Stores in Britain are slashing prices, issuing money-off vouchers and extending hours as they fear the worst Christmas spend-fest in over 25 years. As the economy begins its slide, businesses are panicking.
Which is, of course, the worst thing they can do. As I’ve said elsewhere, the booming economy of the last few years has been based on confidence and credit more than actual economic success. So once confidence goes, so will the booming economy.
Of course, it could be that doctored news of a more hopeful variety will come before the Christmas shopping days are gone – and that will just save the shops from disaster. At least, in the short term.
But it will simply place people in more debt, to be ruined when it all falls down.
© Anthony North, December 2007
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