Tuesday, January 20, 2009

The boiling frog

Perhaps its being distracted by the coronation of the Obamessiah, but I'm surprised there isn't a more wide spread panic under way.

Perhaps its the boiling frog syndrome.

If you dropped your average middle class person into a world where the government nationalised half of the banks, and took out loans that make Mr Churchill's borrowing to save the world from Adolf Hilter and his homicidal chums look prudent - most people would start screaming and running around the room in panic and wouldn't calm down enough to talk until they had necked at least a double whisky.

But because its happened in stages we've grown used to it. Plus until very recently our losses have been on paper. Those depressing statements from pension funds have made us sigh, but not scream in pain. The more expensive foreign holiday has made us think carefully, and if my trip out on Thurs night is anything to go by many people are not eating out right now. But people are coping and being philosophical.

However, none of that means there isn't a fast developing crisis that's going to become financially lethal very shortly as it heats up.

Our media, especially on the left ( eg the BBC ) have let us down here.

PS If you want an excuse for a a stiff drink before bed time read Ambrose Evans-Pritchard then Richard North. But don't blame me if you can't sleep at night afterwards.

AM For hair of the dog Watt Tyler has his say here.

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