We are where we are

Our problems are great; we have a banking crisis where a housing boom has blown a hole though our banking system, and the economy itself.

There is a deficit crisis, which has arisen out of taxation system, which taxed, certain, narrow parts of the economy too heavily while expanding the government spend in the economy too quickly.

And, we are part of a Euro crisis where structural imbalances within the Eurozone – it is not, unfortunately, an optimal currency area, but I don’t want to get too technical – where structural imbalances within the Eurozone have been a great boon to Germany and as we can see a terrible burden upon Greece, Ireland, Portugal, Spain and Italy.