Can corona virus or any other epidemic disease can collapse Banking? - page 2.

asu

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Quote from: Pffrt on February 29, 2020, 12:11:35 PM

Imagine Corona virus or any epidemic disease affected globally. As a result, all the economy will be affected and people will face hard time. Will not it bring an affect in economic balance? Which will turn into high inflation globally and it will result collapse of the banking system. Will it? In my country, the situation is getting worse for product which we are depended on China. I can see a significant inflation here if Corona Virus issue continued.

Corona Virus is real serious thing. In my personal opinion--based on what's our happening now in the Philippines. The number of confirmed cases of covid-19 are rapidly increasing x2 day by day. That said, the National Region Capital of Philippines have been affected so much such the all the important events that turning out to cancellation...

However, the only way to prevent of getting infected is staying at home and the way to use bank is by online banking which a good alternate use since then.

Betwrong

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Quote from: ScamViruS on March 08, 2020, 01:56:31 PM

Quote from: Pffrt on February 29, 2020, 12:11:35 PM

Imagine Corona virus or any epidemic disease affected globally. As a result, all the economy will be affected and people will face hard time. Will not it bring an affect in economic balance? Which will turn into high inflation globally and it will result collapse of the banking system. Will it? In my country, the situation is getting worse for product which we are depended on China. I can see a significant inflation here if Corona Virus issue continued.

The way the media spread the Corona virus news it doesn't seem that big to me. The Corona virus won't collapse the bank. However, the Corona virus is already affecting the global economy. Due to various product crises, the prices of the products are increasing. Which is making it very difficult for everyone.

Which products are you referring to? I can see no such impact of the coronavirus on food products prices neither where I live, nor in the world. Quite the contrary, prices have dropped on some Chinese products, despite the fact that there is no reason to suspect that packages from China harbor COVID-19. So now I can buy my fav Chinese food cheaper.

In cases like this it is very important to be aware of all possible dangers, but it is also important to not exaggerate things. Panic never helps.

I'm glad you don't think that coronavirus can collapse Banking though.

ufaiz50

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Quote from: Pffrt on February 29, 2020, 09:00:11 PM

Quote from: The Sceptical Chymist on February 29, 2020, 01:22:26 PM

But coronavirus? I don't think so.

I was not only reffering to coronavirus, but all other epidemic disease which may be seen in the future. However, don't take this corona virus such easy. Countries dependent on China are suffering heavily. You can see some stats on such countries.

According to data compiled by Johns Hopkins CSSE. there are 95000+ cases of people infected with COVID-19, I also get information about what countries have a pretty high level of damage to this case due to its relationship with the corona-v prevention system. and therefore the economic downturn and high inflation rates could have happened if people were still panicking about this case.

I also have the same opinion about the current news which scares the reader to get a lot of views and controversy. news is more likely to highlight an infected person than a person who has recovered from corona-v. moreover, that there is a possibility of healing for everyone and it depends on the immunity in the body.

Rajorrum1994

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Well, I guess just a little bit cause a lot of people don't go outside the house and they won't be able to go to the bank but luckily others have already adapted the online banking nowadays so I think it's just a little bit.

415jeremy

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It is exactly what happens right now. Firstly, the outbreak has weakened Chinese economy. If every country's economy is connected, this accident is sufficient to the rest of the world. Corona spreading and mostly virus fear is disrupting travel activity, leading consumers and businesses to curtail demand and disrupting global and domestic supply chains. Summarize these facts and make a conclusion.

pixie85

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Coronavirus won't do it because of its low mortality rate. If it was something like ebola that is almost like a death sentence the banking would be paralyzed for sure. All sectors would!

Coronavirus will be contained because early spring in Europe and Asia is the time when people get all the throat and lung infections. It will be much easier to stop when temperatures rise.
There's no need to panic because if you're young and healthy you have less than 1% chance of dying from it. This is less than the probability of you getting cancer.

ScamViruS

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Quote from: Pffrt on February 29, 2020, 12:11:35 PM

Imagine Corona virus or any epidemic disease affected globally. As a result, all the economy will be affected and people will face hard time. Will not it bring an affect in economic balance? Which will turn into high inflation globally and it will result collapse of the banking system. Will it? In my country, the situation is getting worse for product which we are depended on China. I can see a significant inflation here if Corona Virus issue continued.

The way the media spread the Corona virus news it doesn't seem that big to me. The Corona virus won't collapse the bank. However, the Corona virus is already affecting the global economy. Due to various product crises, the prices of the products are increasing. Which is making it very difficult for everyone.

Betwrong

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Quote from: Betwrong on March 03, 2020, 05:13:07 AM

Some calamities can indeed affect the economy, but Coronavirus is not one of them. Around 3k people have died from it globally, but we know that from 12k to 61k people have died from the flu every year since 2010 in the US alone.

In short, this Coronavirus thing is a vastly over-hyped scare story the media force-feeding their readers and viewers with. It will hardly affect the economy, and surely it will not lead to collapse of banks.

I will not agree to that, Coronavirus may not be a life-threatening disease like others but the issue is with the rate it spreads to others it is being spread to others at a very faster rate like more than one lakh people in the last two months is very high this will prevent from proper functioning of the economy thereby affecting the banks. If it is controlled there won't be any issues but if it is not controlled then it is a serious issue for the economy.

Please, read reliable sources before making statements. In the recent report by the World Health Organization they say that common influenza viruses spread faster than COVID19 does.

Source: https://www.who.int/docs/default-source/coronaviruse/situation-reports/20200306-sitrep-46-covid-19.pdf?sfvrsn=96b04adf_2

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As per the latest news Pfizer has announced that it has come up with the possible treatment for the coronavirus. Let's hope for the best

There are more than 20 vaccines in development for COVID-19 currently. Pfizer or someone else will surely find a solution soon.

This situation can affect economies, but mainly because of the news, not the virus itself. And the collapse of banking is out of the question entirely.

elisabetheva

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Quote from: Pffrt on February 29, 2020, 12:11:35 PM

Imagine Corona virus or any epidemic disease affected globally. As a result, all the economy will be affected and people will face hard time. Will not it bring an affect in economic balance? Which will turn into high inflation globally and it will result collapse of the banking system. Will it? In my country, the situation is getting worse for product which we are depended on China. I can see a significant inflation here if Corona Virus issue continued.

can be ascertained if there is an outbreak like corona today, we know that transmission is quite easy and fast with physical contact and tools that are held by the sick. it is certain to affect the economies of all countries whether affected or not. many must not be able to do any activities because they have to stay at home. resulting in trade becomes paralyzed because there is no distribution so the factory must stop. I hope this epidemic can quickly pass and life can go back to normal, and boost the disrupted economy.

thesmallgod

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Collapse of banking is not likely to occur due to endemic disease. Although the market are always affected just like what is happening now but the effect on the banking may not cause the total collapse of the banking sectors. People will still transact and most importantly, bank play a key role in containing the epidemic because through it, materials are being purchased. Also some countries that depends seriously on others might suffer more.

mersal

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Quote from: TheGreatPython on March 07, 2020, 01:03:31 PM

Quote from: Pffrt on February 29, 2020, 12:11:35 PM

Imagine Corona virus or any epidemic disease affected globally. As a result, all the economy will be affected and people will face hard time. Will not it bring an affect in economic balance? Which will turn into high inflation globally and it will result collapse of the banking system. Will it? In my country, the situation is getting worse for product which we are depended on China. I can see a significant inflation here if Corona Virus issue continued.

In most countries companies have allowed their staffs to stay indoors and work from home and there are some places that have locked down and people are no longer permitted in those places. I don’t really know how banks in other countries are handling this issue, but as for my country, banks are still functioning and their staffs are going to work every blessed working day from Monday to Friday lol.

I don’t know if it’s really possible for them to work from home, but they are doing their best at work to prevent infection. I guess the next 10 to 20 days will be more crucial like where global economy will head from today's state. If there will be an anti-virus of corona then I guess we can restore everything in the matter of few weeks. Let's pray for that.

I read it will take 12 to 18 months for producing proper medicine to treat corona virus so we are just in the beginning more worse situation is yet to come.But the summer might be a saviour on that the virus can no longer withstand on their own.

But I guess OP is talking about economic crisis and its already happening on most of the stock market.

TheGreatPython

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Quote from: Pffrt on February 29, 2020, 12:11:35 PM

Imagine Corona virus or any epidemic disease affected globally. As a result, all the economy will be affected and people will face hard time. Will not it bring an affect in economic balance? Which will turn into high inflation globally and it will result collapse of the banking system. Will it? In my country, the situation is getting worse for product which we are depended on China. I can see a significant inflation here if Corona Virus issue continued.

In most countries companies have allowed their staffs to stay indoors and work from home and there are some places that have locked down and people are no longer permitted in those places. I don’t really know how banks in other countries are handling this issue, but as for my country, banks are still functioning and their staffs are going to work every blessed working day from Monday to Friday lol.

I don’t know if it’s really possible for them to work from home, but they are doing their best at work to prevent infection. I guess the next 10 to 20 days will be more crucial like where global economy will head from today's state. If there will be an anti-virus of corona then I guess we can restore everything in the matter of few weeks. Let's pray for that.

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Quote from: Blackdeath on March 07, 2020, 08:46:01 AM

Quote from: julius caesar on March 07, 2020, 05:51:27 AM

Quote from: Pffrt on February 29, 2020, 12:11:35 PM

Imagine Corona virus or any epidemic disease affected globally. As a result, all the economy will be affected and people will face hard time. Will not it bring an affect in economic balance? Which will turn into high inflation globally and it will result collapse of the banking system. Will it? In my country, the situation is getting worse for product which we are depended on China. I can see a significant inflation here if Corona Virus issue continued.

Disasters and viruses will for surely gonna affect the current economy of the country because transaction might stop because of these disasters and sickness in the said country. It will stop the transaction between the other countries since they need to focus into their inside problem rather than exchanging their products outside.

Indeed. Disasters and viruses do really have a huge effect in a economy of a country through mortality, medical treatment, or effects of productivity. It could really stop every productivity and transactions in a country, that is why it is really a bad news for China to have this kind of virus in their country.

Actually it will affect almost every process or transaction happening inside and outside the country and having people stay in their homes and goes out rarely will really affect every establishments such as banks for no one can use their services offered, their ecomics will be shaken but in this times i think most countries have reserve a plan for this kind of situation so we just need to stay still and hope for stability.

Blackdeath

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Quote from: julius caesar on March 07, 2020, 05:51:27 AM

Quote from: Pffrt on February 29, 2020, 12:11:35 PM

Imagine Corona virus or any epidemic disease affected globally. As a result, all the economy will be affected and people will face hard time. Will not it bring an affect in economic balance? Which will turn into high inflation globally and it will result collapse of the banking system. Will it? In my country, the situation is getting worse for product which we are depended on China. I can see a significant inflation here if Corona Virus issue continued.

Disasters and viruses will for surely gonna affect the current economy of the country because transaction might stop because of these disasters and sickness in the said country. It will stop the transaction between the other countries since they need to focus into their inside problem rather than exchanging their products outside.

Indeed. Disasters and viruses do really have a huge effect in a economy of a country through mortality, medical treatment, or effects of productivity. It could really stop every productivity and transactions in a country, that is why it is really a bad news for China to have this kind of virus in their country.

julius caesar

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Quote from: Pffrt on February 29, 2020, 12:11:35 PM

Imagine Corona virus or any epidemic disease affected globally. As a result, all the economy will be affected and people will face hard time. Will not it bring an affect in economic balance? Which will turn into high inflation globally and it will result collapse of the banking system. Will it? In my country, the situation is getting worse for product which we are depended on China. I can see a significant inflation here if Corona Virus issue continued.

Disasters and viruses will for surely gonna affect the current economy of the country because transaction might stop because of these disasters and sickness in the said country. It will stop the transaction between the other countries since they need to focus into their inside problem rather than exchanging their products outside.

coinfinger

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Quote from: Pffrt on February 29, 2020, 12:11:35 PM

Imagine Corona virus or any epidemic disease affected globally. As a result, all the economy will be affected and people will face hard time. Will not it bring an affect in economic balance? Which will turn into high inflation globally and it will result collapse of the banking system. Will it? In my country, the situation is getting worse for product which we are depended on China. I can see a significant inflation here if Corona Virus issue continued.

Lots of companies are now working from home, I don’t really know if banks are going to do the same. Bank is something different , they manage money and everyday comes to pay in their money into the bank. I think what they are really going to do is to find ways to protect themselves, maybe by wearing protective clothes and gloves to prevent them from making contact with money that has been infected.

There are lots of ways that they can protect their staff from being infected by the virus. And moreover I don’t think the world is going to suffer. No matter what happens we will find a way to adapt to the changes and survive man.

igglyboo92

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Quote from: hatshepsut93 on March 06, 2020, 01:13:07 PM

Hyperinflation only happens when a government decides to start printing money to cover their spendings, but if they don't do this then there's no hyperinflation. Economic crisis on it's own doesn't cause hyperinflation, it can devalue a national currency, but not on a scale of Venezuela or Zimbabwe. Also, there was a huge epidemic 100 years ago known as the Spanish flu, it was way more serious than the coronavirus, and as you can see, banking didn't disappear.

Its crazy that people are freaking out so much about this Corona virus. If we look at the numbers it's quite a small matter indeed!! The clickbait news media culture is very unhealthy. It seems to thrive off fear and hysteria.

Markets are dumping and Cash is King for a little while as a result. I don't think banking or fiat currencies would collapse because of this. Roll Eyes

hatshepsut93

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Hyperinflation only happens when a government decides to start printing money to cover their spendings, but if they don't do this then there's no hyperinflation. Economic crisis on it's own doesn't cause hyperinflation, it can devalue a national currency, but not on a scale of Venezuela or Zimbabwe. Also, there was a huge epidemic 100 years ago known as the Spanish flu, it was way more serious than the coronavirus, and as you can see, banking didn't disappear.

South Park

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Quote from: Hydrogen on March 02, 2020, 02:04:46 AM

The 2008 economic collapse was fueled by banks leveraged exposure to declining subprime real estate and other assorted markets.

If the corona virus negatively impacts markets bankers have leveraged positions in, it could be bad for them. History could repeat.

Derivatives markets today are not safer or better regulated than they were in 2008. Its entirely possible we could see a sequel.

I will say that a sequel of the previous crisis is a given at some point in the future, all the issues with those markets were never fixed despite many voices arguing that it was needed and that if it was delayed any kind of drive to change those markets will eventually fade away, and they were right, now things are way worse since back then since those losses were converted in national debt and if the same happened again governments will be very limited on what they can do to try to solve the crisis.

Ozero

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The situation with coronavirus is very artificially inflated. This virus is not as scary as it is presented to us. About 93 thousand were infected with this virus and more than 50 thousand have already been cured. Only a little over three thousand dead. A typical seasonal viral disease has roughly the same results. Perhaps they plan to make very good money on the coronavirus vaccine.
Of course, coronavirus cannot lead to the collapse of the banking system. She survived all the epidemics much worse than this.

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