RE THE CONFIDENCE FAIRY HERE AND IN BRITAIN

Krugman is right, in his article.

I want to focus on a point he makes, in passing, re regimes which come to rely too heavily on the finance 'industry'.

There was a time when 'finance' was hardly even really considered an 'industry', much less one which when played fast and loose, wheeling and dealing therein, kept a domestic or national economy afloat.

FINANCE WAS SOMETHING YOU NEEDED SOMETIMES, TO DO A REAL INDUSTRY OF SOME OTHER SORT.

When your main 'industry' is financial wheeling and dealing, you are in really big trouble.