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I always thought that the best thing for the strength of any economy is the 'confidence' that the money markets have in it. The UK has, as far as I can see, done more than any other country in the world to rectify its spending - many of the measures which are really going to hurt the British taxpayer in the next couple of years make the post-war days of 'austerity' look like some kind of 'boom' time.
Meanwhile, the USA has a national debt that's into the trillions of dollars, people in their thousands losing their houses and unemployment at the highest since the 1920s. And the US dollar is rock steady (though now overtaken by the Canadian dollar, without Canada appearing to have done anything).
Why should I, living in Canada, care? My pension - my main income - comes from the UK. Three years ago a pound was worth 2.2 Can$..... it's now worth 1.6 Can$.
The really worrying thing, as ABERS touched on, is that an unemployed youngster in the UK has no hope whatsoever. There's next to no manufacturing industry, no mines, no steel, no shipbuilding. Housing prices, rents etc have been way beyond the dreams of many kids in the UK for many years. Nearly everything you buy in shops is made abroad. At least people in most other countries can strive for (I won't say 'afford') a house at some point in the future..... across the border from me, in New York state, houses are on the market for under US$90,000 (56,000 pounds)..... that's an annual income for a couple in quite low-paid jobs.
I find it all very sad.
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