User Power
Value/Post Ratio
205%
- Jul 1, 2018
- 336
- 688
Hey everyone how's it going...
So I just wanted to touch on somethings that are currently happening here in Jordan and maybe get some of your views on it.
Some of you might of seen my post last year talking about how my local grocery shop was no longer generating enough sales/revenue/profit and how I was ranting on and on and how it felt like it's going downhill from that time. It felt like I couldn't do much to be honest, it was like people were buying less and less, but it was seemed kind of ironic since groceries, generally speaking are always bought whether it's a good or a bad economic situation...it felt like I don't have a say/solution to what seemed to be the problem. In fact, I didn't seem to figure out what the hell was the problem to begin with. Loss of revenue is just a side-effect, but I didn't know what was the actual root cause.
Long story short, recently I sold the shop at a low price but it definitely helped get out of some serious shitty contract agreements that my relatives agreed upon when we first took the shop. Anyway that's for another topic.
So after that, I started investigating many different things, such as was it my fault and how I could of done better, as you usually do after you take decisions.
But what I found out was whilst searching, observing and asking places all across the country, is that everyone is taking a hard hit.
I couldn't believe my eyes when I went to a high-traffic down town street market known to be the best in the city, and almost all the shops are either up for sale or for rent or closed. I'm talking 20+ years old businesses which have ads on TV, radio and are very well known across the country.
I couldn't believe it even more when I was in the capital city, and the same phenomena was taking place.
I sat with many big-time wholesalers who told me that in the past 2 years and especially the past year, tons and tons of businessmen who own and operate wholesale shops fled the country in order to run away from debt and cheques that would of easily gotten them long years in jail.
On another note, my cousin is an accountant in a small firm but handles some big 20+ years old companies who trade in millions of dollars a year, which told me they have been losing 30% revenues on a yearly basis for the past two years and are also moving countries.
Funnily enough, that was exactly what was hitting our revenues for the past two years. Around 30% decrease in revenues.
It's a damn outrage in the country at the moment. We are in some type of stag-flation, but it seems like it's just the beginning.
The public schools have been down for the past 3 weeks with hundreds of thousands of student not going to school because the teachers are up in protests demanding 50% income increase and the government is rejecting them, and basically tells them in some type of way: "we are bankrupt, but let's all act like we're not".
The unemployment rate for just around 7 million people is documented at 20%. But some high governmental official says it's definitely more like 40%.
I mean I just moved back here 3 years ago, but everyone seems to say it was never like that before.
The reason I'm writing this thread is to get more opinions on what you think is happening, what to do in similar cases and how would you personally act.
Another reason is, now, according to one of the big-time businessman/accountant in the world called Talal Abu Ghazaleh, who is also Jordanian, and has been at a war of words with the government concerning their economic strategies, is that in around 2020, a global economic crisis that'll spread across the globe will be starting in the U.S, and the U.S is going to eat it hard the most.
Whether you believe it or not, I wanted to get your opinions on what are you going to do if it does happen next year in the U.S and you find yourself in a similar position like most of us here in Jordan?
And by the way, keep in mind Jordan's is a very strong ally of the U.S. And whatever happens in the U.S, always hits hard here too. So don't read my points as an attack on the U.S, because whatever shit goes at your side, will come like a raging bull at our side.
So I just wanted to touch on somethings that are currently happening here in Jordan and maybe get some of your views on it.
Some of you might of seen my post last year talking about how my local grocery shop was no longer generating enough sales/revenue/profit and how I was ranting on and on and how it felt like it's going downhill from that time. It felt like I couldn't do much to be honest, it was like people were buying less and less, but it was seemed kind of ironic since groceries, generally speaking are always bought whether it's a good or a bad economic situation...it felt like I don't have a say/solution to what seemed to be the problem. In fact, I didn't seem to figure out what the hell was the problem to begin with. Loss of revenue is just a side-effect, but I didn't know what was the actual root cause.
Long story short, recently I sold the shop at a low price but it definitely helped get out of some serious shitty contract agreements that my relatives agreed upon when we first took the shop. Anyway that's for another topic.
So after that, I started investigating many different things, such as was it my fault and how I could of done better, as you usually do after you take decisions.
But what I found out was whilst searching, observing and asking places all across the country, is that everyone is taking a hard hit.
I couldn't believe my eyes when I went to a high-traffic down town street market known to be the best in the city, and almost all the shops are either up for sale or for rent or closed. I'm talking 20+ years old businesses which have ads on TV, radio and are very well known across the country.
I couldn't believe it even more when I was in the capital city, and the same phenomena was taking place.
I sat with many big-time wholesalers who told me that in the past 2 years and especially the past year, tons and tons of businessmen who own and operate wholesale shops fled the country in order to run away from debt and cheques that would of easily gotten them long years in jail.
On another note, my cousin is an accountant in a small firm but handles some big 20+ years old companies who trade in millions of dollars a year, which told me they have been losing 30% revenues on a yearly basis for the past two years and are also moving countries.
Funnily enough, that was exactly what was hitting our revenues for the past two years. Around 30% decrease in revenues.
It's a damn outrage in the country at the moment. We are in some type of stag-flation, but it seems like it's just the beginning.
The public schools have been down for the past 3 weeks with hundreds of thousands of student not going to school because the teachers are up in protests demanding 50% income increase and the government is rejecting them, and basically tells them in some type of way: "we are bankrupt, but let's all act like we're not".
The unemployment rate for just around 7 million people is documented at 20%. But some high governmental official says it's definitely more like 40%.
I mean I just moved back here 3 years ago, but everyone seems to say it was never like that before.
The reason I'm writing this thread is to get more opinions on what you think is happening, what to do in similar cases and how would you personally act.
Another reason is, now, according to one of the big-time businessman/accountant in the world called Talal Abu Ghazaleh, who is also Jordanian, and has been at a war of words with the government concerning their economic strategies, is that in around 2020, a global economic crisis that'll spread across the globe will be starting in the U.S, and the U.S is going to eat it hard the most.
Whether you believe it or not, I wanted to get your opinions on what are you going to do if it does happen next year in the U.S and you find yourself in a similar position like most of us here in Jordan?
And by the way, keep in mind Jordan's is a very strong ally of the U.S. And whatever happens in the U.S, always hits hard here too. So don't read my points as an attack on the U.S, because whatever shit goes at your side, will come like a raging bull at our side.
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.
Last edited:
