As the recession begins to get traction—ie: the recession that has been with us for over a year that no-one wanted to admit is finally too big to ignore—I finally get to say "I told you so!" about a LOAD of stuff.
I'm not an economist, but the credit bubble that capitalism has encouraged since the deregulation of the 1980s has given our economy the implausibility of a perpetual motion machine. And I have been saying so. Sooner or later, everyone will owe too much to pay back, and we'll all be fucked.
But apparently I was naive about the way the world of capital worked*, and that the bankers and financiers knew what they were doing. Until now. Now I'm being told that no-one could have known!
Anyone who has been plagued by my company in recent years will have experienced the tedium of me pointing to things in the high-street and saying "that's not a recession-proof business!"
One of these "indicators" was the plethora of over-priced coffee shops that have infested our precincts in recent years. I am therefore not surprised by the overdue news from the BBC that Starbucks are running out of profits.
Next will be Premier League football. Too expensive for too little. Bad news for Murdoch.
* Once upon a time, in 1988, after I suggested that Manchester United under Alex Ferguson would dominate the 1990s in the way that the previous decade had been dominated by Liverpool, an Arsenal fan replied "If you think Man U are going to win ANYTHING, you clearly know nothing about football!"
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