Posts tagged credit crunch

The only possible system

Capitalism, we are told, is the only possible system. Anything else is impractical dreaming. Capitalism delivers prosperity, stability, growth… except when it doesn’t. The credit crunch is nothing new – remember the Asia currency crisis, the Russian debt crisis, Black Monday, Black Friday, Black Wednesday and all the rest? The March edition of New Internationalist had a nice article summarising the various crises that have hit – they count 45 since the early 1970s, or more than one a year. If we were all living in anarchist communes and I… Read More

How to explain the credit crunch to a five-year-old

1.  The government promised Mummy and Daddy they would be happy if they spent their lives working to make someone else rich. 2.  Mummy and Daddy did what they were told, but ended up with jack shit. 3.  The rich people told Mummy and Daddy to borrow lots and lots of money, so that they could buy a house, a car and all the lovely shiny things they had been promised. 4.  The rich people got even richer by selling Mummy and Daddy’s loans to each other and pretending that… Read More

RIP Pick More Daisies

My favourite cafe in Crouch End, the cafe where I wrote most of my novel On the Holloway Road, has just put up a notice saying it has fallen victim to the credit crunch and closed down. It was a shock to me. The place was perfect for writing. It had friendly staff, American-diner-style bottomless coffee, good food, big windows to stare out of, convenient plugs for a laptop, and Fawlty Towers tapes playing in the bathrooms. And it was just around the corner. Also, on reflection, a reason I liked… Read More