Bank regulators make the prospects of the living-hand-to-mouth especially bleak

Sir, Gillian Tett’s “The cost of living hand-to-mouth” May 5, is splendidly scary, especially when contrasted with all the how the US is doing great hoopla on FT's first page… especially since there is nothing in the “for our business it has become critical to understand the cycle – when pay [and benefit] cheques are arriving” that will increase the relative number of citizens who can afford a planning scenario that goes further than next pay cheque.

Of course, as Ms Tett has preferred to ignore it, even if she writes for the Financial Times, I must remind her again of the fact that if any of these “living hand to mouth” were to have access to bank credit, then the dollars, or pounds, or euros they would pay in interests, would be worth much less to a banker than those dollars, or pounds or euros paid by anyone dressed up as safe. And that is simply so because the regulators allow the banks to leverage much more a “safe” dollar, pound or euro, than a “risky” one.

Of course, as Ms Tett has preferred to ignore it, even if she is an anthropologist, I must remind her that one big reason many have possibilities of planning for a longer horizon, is that so many before them took many risks, assisted by the banks. And therefore, as a result of banks daring taking risks having been ordered out of fashion by too concerned and too dumb regulators, the future of the current living-hand-to-mouth looks especially bleak.

No nation and no economy has become great by playing it safe!!! God make us daring!!!