ix touring - what you need to understand is the effect of Mortgage Equity Withdrawel on the wider economy. I posted exact figures many pages ago.
Roughly speaking last year there was £9BILLION borowed against existing mortgages. Nearly all of which was spent on either more inflated property, goods or services. This has now stopped. Dead. Like a turned off water tap.
The money tap that was MEW, becoming blocked, is way way way big enough to create a small recession in itself without an oil spike or a credit crunch. Recessions are like black holes. This is a cluster. Even airlines with solid foundations could be made to go bust if their maintenance service provider cannot get the credit needed to adequately stock spare parts needed to comply with regulatory requirements. The complex spiders web that allows people to click a button on a website and then as a result be whisked at 600mph through the sky to a foreign land is familiar yet hideously complex and dependent on credit.
You would be a fool not to be very afraid right now. I expected things to get this bad (most thought me odd) but its worse and the repurcussions are more sinister than I ever understood. A small shock now like the testing of a nuclear weapon or a declaration of war or major West-coast quake and the whole system could tip over. Really. No working ATM's, delayed pay cheques, queues for food. Three meals from civil disorder... etc.
Anyone. ANYONE. Under any circumstance thinking about splurging £70k on a flying training course is in need of a jacket with strap up sleeves and a window to start licking.
WWW