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A former advisor to British Prime Minister Gordon Brown is urging people to get cash and to stock up on food and water in the wake of a global market selloff Monday that first hit China and then followed by pummeling markets in Great Britain and the United States.
Damian McBride, former special advisor to then-British Prime Minister Gordon Brown (2007-10), sent out a series of Tweets Monday after Chinese markets fell 9 percent and British markets 4.5 percent. The American markets followed the bear trend, nosediving 1,089 points at the opening and ending the day down 586 points, or more than 3.5 percent.
Chinese markets have lost 40 percent of their value in the last 10 weeks.
“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,” McBride wrote.
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“Crash advice No.2: do you have enough bottled water, tinned [canned] goods & other essentials at home to live a month indoors? If not, get shopping,” he continued.
“Crash advice No.3: agree a rally point with your loved ones in case transport and communication gets cut off; somewhere you can all head to.”
When his followers pushed back on his advice, asking why the markets couldn’t recover as they did in 2008, McBride responded.
“None of the levers we could pull in 2008 are available now given the economy’s already flooded with cheap money,” he wrote before adding in another Tweet: “Because in 2008, we were fighting to stop it reaching that stage. And succeeding. But this crash will be much, much worse.”
He predicted any crash would be “20 times” worse than 2008.
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