Britain is sleepwalking towards a decade of economic misery
Just found this very interesting critique on the well publicised "economic recovery".
In fact, I have been wondering about the recent turn of the market and how it may move from September for some time. Throughout Europe and the US, stock markets are up, consumer confidence is up, and property prices are turning. Most analysts are now talking of an economic recovery.
However, looking at fundamental issues, all one can see is indebted countries, indebted citizens, and no real evidence around of any meaningful production apart from services to be consumed within the country itself.
No one can really tell me what Europe and the US is planning to sell as a collective "Western World" to buy whatever is being imported from the Far East and Africa.
It won't be banking services, that's for sure.
It feels like the Greek model of development all over again. An economy that is constantly in deficit, with any production really only serving internal consumption, served by a deluded consumer base which is confident for no apparent reason.
It can't be sustainable. The question is just how quickly people will realise. It took years last time, and the make believe seems to have returned pretty quickly.