Friday, January 16, 2009

Gloomy Brits

Maybe you should ignore what I have to say about the recession. This research from Synovate suggests that Brits are the world’s pessimists when it comes to all things credit crunch and recession. The US, Belgium and France are not far behind but us Brits really are a doom laden bunch. The world’s optimists are the Danes, Brazilians and Malaysians.

Do we know something the rest of you don’t? Dick Stroud

1 comment:

Anonymous said...

no - we know something you don't...

But we shouldn't be thinking of this as a recession. Its a return to a norm. A shallower growth curve we would have been on all along if Reagan and Thatcher hadn't decided to mortgage the future.

Our economies aren't broken. They've just been over stimulated for so long we've all forgotten what "normal" is, and in the intervening years my generation has developed deeply dysfunctional attitudes to money, which now need to be relearned.

A mirage on a mirage then, but the end result doesn’t have to be construed as a disaster. A disaster is only a label. Only a point of view. Yes this ends badly – v. badly if you measure only on standards of living, GDP and the number of fridges you own. But if you stand back, the view of the future is actually pretty exciting…..

“Owners of capital will stimulate the working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and the State will have to take the road which will eventually lead to communism. “

Karl Marx, 1867