Dig your way out of a hole

There is a very old saying that you can't dig your way out of a hole, you can only dig yourself deeper into it. Someone should mention this to Gordon Brown or the other geniuses in the Bank of England. Recently interest rates have been slashed, now down to almost 2%, in order to encourage people to borrow, thus spend more, and thus in theory restart the economy.
 
What these overpaid beuracrats have missed is the fact that this entire mess was casued by people borrowing too much and not being able to pay it back. We live in a credit society where everyone thinks they are entitled to have things they can't afford, so they borrow. Gone are the days of working longer hours and saving up to afford something, now we want it all now.
 
Slashing the interest rates is a bad idea and will not work, it will only punish savers and cause more problems in the long run.
 
Its little suprise that this entire problem and the credit society was created by Gordon Brown when he was chancellor.

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