Skip to main content

Tech: Bill Gates says it's 'a certainty' that we will have another financial crisis similar to 2008

bill gates

Bill Gates said in a recent Reddit AMA that the US is headed for a financial crisis on the magnitude of the 2008 economic downturn.

  • Bill Gates said in a recent Reddit AMA that Americans should expect another financial crisis on the magnitude of the 2008 downturn.
  • Still, Gates was optimistic overall.
  • The billionaire-philanthropist believes the world is improving and often cites the falling number of people living in extreme poverty as evidence.

The financial crisis of 2008 is considered by many economists to have been the worst economic downturn since the Great Depression.

According to Bill Gates, the US is eventually headed for another financial crisis just like it.

On Tuesday, the Microsoft founder held an AMA (Ask Me Anything) on Reddit. When a Reddit user asked Gates, "Do you think in the near future, we will have another financial crisis similar to the one in 2008?" Gates replied with a stern — but still optimistic — warning.

"Yes. It is hard to say when but this is a certainty," Gates said. "Fortunately we got through that one reasonably well."

Gates then deferred to his good friend and fellow billionaire-philanthropist, Warren Buffett, saying, "Warren has talked about this and he understands this area far better than I do."

The 2008 crisis led to the Great Recession, which saw 8.8 million jobs lost. The net worth of households across America fell $19 trillion, and the number of homeless families increased.

Gates ended his reply by saying, "Despite this prediction of bumps ahead I am quite optimistic about how innovation and capitalism will improve the situation for humans everywhere."

Gates has said he believes that the world is getting better by almost every objective measure.

Earlier this month, Gates said during a live Q&A in New York City that "it doesn't happen automatically. It's because people care. It's because of scientific inventions."

He often cites his and his wife Melinda's efforts to reduce the rate of poverty.

The proportion of the world population that lives in extreme poverty — defined as living on less than $1.90 per day by the World Bank — has fallen from more than a third of the population in 1990 to about one-tenth today, according to an editorial Gates wrote for TIME in January.

In 2016, Gates said it's possible to end world poverty by the year 2030.

ridoola.blogspot.com.ng
Labels:

Comments

Post a Comment

Popular posts from this blog

EFCC insists on presentation of Grace Tiaga's death certificate in P&ID case

Tiaga's counsel communicated the unavailability of the death certificate, requesting additional time. The Economic and Financial Crimes Commission (EFCC) is steadfast in its demand for the death certificate of the late Grace Tiaga, a former director of legal services at the Ministry of Petroleum Resources, to be submitted in court. Tiaga faced charges brought by the EFCC, alleging her involvement in receiving payments from Process & Industrial Development (P&ID) to manipulate the 20-year gas supply and processing agreement (GSPA) against Nigeria. The EFCC claims that these illicit payments were made through her daughter and persisted even after her retirement. The accusations extend to Tiaga's purported failure to adhere to due process while providing legal counsel on the GSPA. Initially facing eight counts of fraud, she was remanded to Suleja prison in 2019, later granted bail, and the charges were expanded to 13 counts. As the trial progressed, the prosecution p...
Post a Comment
Read more

List of America's one-term presidents & why they were not re-elected

U.S. President Joe Biden becomes the most recent entrant in a list of president who served for only one term. U.S. President Joe Biden announced that he would not be seeking re-election for a second term in the November 5, 2024 elections. Biden, in a statement said that he would be focused on completing his remaining term, endorsing his Vice President Kamala Harris as his most preferred nominee for the Democratic Party to take on former President Donald Trump. Joe Biden endorses Kamala Harris as Democrats' candidate after withdrawing from race [X:@JoeBiden] Biden now joins a list of former U.S. Presidents that only served for one term. John Adams (1797-1801) The second president of the United States, John Adams was a Founding Father who faced significant challenges during his presidency, including conflicts with political adversaries and foreign nations. His support for the Alien and Sedition Acts, perceived as a violation of civil liberties, contributed to his unpopulari...
Post a Comment
Read more

Tinubu appoints MKO Abiola's son, Jamiu as SSA on Linguistics & Foreign Matters

President Bola Tinubu has appointed Jamiu Abiola as the Senior Special Assistant to the President on Linguistics and Foreign Matters. The appointee is one of the children of the late Chief Moshood Kolawole Abiola , the winner of the 1993 presidential election annulled by General Ibrahim Babangida . According to a statement by Segun Imohiosen , the Director of Information and Public Relations, Office of the Secretary to the Government of the Federation on Wednesday, November 27, 2024, Jamiu's appointment took effect from November 14, 2024. Imohiosen said the appointment aligns with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008, as amended. Until his recent deployment, the appointee served as the Special Assistant to the President of Special Duties in the office of the Vice President. Tinubu tasked Jamiu to work closely with the Federal Ministry of Foreign Affairs and bring his wealth of experience to bear in his new ...
Post a Comment
Read more