‘Savers are Britain’s new underclass’ by Ross Clark
In the current unending tsunami of bad economic news and the desperate attempts of despicable Governments (not least that of the sainted successor to the unlamented Bush, George W.) to regain a semblance of control of the financial world and to persuade us that they have our best interests at heart, rather than the date of the next election, many op-ed ‘experts’ have been reinventing themselves to adjust to the realities they failed to see or predict in order to secure their income flow by explaining what we need to know in these miserable times.
In this context, as people’s liquidity and jobs continue to dissipate week by week, the following contribution from a reputable journal seems worth even wider attention and consideration. It may have ‘legs’ (i.e. other ramifications not foreseen by untrustworthy governments and op-ed writers).
‘Savers are Britain’s new underclass’ Ross Clark
The Spectator, Wednesday, 28th January 2009
We are divided into two nations once more, says Ross Clark. Reckless borrowers are helped by government bail-outs, while those who have sacrificed to save are abandoned …
“The real social and political battle in Britain is no longer between rich and poor, between flat cap and top hat; it is between financial roundheads and financial cavaliers. In the former camp we have savers, homeowners who have foregone holidays to reduce their mortgages, conservative businessmen, people who rent because they were unable or unwilling to borrow large sums at the height of the property boom. In the latter camp we have overmortgaged homeowners, buy-to-let investors, bankers who still have a job, estate agents, most large retailers, property developers …”
Read the rest for yourselves. At least you will find out which side of Clark’s divide you are on.