The British economy today resembles a clown on a unicycle, wobbling across Niagara Falls in a high wind on a tightrope, carrying a tottering burden of dead refrigerators, umbrellas, saucepans and budgerigar cages.
It is amazing that it does not tumble into the abyss, amid clattering noises and shouts of dismay. Each morning I wake up and the cashpoint machines are still working, I mutter my thanks that we have lasted a little longer.
I am not sure who I am thanking. I think it doesn’t crash because everyone who understands the position is quietly hoping that something will turn up to save it. But what if nothing turns up? Are we remotely ready to cope?
Her Majesty the Queen famously asked after the 2008 crash why nobody saw it coming. Almost anyone, even me, can see the next one coming.
How an Economy Grows a…
Best Price: $2.79
Buy New $7.98
(as of 12:20 EDT – Details)
The International Monetary Fund pointed out on Wednesday that Britain’s liabilities, from unpayable debts to gigantic public sector pension commitments, outweigh its assets by five trillion pounds to three trillion pounds.
That is to say, if they called in the bailiffs, and sold everything we have, we would still be two trillion pounds short.
This is partly because the British State has sold off so many of its assets already, so that your water supply is now owned by a foreign bank, and your privatised train is run by a foreign nationalised railway system. Presumably there’s some sense in this somewhere, though I can’t see what it is. At this rate, my local police force will end up being owned by the Kremlin and controlled by the GRU. And frankly, I’d be amazed if they do a worse job than the current management.
This sort of…