Feeling the pain to come

There is much in the British news today about the need for severe cuts and retrenchment which will affect everybody because of the massive debt the country has built up.

I will be unpopular for saying this, but while I know I will feel pain too - quite rightly - in many ways I welcome the idea.  Our finances feel out of control and if the slide is not halted now it will be irreparable.  The idea of discipline in an environment of transparency is attractive, and if it enables us to simplify and divest, to live within our means without resorting to credit, it may set a pattern of behaviour for us as individuals, as businesses and as a country which will last far beyond the debt repayment timetable.

The financial situation in every "civilised" state gives rise to a fundamental choice - whether to continue in our self-indulgence while blaming others for the position we are in, or whether to insist upon fundamental reform and to accept the pain when it comes without complaining.  Even now, some people think the failing economies can be put right without the need for tax reform and change to public services, in other words without their own lives and lifestyles having to change.   It is financial Nimbyism. They forget that all of us bear some responsibility for all of this through our prevalent consumerist culture and borrowing mentality, and for allowing the politicians to gamble with our money.

It may be cheques and a cash economy will stage a comeback after all.