16th May 2010

What a week. The UK has the youngest PM for over 100 years and the first coalition government since 1945. The good news, already, is that UK state pensions are to have a bigger guaranteed increase each April whichever of incomes or 2.5% are the greater.
And what's this I read in the news? Sarkozy threatens to leave the euro, and German savers hoard gold. Nothing new there then! The Greeks are rioting and can't understand why they can't continue to retire at 45 with full pensions, even though their government has debts of billions. And what does the EU do? It responds in the same way world leaders responded to their bankrupt banks – lends them more money. The road to ruin, I say. All the while, across Europe, voters are asking why they should be asked to pay for the rescue package, worrying they might be next. And don't forget the on-going bankrupt state of the US housing market.
It's all getting worse. If the euro breaks up and others try to devalue their currencies, we'll be back to the economics, or even the governments, of the '30s! Beware another Hitler knocking on the door!
What was it my mother used to say? If you haven't got it, don't spend it.