So Brent Cross can be expanded on the back of more cheap consumer debt, can it?

"Trying to solve a debt problem with more debt has created a bigger bubble, and it's hard to see what the central banks can do"

Link to The Observer

"As the world approaches the sixth anniversary of the freezing up of credit markets, a terrible idea has occurred to investors: we might only be part-way through the crisis. This has come as something of a shock. For the best part of the year, markets have been pushing asset prices higher in the belief that the worst of the crisis is over.

"... Doubts are now starting to set in, and rightly so. Cheap credit has done wonders for equity and bond markets, but precious little to revive real activity. This has been the weakest recovery from a slump in living memory. And financial markets have become dependent on central banks keeping the money taps wide open, even though the evidence is that each additional dose of easing is less effective than the last.

"Markets are currently skittish, not because there is a risk that the Federal Reserve will start to reverse its quantitative easing programme but because of fears that it might start to reduce the amount of assets it purchases monthly.

"An extremely aggressive and highly dangerous dependency culture has developed, and it is not easy to see how central banks get out of the problem that they have created for themselves."