The Oncoming Storm

As a fully paid up member of the over subscribed club of fatalistic pessimism it’s all too easy to see the chinks of dark light breaking through the clouds of the oncoming storm when I hear the noted US economist Alan Greenspan uttering warnings of doom around the British housing market, following the US model and a potential world recession due to the coming home to roost of the easy credit years together with the potential cessation of the cheap goods from China that most of the consumer spending was based on (outside of course of the ludicrous over valuing of property around the world).Greenspan

Mr Greenspan has a book to sell so controversy and headline grabbing prophecies certainly help that cause but when we witness the panic over Northern Rock and wonder if it’s just the first domino falling in a long link of bank pieces that ends with implications for an awful lot of ordinary people, it’s easy to envisage all of Greenspan’s glib prophecies coming true and more. No more boom and bust? Or just a very long boom followed by an extended bust?

Happy Monday.

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