There are currently a number of given reasons behind the global recession, the United States housing market bubble and subprime mortgage crisis, fat cat wall street brokers, risky bankers and a $500 Billion War in the Middle East all seen as significantly contributing factors.
However there is another factor that has to be considered:
Apparently the tooth fairy pays out $50 a tooth. Now this only used to be a $1 less than 10 years ago. Now even with inflation in Lagos at its peak. I dont think it will be increasing at the rate the Tooth Fairy pays out. We are talking about over 10 million teeth a day, making a $50 million pay out each day. Now we multiple this by a few years and we have the exact billions that the UK government require to bail out the RBS.
Therefore was it the tooth fairy who had to withdraw the billions out of the stock market in order to keep all the kids happy.
Was this what triggered the stock market downturn that started the domino effect on the whole world economy.
In fact perhaps it was the bank of the tooth fairy who agreed to give people from the mid-west with no real income a 120% mortgage of $350,000 with no chance of making the interest-only re-mortgage payments.
Lets just hope Santa can sort it all out the Christmas. Gordon Brown get your letter up the Chimney at Number 10 as the man who promised there was never to be boom or bust in the world of economics