Two days ago I read an astonishingly factual and honest article on the BBC Magazine website, called;
The myth of record debt
Author Michael Blastland (who wrote The Tiger That Isn’t: Seeing Through a World of Numbers) explains very well how statistics and their presentation can be used to hide or expose anything the presenter desires! This is something I’ve mentioned several times in these pages.
Rather than repeat verbatim all Michael has said, just consider these two charts from the web article – they contain the same data !!!
Interested? Just click the charts for the full article.
In short, he says (and I agree) that the reason that every year we have a new record for something ( overdrafts, debt, borrowings, profits….) is because of inflation. It’s a natural consequence of increasing money supply.
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