What’s most annoying, though, is that the policy

makers, government included, have been quick to blame

others for the sticky situation. They should instead take

a look in the mirror. To be fair, they haven’t been helped

by the many Chicken Little commentators saying the

sky-high excess demand was falling, when it wasn’t

really. Yet the excesses that have built up over recent

years are a textbook example of over-easy money and a

burgeoning government sector. In this sense, the boom

has simply reflected excess demand and the hoovering

up of every possible spare resource rather than anything

laudable in terms of productivity growth.”