07 January 2009

The view of the borrower

Sean O'Grady in The Independent (here):
Whatever their past hesitations, Mervyn King and Gordon Brown are turning into proper little action men in their bustling encouragements to get us to go out and spend. The last thing on their minds should be the fate of savers, as David Cameron eccentrically suggests, or sterling, which has already seen one of the sharpest depreciations in its history. For we will never achieve an economic recovery without an extraordinary boost from exports.

Aye well. Alright for him as a borrower to say. Those of us who rely on income from savings may be less sanguine. And what is it, anyway, that we manufacture that we can sell as exports? Even if those abroad had the finance to buy?

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