Going to the dogs

There has been a lot of talk about whether the country is indeed going bust.

I suppose that the definition of going bust is that your assets are swamped by your borrowing and in the case of a country,those borrowings come from overseas.

Take a look at this graph courtesy of the blog site Burning your money and decide whether we are indeed going to the dogs.

I have just finished reading Nick Cohen's article in the Observer.It is a fascinating insight into a world that Nick believes that we have left behind full of excess and greed and is well worth a read.

It comes from an extract from his forthcomoing book and its opening is a very poignant

Two years after the Great Crash of 1929, the American journalist Frederick
Lewis Allen looked back on the Jazz Age of the 20s as if remembering a dream.
The daring flappers, abandoning their corsets and lifting their skirts "far
beyond any modest limitation" and the swaggering investors, who "expected the
Big Bull Market to go on and on", ought to have been fresh in his readers'
minds. But Lewis knew that the bank failures and mass redundancies of the Great
Depression had made the recent past utterly foreign. The optimism brought by
prosperity was now as far away as a distant star. Wondering what to call his
book, Allen hit on a title which was also a reminder, Only Yesterday