It is structural rather than cyclical. What happened is that reality intruded and pointed out we are living beyond our means.
We may blame bankers for creating sub-prime mortgages, but the fact is that if there wasn't a demand created by government, the media and other forces there wouldn't have been any sub-prime.
There is no solution except to increase productivity and accept real cuts in wages. However this is unacceptable to most.
And so we will drift on, papering over the cracks. The elite will always make money: banks are a licenced extortion racket as was shown by how soon they recovered from what was portrayed as imminent meltdown. Globalisation means that change is accelerated so the relative decline of the UK will continue apace.
Our children will find it a very difficult world and will probably have to go abroad to find work as the multinationals move their centre of ops to Asia.
With all this in mind those of us with children should bring them up as globalised, multi-lingual citizens of the world. It is their only chance.
We may blame bankers for creating sub-prime mortgages, but the fact is that if there wasn't a demand created by government, the media and other forces there wouldn't have been any sub-prime.
There is no solution except to increase productivity and accept real cuts in wages. However this is unacceptable to most.
And so we will drift on, papering over the cracks. The elite will always make money: banks are a licenced extortion racket as was shown by how soon they recovered from what was portrayed as imminent meltdown. Globalisation means that change is accelerated so the relative decline of the UK will continue apace.
Our children will find it a very difficult world and will probably have to go abroad to find work as the multinationals move their centre of ops to Asia.
With all this in mind those of us with children should bring them up as globalised, multi-lingual citizens of the world. It is their only chance.
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