Frightening statistic of the day: consumer spending is 70% of the US economy.
‘Just as rising markets had created a “wealth effect” , declines have a “poverty effect”, making people reluctant to spend. This may affect the economy negatively by $250bn to $300bn over a one- to two-year period.’ That would be more than 2 per cent of America’s $13 trillion GDP.
(And then of course there’s the fact that consumption has to fall dramatically for environmental reasons…)
But if you want to cheer yourself up, an archaeological cutey: a 4,000-year-old gold dagger has been found in a museum drawer.
The gold pins, thought to come from Ireland, were fashioned by craftsmen in Brittany, France, and inlaid in an intricate herringbone pattern into the handle of the ceremonial dagger, which had an eight inch bronze blade.
(A distinctly European time for Britain.)
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