The end of flat-packs and pick'n'mix

Bear with me today, folks: this blog starts with misery, and moves on through rant, but it ends with some hope!

So, Woolworths and MFI have gone bust.

It's big news, and it has put the wind up a lot of people. And indeed, it's hard to imagine the high street without Woolies or the retail park without MFI, isn't it? A Britain without flat-packs and pick'n'mix!

These retail giants follow the Banks, as the latest victims of the credit crunch. And it seems likely that they won't be the only ones: PC World and Comet are apparently at risk too. "Weep for Woolies" says the BBC's political editor Robert Peston today, rather too sentimentally for my liking. Personally, I don't give a toss for the corporate casualties. It's the human casualties I'm sorry for: at least 30,000 individuals will lose their jobs as these companies go bust. And they will suffer all the more, no doubt, because almost all of them are already in debt.

Now beware, listen to the sirens blaring: here is a Rant Alert!

The trouble is, for the past decade or more, we've built our whole society on credit. Almost all of us do it: mortgages, loans, overdrafts, hire purchase, credit deals, credit cards, store cards ... we've got into the habit of casually building up debt. We've got so used to it that we don't even think any more about what credit really is. Let me spell it out: credit is money we haven't got.

If that's not shocking enough, here's something worse: the collapse of the banks and big business makes it frighteningly clear that they, too, have too much debt and not enough money. And if we haven't got the money, and they haven't got the money, then there's only one conclusion to draw: the money isn't there!

Yup, this is the bizarre truth behind the credit crunch: we have all been spending non-existent money! No wonder we're in trouble!

But this (at last!) is where I begin to feel the little first flickering flame of hope.

Andrew Lansley wasn't allowed to say it but I can (I am not a Tory politician AND I earn a lot less than the UK average wage, so I can say what I want) ... Recession might be good for us.

Of course, it's going to be Bad for many individuals. It's going to be Bad for those who lose their jobs or their houses. It's going to be Bad for those who suffer with stress and stress-related illnesses. And I'm sorry for all of them.

But maybe, just maybe, there will be some Good side-effects.

You see, I think we've been spending money we haven't got (and that's never a good thing) on things we don't need. So many of us have got into the habit of believing we need that second car, or that conservatory extension, or those designer clothes, or those packaged ready meals, or that wide-screen telly, or that extra games console ... and we don't. Really, we don't.

Now, I'm not a puritan. I'm all for splurging on wine and chocs and holidays and fun and beautiful things. And I wouldn't complain - not for one moment - about all this unnecessary consumption if it was doing any good or making people happy, but it isn't.

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Huge numbers of people - probably the majority - work in jobs they hate to pay for these things that they don't need. Huge numbers of people are perpetually anxious, worrying about whether they can re-pay the credit they have accumulated. Huge numbers of people are miserable, and all their extra possessions do not make them happier.

So maybe, just maybe, as the recession bites and we have less money to spend, some of us will wake up and remember: "Hey: money won't buy me happiness, and money can't buy me love!"

.

And if so (since I'm really a hippy and anarchist at heart) then I say maybe this credit crunch will be the end of the world as we know it... But I'll feel fine! Because a Britain without flat-pack and pick'n'mix is hard to imagine right now, but it might just be a better one!

Flow x