Philip's view is essentially right, but only with the conditional IF.
If the Government UK decide to do another bout of quantitative easing (QE), then it may be the one overdose that shoots the top.
Same applies to eurozone countries.
However, I can't see the banks in Britain suddenly running out of money overnight. There is money in Britain, the banks and other credit institutions are sitting on cash, as Vince Cable has been repeatedly pointing out, and are slow to lend it to British businesses unless they are quite certain they will get it back.
And providing PM Cameron doesn't embark Britain (and Britain's banks) on a bailout scheme somewhere in Europe, there is no reason why the UK banks should run out of money.
It's more likely the common people are running out of cash, and this is how the Government has been letting the steam out of the bankruptcy situation, through penalising the masses.
Let's not forget the 40% reduction in council budgets over a four year period, starting from last year.
As a result, DTC cannot plant flowers in baskets - the drought is over!!! -, some public toilets have been shut, and a number of other inconveniencies are emerging too, owing to things that councils can't afford.
Last night to my astonishment I found out there is nowhere in Dover where a person can sleep overnight in an emergency. I thought there had been a place in 7 Church Street. I found it was for sale!
So when you see a wet and cold person lying on the ground, who can't even stand up and walk alone, and doesn't want to sleep on a wet bench, you have to require help from 999.
All things to do with spending cuts. Austerity. The steel mask!
Not even the jubilee celebrations give respite from this. I mean, there's not even one day of the year when the Establishment gives a day of reprieve to those in Purgatory.
At least in Dante's first book of the Divine Comedy, people are allowed to stand ankle deep in the grass
drinking tea before they are told to stand upside down again...
Austerity, one could right a book on it.
How we must endure austerity, after all we're all in this together, we all go along the Thames in a gold plated barge, we all introduce a bank holiday on our 60 th birthday costing 0.4% of GDP in our personal household economy - after all an Englishman's house is his castle.
So, Philip, I think the agony is different to that which you described, more subtle: it's the poor who wake up to find they have less money, or more personal debt, and those who were not poor but have become so. Eventually realising they have only two pound coins to rub together.
