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Despite the crisis, Britons are still spending like drunkards
Unchecked addiction to personal and national debt is robbing our children of their future In the City, they call it a “false market”. This occurs when erroneous information, often deliberately circulated, becomes the basis for investors’ decisions. The result is illogical choices, as buyers and sellers, who believe they are behaving rationally, trade on deception dressed up as news. Looking beyond the Square Mile to the wider British economy, there is mounting evidence that a false market is operating in our appreciation of consumer debt, state borrowing and the viability of pensions and healthcare. A baleful ... (full story)