It says a lot about the mess our economy (and others like ours) is in when the only way out of depression is if the public continue to rack up enormous personal debt. If we all start to save and pay off debts it will put money back into banks but bankrupt retailers, if we put our money into shops we save the retailers but will have to continue to bail out banks and at the same time live beyond our means.
It’s what happens when you base everything on what you consume rather than what you create.
As you would expect the blogosphere and general tinternet is awash with comment. Here’s some of what I read:
- For news coverage on Britain’s economy, you still can’t beat the BBC. Here for the rundown
- They also have a great article on ‘should shopping be a patriotic duty?’ (HT: Jeremy)
- Cranmer thinks it is gross immorality
- Make Wealth History wonders why we have to fund a nationwide sale – 2.5% off everything
- The Guardian’s ethical blog reminds us why Buy Nothing Day is important
- If you wondered where the jobless from Wall Street end up, read this
- The Times argues that a 2.5% cut in VAT is pointless when retailers start their January sales before Christmas