Simon...... no old chap. Our recession was coming down the track, anyway..... just as the Greek recession was. The American fiasco siply triggered it, here!
We had borrowed more than we could afford to pay..... and when the money ran dry..... the shortfall became apparent, even to the stupid!
Warren Buffett covered it perfectly epigrammatically. He said:
'Our economies are cyclical, like tides: when the tide goes out, you can see who was swimming naked!'
Britain, Ireland, Greece, Portugal et el. were all swimming naked! When THIS tide went out the Greeks, Italians, Portugese, Irish etc. could also be seen to have even shaved their private parts!
Ian
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