nations
to see similar trends.

English: 
These nations are quite
good at keeping up to date
with their unemployment figures.
But as we continue to
move through the months,
you'll see other countries
updating their figures.
And I'm quite confident we will
be seeing similar patterns,
in their nations as well.
So why does the mass unemployment
across households lead
to a potential recession?
Within most nations, the lower
and middle classes comprise
the bulk of a nation's spending power,
and as most of household
within these brackets,
either under furlough or are
made redundant altogether,
we see income disappear.
Now in most households, there
are typically one or two
people responsible for
generating their income,
on a monthly basis.

English: 
These nations are quite
good at keeping up to date
with their unemployment figures.
But as we continue to
move through the months,
you'll see other countries
updating their figures.
And I'm quite confident we will
be seeing similar patterns,
in their nations as well.
So why does the mass unemployment
across households lead
to a potential recession?
Within most nations, the lower
and middle classes comprise
the bulk of a nation's spending power,
and as most of household
within these brackets,
either under furlough or are
made redundant altogether,
we see income disappear.
Now in most households, there
are typically one or two
people responsible for
generating their income,
on a monthly basis.

English: 
And of those one, two
individuals, they typically only
have one source of income,
which is their job.
So if this all dries up,
naturally they begin to feel fear
and panic, and they have
to make some hard decisions
about their spending.
And what we see is non
essential spending stop,
so that they have more money
to contribute to essential
spending, such as food,
mortgage and rent payments,
and so on.
For households that do have savings,
you will see over time that
these savings if they're not
topped up will eventually be depleted.
But I think more importantly,
we know most households
have very little in terms
of savings, especially not
adequate amounts that can
sustain these households,
through many many months of no income.

English: 
And of those one, two
individuals, they typically only
have one source of income,
which is their job.
So if this all dries up,
naturally they begin to feel fear
and panic, and they have
to make some hard decisions
about their spending.
And what we see is non
essential spending stop,
so that they have more money
to contribute to essential
spending, such as food,
mortgage and rent payments,
and so on.
For households that do have savings,
you will see over time that
these savings if they're not
topped up will eventually be depleted.
But I think more importantly,
we know most households
have very little in terms
of savings, especially not
adequate amounts that can
sustain these households,
through many many months of no income.

English: 
And then finally, you also see
a rise in defaults on loans.
So for households that
have significant mortgages,
car payments, credit card bills and so on,
there is a lack of income.
After all, essential spending such as food
and so on has been paid for,
there is less than less income
to go towards paying off these loans.
And so unfortunately you
see a number of households
defaulting on these as times passed.
So, after households let's
look at the second factor
in economy, which is businesses.
And again, I wanna focus
initially on the USA,
and the indicator that
we'll be looking at,
is the number of bankruptcies filed.
And what you're seeing here is a graph
of these bankruptcies, of
which here is the first quarter
of 2020 and you'll notice
that bankruptcies have been

English: 
And then finally, you also see
a rise in defaults on loans.
So for households that
have significant mortgages,
car payments, credit card bills and so on,
there is a lack of income.
After all, essential spending such as food
and so on has been paid for,
there is less than less income
to go towards paying off these loans.
And so unfortunately you
see a number of households
defaulting on these as times passed.
So, after households let's
look at the second factor
in economy, which is businesses.
And again, I wanna focus
initially on the USA,
and the indicator that
we'll be looking at,
is the number of bankruptcies filed.
And what you're seeing here is a graph
of these bankruptcies, of
which here is the first quarter
of 2020 and you'll notice
that bankruptcies have been

English: 
on the rise after a period of decrease.
But really, what we're
seeing is a continuation,
of a trend that started around
the first quarter of 2019.
But what we have to remember
is that only one quarter
has passed, and recessions are arising.
And if we want to get an idea, potentially
what we're looking at, if we
refer to the last recession,
and look at how the number
of bankruptcies grew,
over that period, it could
give us a better idea
of what is still to come.
So that's exactly what I have here.
You're now looking at the
number of bankruptcies
over a longer period of
time, of which one from when
the beginning of the
recession really started,
to by the time that it passed.
Look at the dramatic growth
in the number of bankruptcies.
And so I personally believe
that as the lockdown continues,

English: 
on the rise after a period of decrease.
But really, what we're
seeing is a continuation,
of a trend that started around
the first quarter of 2019.
But what we have to remember
is that only one quarter
has passed, and recessions are arising.
And if we want to get an idea, potentially
what we're looking at, if we
refer to the last recession,
and look at how the number
of bankruptcies grew,
over that period, it could
give us a better idea
of what is still to come.
So that's exactly what I have here.
You're now looking at the
number of bankruptcies
over a longer period of
time, of which one from when
the beginning of the
recession really started,
to by the time that it passed.
Look at the dramatic growth
in the number of bankruptcies.
And so I personally believe
that as the lockdown continues,

English: 
as the consequences of our
government actions to protect
their citizens from a certain
dangerous virus continue,
we are going to see ever growing number
of bankruptcies being filed.
Bankruptcies is one economic
indicator that we can look at.
However, there are a
number of other indicators
that share a similar pattern.
If we look here, this is
business confidence in the USA,
and you'll notice significant
drop off in the first quarter.
The same is true for both
industrial production,
again another significant drop,
the same for manufacturing production,
the rate has just fallen off the charts,
and then factory orders as well.
So across a number of economic indicators,

English: 
as the consequences of our
government actions to protect
their citizens from a certain
dangerous virus continue,
we are going to see ever growing number
of bankruptcies being filed.
Bankruptcies is one economic
indicator that we can look at.
However, there are a
number of other indicators
that share a similar pattern.
If we look here, this is
business confidence in the USA,
and you'll notice significant
drop off in the first quarter.
The same is true for both
industrial production,
again another significant drop,
the same for manufacturing production,
the rate has just fallen off the charts,
and then factory orders as well.
So across a number of economic indicators,

English: 
we are seeing a severe decline.
So why does business
performance matter in regards
to the potential outcome of a recession?
Essentially, businesses stop
selling and investing not
necessarily out of choice,
but because customer demand disappears.
If we go back, remember
that households are seeing
their income, dry up,
non essential spending
effectively comes to a halt.
And many businesses their
are services and products
can be classified really as non essential.
So what we see then is
for, a number of companies
their ability to generate
revenue from sales,
and then as a consequence,
their profit margins significantly dry up.
Now, as a management team,
if you're beginning to notice

English: 
we are seeing a severe decline.
So why does business
performance matter in regards
to the potential outcome of a recession?
Essentially, businesses stop
selling and investing not
necessarily out of choice,
but because customer demand disappears.
If we go back, remember
that households are seeing
their income, dry up,
non essential spending
effectively comes to a halt.
And many businesses their
are services and products
can be classified really as non essential.
So what we see then is
for, a number of companies
their ability to generate
revenue from sales,
and then as a consequence,
their profit margins significantly dry up.
Now, as a management team,
if you're beginning to notice

English: 
a serious decline in revenue,
you have to start taking
some corrective action, and
you need to reduce the burden
on your company, to help
maintain and protect
those profit margins.
So one of the things that you
can start doing is reviewing
your costs and figuring
what can be reduced.
And for most companies, their
labour force, their employees,
make up a very large
proportion of the expenses,
the costs that they have
to pay, on a monthly basis.
And this is typically why
we see employees feeling
the brunt of economic downturns,
because businesses again,
they want to reduce their
costs, reduce the burden,
to help protect those
profit margins to be in line
with the decreasing revenue
that they're achieving.
And this just leads into
the earlier point in terms
of households where you
create this negative cycle
of households losing their
income, less spending,

English: 
a serious decline in revenue,
you have to start taking
some corrective action, and
you need to reduce the burden
on your company, to help
maintain and protect
those profit margins.
So one of the things that you
can start doing is reviewing
your costs and figuring
what can be reduced.
And for most companies, their
labour force, their employees,
make up a very large
proportion of the expenses,
the costs that they have
to pay, on a monthly basis.
And this is typically why
we see employees feeling
the brunt of economic downturns,
because businesses again,
they want to reduce their
costs, reduce the burden,
to help protect those
profit margins to be in line
with the decreasing revenue
that they're achieving.
And this just leads into
the earlier point in terms
of households where you
create this negative cycle
of households losing their
income, less spending,

English: 
less purchasing of products and services.
And again, this forces
businesses to layoff more
employees and so on.
In addition, growth
investments by businesses stop
or seriously decline as well.
What I mean by this is
that in addition to,
letting go of a number of
employees and reducing costs
in many ways, any expansion
plans, any capital investments
that companies were planning
to purchase or acquire
to help improve the revenue or
the efficiency or the profit
margins for their businesses,
they realize that the economic
outlook within the next
few months or years,
is not really going to change.
And so they put these
investment plans on hold.
Now when they put them on
hold, the jobs that could
have been created as a
result of this expenditure
by companies doesn't materialize.

English: 
less purchasing of products and services.
And again, this forces
businesses to layoff more
employees and so on.
In addition, growth
investments by businesses stop
or seriously decline as well.
What I mean by this is
that in addition to,
letting go of a number of
employees and reducing costs
in many ways, any expansion
plans, any capital investments
that companies were planning
to purchase or acquire
to help improve the revenue or
the efficiency or the profit
margins for their businesses,
they realize that the economic
outlook within the next
few months or years,
is not really going to change.
And so they put these
investment plans on hold.
Now when they put them on
hold, the jobs that could
have been created as a
result of this expenditure
by companies doesn't materialize.

English: 
And so job creation also disappears.
So you have a number of
people losing their jobs,
and new jobs are not being
created to replace them.
Also, what you'll see is
businesses that leverage credit
that have banking
facilities, loans and so on,
as their revenue begins
to drop, they also might
be in a position where
they can no longer keep up
and maintain paying these
financial institutions,
these financial tools, and again,
you'll see a rate in defaults.
So now, financial institutions
are feeling pressure
from the household segment
where households are not able
to keep up with their credit arrangements,
and then also businesses now
are beginning to struggle
keeping up with their credit arrangements.
So now let's move on to the
third factor of an economy,
which is government.

English: 
And so job creation also disappears.
So you have a number of
people losing their jobs,
and new jobs are not being
created to replace them.
Also, what you'll see is
businesses that leverage credit
that have banking
facilities, loans and so on,
as their revenue begins
to drop, they also might
be in a position where
they can no longer keep up
and maintain paying these
financial institutions,
these financial tools, and again,
you'll see a rate in defaults.
So now, financial institutions
are feeling pressure
from the household segment
where households are not able
to keep up with their credit arrangements,
and then also businesses now
are beginning to struggle
keeping up with their credit arrangements.
So now let's move on to the
third factor of an economy,
which is government.

English: 
And the indicator that I
will be focusing on is GDP,
or gross domestic product.
And the simplest way to
think about this is that,
this is effectively the
measure of a nation's income.
All the transactions within
a nation combined to reveal
the income for that particular country.
So in this case, the
chart here shows the GDP
for the last three years for
the USA, and as you're seeing
a bit of a negative
trend, since around 2018.
Now, I'm just revealed
the first quarter of 2020,
and you can see the significant drop off
within that quarter.
We're looking at an 87%
decrease in one month alone,
which is just staggering, and
it shows you the collective
impact that lockdown
measures in the United States

English: 
And the indicator that I
will be focusing on is GDP,
or gross domestic product.
And the simplest way to
think about this is that,
this is effectively the
measure of a nation's income.
All the transactions within
a nation combined to reveal
the income for that particular country.
So in this case, the
chart here shows the GDP
for the last three years for
the USA, and as you're seeing
a bit of a negative
trend, since around 2018.
Now, I'm just revealed
the first quarter of 2020,
and you can see the significant drop off
within that quarter.
We're looking at an 87%
decrease in one month alone,
which is just staggering, and
it shows you the collective
impact that lockdown
measures in the United States

English: 
is having on the country's GDP.
And as stated, this is not
only in the United States,
this pattern is being
seen across the world.
We have here GDP for the
United Kingdom, again,
a serious decline within
the first quarter of 2020.
If we look at China, China has
historically had relatively
stable rates, GDP.
And you can see a significant
drop in the first quarter.
Japan, also a significant
decline in their GDP.
And then finally, again,
you can see a significant
acceleration or deceleration
in the GDP of Germany.
When the lockdowns come to an end,
shouldn't everything go back to normal?
Yes, initially, we'll
probably see an uptick

English: 
is having on the country's GDP.
And as stated, this is not
only in the United States,
this pattern is being
seen across the world.
We have here GDP for the
United Kingdom, again,
a serious decline within
the first quarter of 2020.
If we look at China, China has
historically had relatively
stable rates, GDP.
And you can see a significant
drop in the first quarter.
Japan, also a significant
decline in their GDP.
And then finally, again,
you can see a significant
acceleration or deceleration
in the GDP of Germany.
When the lockdowns come to an end,
shouldn't everything go back to normal?
Yes, initially, we'll
probably see an uptick

English: 
in economic activity, but ultimately,
the answer is probably
no in the longer term.
And if we just ask ourselves
a few simple questions,
the reasons why this would
be the case would probably
become more evident.
So the first question being who will hire
all the unemployed?
We know that bankruptcies are on the rise,
millions of small to medium
organizations globally
are going to close down, and
it's these SMEs that employ
most of the nation's workforce,
and the larger organizations
and the enterprise level organizations.
And these are the companies
that have the ability
to topmost likely weather
this challenging time.
They themselves are on a
process of scaling and scaling
down their operations to again
protect those profit margins.

English: 
in economic activity, but ultimately,
the answer is probably
no in the longer term.
And if we just ask ourselves
a few simple questions,
the reasons why this would
be the case would probably
become more evident.
So the first question being who will hire
all the unemployed?
We know that bankruptcies are on the rise,
millions of small to medium
organizations globally
are going to close down, and
it's these SMEs that employ
most of the nation's workforce,
and the larger organizations
and the enterprise level organizations.
And these are the companies
that have the ability
to topmost likely weather
this challenging time.
They themselves are on a
process of scaling and scaling
down their operations to again
protect those profit margins.

English: 
So basically, the end result
is that you're going to have
too many job seekers for the
available jobs in the market.
The supply and demand just doesn't match.
So who can buy all the goods
and services in surplus
around the world today?
We know that unemployment is on the rise,
and this effectively creates many millions
of households with less income.
And these individuals
within these households
have to prioritize their
spending and that will first go
to essential items such as food,
rent and mortgage payments.
So this puts many thousands
of businesses around the world
at a disadvantage because
they're going to see,
their sales and their profit
margins decline as a result.
So this forces a number of
management teams to make some
very hard decisions, and
they will have to continue

English: 
So basically, the end result
is that you're going to have
too many job seekers for the
available jobs in the market.
The supply and demand just doesn't match.
So who can buy all the goods
and services in surplus
around the world today?
We know that unemployment is on the rise,
and this effectively creates many millions
of households with less income.
And these individuals
within these households
have to prioritize their
spending and that will first go
to essential items such as food,
rent and mortgage payments.
So this puts many thousands
of businesses around the world
at a disadvantage because
they're going to see,
their sales and their profit
margins decline as a result.
So this forces a number of
management teams to make some
very hard decisions, and
they will have to continue

English: 
their reduction in employees
as well as limiting
and reducing the other
assets within their business.
And ultimately you get this
terrible compounding effect,
which is negative in nature,
where supply and demand
are just not aligned.
And we have to reach this
trough in the economic cycle,
where an equilibrium is met
between what people can afford
to spend, and what is
available in the market.
Governments in order to
help alleviate the burden
on households and
businesses around the world,
have been massively been
increasing their currency supply.
However this cannot be
sustained for years at a time
basically due to their tax
revenues declining as a result
of the economic impacts.

English: 
their reduction in employees
as well as limiting
and reducing the other
assets within their business.
And ultimately you get this
terrible compounding effect,
which is negative in nature,
where supply and demand
are just not aligned.
And we have to reach this
trough in the economic cycle,
where an equilibrium is met
between what people can afford
to spend, and what is
available in the market.
Governments in order to
help alleviate the burden
on households and
businesses around the world,
have been massively been
increasing their currency supply.
However this cannot be
sustained for years at a time
basically due to their tax
revenues declining as a result
of the economic impacts.

English: 
So as more and more
households are furloughed
or made completely redundant,
tax revenue from this segment
will drop off.
The same goes for business
tax revenue as well as more
and more businesses suffer
in terms of reduced sales
and lack of trade, the
government will not be able
to generate as much tax revenue.
Also given the restrictions
and travel internationally.
And with the lowering of
global consumer demand,
international trade, and the
revenue that could be generated
by governments from this will
also begin to rapidly decline.
What you see the cumulative
effects is that a nation's
GDP will drop off.
And this means that there is
less money available in order
to sustain any deficit spending
and without significant

English: 
So as more and more
households are furloughed
or made completely redundant,
tax revenue from this segment
will drop off.
The same goes for business
tax revenue as well as more
and more businesses suffer
in terms of reduced sales
and lack of trade, the
government will not be able
to generate as much tax revenue.
Also given the restrictions
and travel internationally.
And with the lowering of
global consumer demand,
international trade, and the
revenue that could be generated
by governments from this will
also begin to rapidly decline.
What you see the cumulative
effects is that a nation's
GDP will drop off.
And this means that there is
less money available in order
to sustain any deficit spending
and without significant

English: 
impacts on the worthiness
of their currency,
and on their bonds that
they release as nations.
And also as a result,
governments have to make some cutbacks.
And a lot of nations,
a lot of their citizens
are employees of the government,
and so as there is a crunch
in revenues for the government,
they too have to make
cutbacks to their labour force
to help reduce the burden.
A famous quote by Walt
Disney, he once said,
I've heard there's
going to be a recession,
and that he's decided not to participate.
And this leads me on to
my more positive ending,
that recessions naturally create hardship,
but as we've seen in the past,
hardship has led to some
fantastic innovation.

English: 
impacts on the worthiness
of their currency,
and on their bonds that
they release as nations.
And also as a result,
governments have to make some cutbacks.
And a lot of nations,
a lot of their citizens
are employees of the government,
and so as there is a crunch
in revenues for the government,
they too have to make
cutbacks to their labour force
to help reduce the burden.
A famous quote by Walt
Disney, he once said,
I've heard there's
going to be a recession,
and that he's decided not to participate.
And this leads me on to
my more positive ending,
that recessions naturally create hardship,
but as we've seen in the past,
hardship has led to some
fantastic innovation.

English: 
Many brands and technological
innovations have actually
been developed during economic recessions.
And these are just a few
major brands that have been
established during
recessions and depressions
in the last 100 plus years or so.
So, I would like to say
thank you for joining me
on this presentation, and
please if you got value out
of what was shown here today,
kindly subscribe, like and share.
It will greatly contribute to
the success of this channel
so that more content can be produced.
Thank you very much.

English: 
Many brands and technological
innovations have actually
been developed during economic recessions.
And these are just a few
major brands that have been
established during
recessions and depressions
in the last 100 plus years or so.
So, I would like to say
thank you for joining me
on this presentation, and
please if you got value out
of what was shown here today,
kindly subscribe, like and share.
It will greatly contribute to
the success of this channel
so that more content can be produced.
Thank you very much.
