As this is the season of goodwill…..

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…why not forgive debts as Nail Ferguson suggested in his article in the Financial Times last Friday.

His suggestion about giving those in mortgage arrears a break by converting their loans to longer term durations with fixed interest rates is backed up economist Nouriel Roubini. We’ve let the bankers off so why not Joe Public?

Without debt forgiveness for the like of you and I, the danger is that the dreaded downward spiral in chemicals demand will continue.

The housing crisis could get a great deal worse before it gets better – and might become a global rather than just a western problem. In Singapore, for example, 10,450 homes could be returned to developers after being purchased under a deferred payment scheme.

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