|BQ's cottage during |
our lovely summer
But why did I say it was a dull summer - well, look at the FTSE over this year, one dip a month ago of about 8% but then a full recovery - nothing to see here.
Well you may remember the dim and distant past and recall that the Eurozone was going to collapse and take us all with it. Everything was very grim. Then at the end of lat summer lots of noise was made about Euro Quantitative Easing and hey presto, all has been fine since.
Fine for now one feels though. I am personally delighted to be able to go on holiday next week and for a change not have to worry if the life savings are going to be there when I get back. That is all rather too much stress to deal with on a daily basis.
However, the story will return one day. Greece is not fixed, Italy and Portugal have to much debt, France is still sclerotic with a very poor socialist Government. Money, more more realistically, promises of loans are not the same a debt forgiveness and internal devaluations have still never been shown to work in a crisis.
So let's enjoy things whilst they last, because it is a nice summer, but the future is farm ore cloudy. On a political front for the UK this is very bad news for the Government too. For now they are crowing about the reasonable fist they have made of turning the Country round from long recession, the challenge is will the Euro crisis can remained kicked far enough down the road to see out at 2015 election? 2 years really is a long time in politics.