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Smashbambifboomcrash

Recessions Are Good...

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The Economist is my favourite read of the week, but sometimes they do lose their grip on real life,

"If long periods of uninterrupted expansions lead people to believe that the Fed can prevent any future recession...borrowers will be encouraged to take bigger risks, borrowing more and saving less."

Can you see the citizens of East Enders sitting around in the Old Vic, "so Phil, I interpret the latest macro-economic signals from Threedneedle Street as a green light to bung an extra few large on the mortgage"? I'm sure Mervyn King's latest minutes are tucked into the A to Z of every house hunter, yeah right.

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The Economist is a joke.

Everything has a pro-globalist spin, "oh the roads in america are falling to bits,

therefore we need higher gas taxes now, and its a good thing that foreign corporations

are taking over all the infrastructure".

"Gold is bad, a barbarous relic, don't buy it"

...etc, etc......becoming ever more detached from reality and public opinion

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The Economist is my favourite read of the week, but sometimes they do lose their grip on real life,

"If long periods of uninterrupted expansions lead people to believe that the Fed can prevent any future recession...borrowers will be encouraged to take bigger risks, borrowing more and saving less."

Can you see the citizens of East Enders sitting around in the Old Vic, "so Phil, I interpret the latest macro-economic signals from Threedneedle Street as a green light to bung an extra few large on the mortgage"? I'm sure Mervyn King's latest minutes are tucked into the A to Z of every house hunter, yeah right.

Roger Bootle says something similar in his last book. It can be reinterpreted in light of when everyday people feel that 'the govt won't let house prices crash' referring to the whole treasury/labour party/gordon brown/BoE MPC collection of bodies, whom they couldn't separate out if they tried, but are collectively refered to as 'they' or 'the govt' who, of course, 'won't let house prices crash because it would be bad for the economy'. Honestly, sentiment is so simple and yet so destructive and people so simple that this what happens. And it can turn on a sixpence too, it's very binary.

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