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Time to Pay For The Good Times
While it is easy and convenient to blame the bankers for all our woes, we should remember that we have all benefitted to some degree from the cheap source of credit that they provided. The problem is that we have beocome addicted to living off of that credit and now that it has been taken away it hurts. We need to be weaned off, but the rapid contraction of credit has meant that for many it is a case of cold turkey.
The US and UK are the leading protagonists for pumping money into the system, but the G20 may be wise to listen to some of the more cautious. The tools being employed are blunt instruments and it is very likely that unless caution is exercised we will be facing inflation problems in 3 years time. They also do not tackle the fundamental problem of getting us, the general public back to a more Victorian mentality, kick the I want it now credit fix and to start living within our means.
Maybe cold turkey is the pain that we must go through to get there.
As usual all comments welcome - Stephen Coe, Director Balmoral strategy Development Limited