AND NOW WE HAVE QUANTITATIVE EASING!!

This is a more sombre post than previous entries,it is of it's time and believe me things are tough in the U.K.,and destined to become even tougher before 2009 is out.
The country is now broke,not slightly bent but officially broke,and we the taxpayer have now bailed out the banks to an estimated 1.3 trillion pounds,yes not a misprint that says trillion,a figure myself and many others find hard to envisage,unfortunately these bail outs,coupled with interset rates cuts ,we're down to 0.5%,have not seen credit flow into our economy.
Now we have something "new" which goes by the name of "Quantitative Easing"..to lesser mortals it's printing money ,the very last resort for the U.K.,or any country, it allows the Bank of England to pump money into our ailing economy.We are in unchartered territory ,no one knows if it will work,but everyone should pray it does because there is nowhere else to go,and that's a very scary thought.
So where does that leave the majority of us who are not part of the "establishment",the answer to that is only time will tell,but we're not best placed if things don't improve,not one single person I know will be getting a pension of £700,000 per annum,that's what Sir Fred Goodwin has for allowing his bank RBS to go bust,and we the taxpayer are paying for it, along with all the other CEO's and board members of the banking sector who have either been sacked or resigned through incompetence,yes they'll be getting their pensions too....That's what being part of the establishment means, whatever happens your future is secure and a labour government has presided over these events,but they are the establishment,it was Gordon Brown who pushed for Sir Fred's knighthood,another Scot by the way.
I'm not an economist,banker ,or politician,(bar Vince Cable who warned of these events) ,but how come myself and my husband could see 5 years ago that public borrowing and spending was getting way out of control,the housing bubble would inevitably burst ,as prices soared ,and people no longer bought homes but "investments",it was an orgy of greed ,the public buying on credit what they knew they couldn't afford,and encouraged by the government..but now the chickens have come home to roost,and it's us the taxpayer who will pay the price,our children and grandchildren,not the "establishment".
I'm very angry,we have been prudent ,not overspent but our small amount of savings accrue no interst now,we have paid into a with profits endownment,life/ savings plan for 20 years,it matures next year but insurance companies are now saying they are unable to pay out final bonuses,or will the said companies even be solvent in 2010,the plus side is the house is paid...I retired last March and my husband retires in October,and that was meant to be our nest egg,but prudence is punished it seems in this country,so not a bright economic outlook,probably why both of our children are seriously thinking of leaving the U.K.,one for Australia the other the USA.The taxpayer paid in part for their university educations,and they will now deliver their knowledge and skills to other parts of the globe.The USA is in dire straits but the youngest offspring sees more likelihood of building a good life there than staying in the U.K.,and Australia has of course been extremely prudent with it's economy.
What a sad day when young bright things no longer remain optimistic.
However as I shall now convert to optimistic mood,let's hope something wonderful will happen within the economy to shift this economic cycle into positive mode...I'm certainly not holding my breath ,but live in hope as they say