The tradition of Christmas, first mentioned in English in 1043, is a combination of earlier, mostly pagan, traditions which were appropriated by the Christians for the purpose of stamping them out.

Arguably Christmas has now been appropriated by the corporate world as a marketing tool to promote an annual orgy of spending and wasteful consumption. Bah Humbug, I say.

By all means let us burn the Yule log (pagan, Scandinavia), hang the boughs of holly and mistletoe (pagan, Celtic), decorate our Christmas tree (origins unclear, first reported Germany 16th. century). But most of all, perhaps, we should think about Santa Claus (just a corruption of Saint Nicholas). Saint Nicholas was bishop of the city of Myra, in the Roman province of Lycia, in the third century. He was venerated for, amongst other things, making anonymous gifts to the poor. Somehow, this has been “lost in translation”.

Friday’s economic reports showed a fall in the personal savings rate, to -1%. This means that consumption continues to be sustained by borrowing and/or liquidation of investments, otherwise know as eating the seed corn. The personal savings rate has been negative for 20 months now. How can people believe that this will not have consequences?