Those who write in to say the UK does not need to curb spending or to control its deficit and who think monetary and financial excess is rewarded should take heed of the messages coming from emerging markets.
At the end of last week the Argentinian peso fell 11%, making imports much dearer and people worse off. The official rate of 8 pesos to the dollar compares with unofficial market rates of 13 pesos to the dollar. President Christina Kirchner has now had to impose restrictions on internet shopping , and tough foreign exchange controls to try to stop the flight of money out. Inflation is around 25%. Her policy of higher social expenditures and some nationalisation is not bringing prosperity but a crisis.
The Brazilian real has also been falling. It has moved from around 2 to the dollar a year ago to almost 2.5 to the dollar now. Interest rates have been raised to 10.5% to try and stem the flow. The balance of payments deficit is large. President Dima Rousseff is finding her more generous policies are backfiring and cutting living standards and growth.
The Turkish lira has also fallen sharply, from 1.7 to the dollar a year ago to 2.32 now. Interest rates at 7.75% are thought to be too low by many in the markets. The balance of payments is heading for a very large deficit this year.
Spending and borrowing more do not help in situations like these. These countries are being forced into new austerity to stop the slide. The art is avoiding getting into such trouble in the first place. That requires some prudence.