This could just as well be published in my ordoliberalism blog. The next sub-prime mortgage crisis is one that a no government will want to be in office when it happens. They will all want to pass the baby before the music stops…

The Slog.

gELIWURSTMerkel clobbered by neolib boomerang syndrome

At the end of its first, ignominious year, Help to Buy results are available for analysis. The Sun headline is Kylie marries former jailbird in no that’s not right, the real write-bite is this: 2.5% of all mortgages have used the scheme, and the adopters are young and downmarket wannabes north of London who live predominantly in Labour constituencies. The very folks who don’t normally vote Conservative. Just fancy that.

It’s a bribe – and always was. But it can’t change these realities – flicking across the financial sections this morning, we see that:

* Global imbalances are being exacerbated by the oil-price drop. (But it’s not being reflected in retail prices)

* Infrastructure projects have arrived too late to save the Western economies (So much for monetarism)

* The UK housing market has passed its Zenith and looks set to crash (Thank you…

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