A nation addicted to debt credit in the boom is being prescribed monetary methadone in the bust. The printing presses at the Bank of England keep rolling, and printing more and more money, there is billions of it about, the country is awash with fivers, so debt rates stay astonishingly low – and homeowners find, to their amazement, that the mortgage rate dropped below the level of inflation.
If there are no bank robberies in Britain, it’s because nowadays you don’t need a gun. The bank will pay you to borrow.
Source Frazer Nelson http://www.telegraph.co.uk/finance/budget/9946431/Britains-fortunes-rest-on-the-Banks-great-money-printing-machine.html
I am no economic sophisticate but it strikes me that other political 'doctors' Obama and Monsieur
Hollande are doing exactly the same things, prescibing methadone when 'cold turkey' is the only
realistic way of facing up to one's financial dilemma, or less politely monetary self-abuse by all those good but naively greedy citizens.