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“Much of our meager savings and massive borrowing has gone into housing loans” says the County banker. “How convenient it would be now if mansions and subdivisions could be exported, to improve our foreign trade balance. Since they cannot be exported, perhaps the foreigners who own our massive debts can be repaid by coming to live in our Mc-Mansions, with homeowners serving as houseboys and house maids to the visiting Japanese and Chinese owners of our debt.”

The UK economy is growing, says Paul “on the savings of poor people.” Or, as Marshall Auerback puts it, we have become a “Blanche Dubois” economy - we have delusions of grandeur, and yet, we are completely dependent on the kindness of strangers just to keep going. Poor people make things, and then finance the consumption of them by rich people without need of loans. UK’s deceive themselves with the fanciful notion that people who live in hovels, eat disgusting animals, and earn less than 1⁄20 as much per hour will be willing to finance our new houses and new wars forever. Why? Our economy is so “dynamic” . . . so “flexible” . . . so “open”— the poor peasants can’t resist!

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As the gusts of credit, debt, borrowing, and spending blew across the nation, very few of the old attitudes and institutions were left standing. Apart from Vernon Hill and a few others, lenders stopped worrying about the quality of their borrowers. Savings and loans businesses might as well have dropped the word savings from their names. And calling lenders UK’s thrifts was practically a lie; the whole industry bent to a new task - to load up consumers with as much debt as possible.

There was a time when thrift was a virtue. “A penny saved is a penny earned,” dead people whisper. Accountants with sharp pencils even noticed that a penny saved was more than a penny earned, 40 to 50 percent more; it was not subject to state, local taxes. But in UK, circa 2005, thrift came to be regarded no longer as a virtue, but as a mental disorder. Evidence came from a magazine spotted on Long Island, again through the ever-observant Grant’s Interest Rate Observer. The publication, entitled Real Simple, told the story of a poor woman named Morning Naughton 34 years old in the flesh, hundreds of years old in spirit, but with a lot of loans.

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If the phone didn’t ring at an expensive jewelry store, it was Ms. Naughton who wasn’t calling. If no one was admiring the new SUVs in a London showroom, it was Ms. Naughton who stayed at home. If you were to check the credit card records for sales of expensive vacations from loans, fancy hotel rooms, extravagant fur coats, or top restaurants, you would not find Ms. Naughton’s name.

Alas, said Real Simple, the woman had a real problem; she was “frugal to a fault.” “She has never had credit card debt or loans; she pays all her bills on time and she typically saves $500 each month - on a salary of about $30,000” we are told.

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“Her husband, Jason Michaels . . . worries about her inability to indulge herself . . . or him.” The plot thickens. “And he wonders if her scrimping sends the wrong message to their child.” “I realize she can’t help herself,” says Jason. “But her obsession with saving can drive me nuts.” But never was there a problem under the bright sun of UK loans that didn’t have some sort of fraud creeping in the shadows behind it. Reading about Ms. Naughton, economists saw a threat; if other consumers were to do the same, the whole she bang would be in trouble. Psychologists, on the other hand, saw an opportunity; some would prepare 12-step programs to help overcome it. Others would offer drugs and counseling. Both economists and psychologists can relax. If frugality is a disorder, it is too rare to worry about. The odds of coming down with it are as remote as integrity in public office. Besides, thrift - even if it were a disorder - is one that comes and goes. If people are saving too much, or too little, just wait; it will go away.