UK savings have virtually evaporated. Too much consumption, too much debt and far too much reliance on housing equity.
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2 comments:
Didn't Mr Keynes refer to something called "the paradox of thrift"?
Well first the question: What are savings?
In basic economics, the examples used are that the shoe maker makes 12 pairs of shoes, sells 6 and has 6 pairs of shoes as "savings".
So it's not just cash.
Given that cash is going to be inflated away like it's going out of fashion, isn't it rather sensible of the UK to be ditching it like it is toxic?
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