Across the pond

The cause of the present melt-down is the un-regluated free market ethos, introduced to the world by Margaret Thatcher is Britain in the 1980s, and taken up ethusiastically by American Presidents. First Ronald Reagan and more recently, George W Bush.

This has taken the world from the excesses of over-optimism which continued for over a year, when the economists were warning of the dangers ahead, first signalled by the problems in the US housing market, which was in crisis because the banks had encouraged people to buy far beyond their means.

Now, in the space of a few weeks, the money men have led the worlld into excessive over-pessimism.

The best way citizens can help governments to stop this spiralling panic, is to spend. And spend now. Don’t wait til next year, when you might possibly be able to buy a new home, or a good second hand anything more cheaply.

So don’t put off building that new extension, order it now. Go off on the holiday of your dreams. Etc. Etc.

This only applies to those citizens who can afford it. Which includes many middle class people whose jobs are not in danger and who have savings.

And of course it applies to the new super rich who have benefited most from the excesses of the last thirty years.

Now is the chance for them to spend their not very well-gotten gains. And spend it in ways that give employment to those who do do decent day’s work for a fair wage.

Capitalists of the world unite. Spend now. You have nothing to lose but the chains of your beliefs.

Do not ask yourself what the world economy can do for you. Ask what you can do for the world economy.