Peston

[PAH]

That's why the second episode will be interesting. If he's all guff it won't give any clear indications of what is likely to happen.

Though it seems obvious what will happen: debasement of cash, inflation to combat debt, lower standard of living for all that earn a living, but tat will be cheaper and there's still all the celebrity/reality TV shows to keep the masses occupied.

So spend all your money on a Christmas binge, load up with debt by buying assets, and get on the benefits. It's the only sane way of surviving the coming storm. Unless you can find shelter abroad.

[TimberWolf]

Another economic expert after the event.

[Mich the Tester]

I saw it, yes, and it came across in a convicing way, in the way that economists are quite convincing until you think about what they're saying and then realise there are so many exceptions to their theories that something must be wrong.

He was talking about European workers being paid too much and being unproductive compared to their counterparts in China and other rising economies, and that we're all too dependent on governments which are dependent on debt. All quite convincing until you realise that the European countries with the smallest debt problems and the strongest exports, who are now being called on to rescue the rest, actually have the highest wage levels, high levels of government spending and quite comprehensive social security systems.

[PAH]

Yep saw it. Interesting summary of the state of things so far.

Waiting for part 2 that hopefully will give a clear indication of what will probably happen next, and not some bulltulip 'it will be bad but everything will turn out right if you just keep spending and have faith in the politicians and bankers to sort out the mess'.

[gingerjedi]

BBC iPlayer - The Party's Over: How the West Went Bust: Episode 1

Did anyone see this? Very interesting but seriously depressing, then there's population explosion, climate change and peak oil.

Happy days.