The former special advisor to Gordon Brown has taken to Twitter to issue a warning about the future of the economy, after Black Monday’s catastrophic stock market slide.
In a series of ominous tweets Damien McBride cited the need to stock up on “canned goods and other essentials”, apparently in preparation for the upcoming apocalypse.
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
I'm presuming the Central Banks will intervene to stop this market slide but that will just make the eventual, inescapable crash even worse.
— Damian McBride (@DPMcBride) August 24, 2015
For 18 months, the first thing I've done waking up on a weekday is search 'Shanghai Composite' on Twitter. This has been coming a long time.
— Damian McBride (@DPMcBride) August 24, 2015
Today is just the stock market catching up with the terror over defaults that's been gripping the bond market for months.
— Damian McBride (@DPMcBride) August 24, 2015
He then calls the Fed’s handling of the markets “madness”, insinuating stabilizing measures are the equivalent of “putting a dummy in.”
Mr McBride was special adviser to Gordon Brown and head of communications at the Treasury for a period during the last Labour government
Chinese shares dropped further on Wednesday, totalling a total market fall of 16 percent over the past three days. The FTSE rallied somewhat this morning, but dropped down 0.8 percent in afternoon trade.
Miranda Wadham on 26/08/2015
