Comments Its OK for the government to pile up debt for its ridiculous spending if international circumstances are not good according to Mervyn King but the dear old private sector cannot borrow more and pile up debt if the state of the world econmomy is not good so as to keep its shareholders and employees in the state to which they are accustomed.. There is no one handing out unpayable loans to it. One wonders if Mervyn King has not been in the job so long he cannot see straight. Mervyn King demonstrates (as if we did not already know) that he is an overpaid chocolate teapot. He failed to blow the whistle pre-2007; was caught flat-footed when the storm hit; and, like Osborne, has no "solution" to Britain's totally unsustainable public finances other than generating inflation, thereby ripping off ordinary people and those on fixed incomes to protect Osborne and the bankers. Like all the members of our governing clique, he gets off scot-free: knighthood and huge pension invested in index-linked securities which the BOE's pension fund bought in bulk just when they were telling us that the great threat was deflation, not inflation.