Magazine article The Spectator

Yes, Goldilocks, There Is a Free Lunch, but the Bad News Is That It's You

Magazine article The Spectator

Yes, Goldilocks, There Is a Free Lunch, but the Bad News Is That It's You

Article excerpt

New York

Poor little Goldilocks. Now we know how the story ended. The bears ate her. Well, what did you expect? She did rather take them for granted. She assumed that this chair and this porridge and this bed had been provided for her. As for the bears, no doubt they had gone away, or had been kept at a safe distance by some wise owl, or had changed their nature in response to a new paradigm and were now vegetarian. This time, she thought, it was different. These famous last words can serve as her epitaph. She had given her name to the world's biggest economy which seemed to be leading a charmed life. It had discovered the secret of growth without excess: not too little, not too much but just right. No inflation, no overheating, no shuddering halts, for the old rules no longer applied. Everyone wanted a share in this prosperity and would happily lend money to keep it going. …

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