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Although "using banks with minimal risk ratings" may be prudent and
advisable, recent events in the USA have dramatically demonstrated that
today's "minimal risk" is tomorrow's catastrophic failure. Everybody
drank from the same poisoned wells. The author at last alludes to this
possibility when he posits that "the credit worthiness of even governments
starts to be called into question". As Margo Channing warned, we should
all fasten our seatbelts for the bumpy ride.
I learnt a great deal from John Appleby's excellent article. On
reflecting on the
public health perspective, the credit crunch will have an indirect impact
on
deprivation indices in communities and thereby a probable longer term
effect
on the health of populations.
One way of predicting these might be to model the change in IMD
scores (as
unemployment statistics form part of the IMD score) and then estimate the
size
of the effect on the population and or sub populations.
Using health economic terms, this might lead to an amplification of
the rise in
demand in certain areas of health / ill health - for example the elderly
who have
an additional burden of ill health as well as being relatively poor and
suffering a
disproportionately from inflation.
It might be that the "credit crunch ill-health amplifier" may not
only be short to
medium term but even long term in effects being apparent and understood.
Competing interests:
None declared
Competing interests:
No competing interests
29 October 2008
Khesh S Sidhu
Deputy Medical Director
NHS West Midlands, St Chads Court, 213 Hagley Rd. Edgbaston, Birmingham, B16 9RG
An uncertain future
Although "using banks with minimal risk ratings" may be prudent and
advisable, recent events in the USA have dramatically demonstrated that
today's "minimal risk" is tomorrow's catastrophic failure. Everybody
drank from the same poisoned wells. The author at last alludes to this
possibility when he posits that "the credit worthiness of even governments
starts to be called into question". As Margo Channing warned, we should
all fasten our seatbelts for the bumpy ride.
Competing interests:
None declared
Competing interests: No competing interests