"This is approaching Banana Republic status," said Albert Edwards, global strategist for Société Générale.
"Years of macro-mismanagement, mirroring the errors we saw in Asia a decade ago, may have dragged the UK economy to the edge of a deep precipice.
"The UK household sector is borrowing at a cyclically unprecedented 4pc of GDP. Allowing economic growth to be based on unsustainable asset price bubbles was always going to be a recipe for disaster because the snapback can be vicious. This is a mess of the policy-makers' own making."
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No mention of ID cards, though, I'm pleased to note. Double-plus good!
posted by alasdair at 10:36 AM on February 8, 2008