The implication being that a large proportion (how much I would not like to hazard a guess) of our wealth (or GDP) is only sustained by increasingly large amounts of debt.
A bit like a person who can live the high life as long as someone else funds it above their true income level.
I liken the UK to an old landed family. That once lived from the income generated from their assets. But slowly the expenditures grew, and the incomes declined, and to maintain standards they sold off assets, and borrowed against others. Buying a little more time at every turn. Eventually the lenders will call time, take what assets that remain, and the family will be reduced to living on its true earnings, whatever they may be.
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The implication being that a large proportion (how much I would not like to hazard a guess) of our wealth (or GDP) is only sustained by increasingly large amounts of debt.
A bit like a person who can live the high life as long as someone else funds it above their true income level.
I liken the UK to an old landed family. That once lived from the income generated from their assets. But slowly the expenditures grew, and the incomes declined, and to maintain standards they sold off assets, and borrowed against others. Buying a little more time at every turn. Eventually the lenders will call time, take what assets that remain, and the family will be reduced to living on its true earnings, whatever they may be.
Such is our future.
That's how I read it, Sobers, though I doubt this proves it. God be with you and yours, and me and mine, and all of us.
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