The sun set on Rome; the sun set on Greece; it set on the British Empire and it's setting on the American one. Now is the time for China, India and the Middle East. Get out of the way, Europe. You've had your time. It's going to be a hard social-security-free road ahead, where you have to work!

Mark Hardaker, Jeddah, Saudi Arabia

Paul, Coventry:
That's the problem with England - there was too much council housing - and now the public are paying the price!
We don't have council housing in the USA, so we have to take responsibility for ourselves.

lyn, santa barbara, californa , usa

Really wish Libby Purves, whom I have admired for years, would raise the issue of family law whilst she is wearing her Radio4 hat it seems a bit of a taboo subject at the BBC, but it may answer some questions as to why our society is so very different to the seventies. Life seemed so secure then!

Dave Farmer, Broxbourne, England

From the long way away perspective of Australia, I regret to say the bottom 50% of the UK are in for a very bruising few years ahead, ahem, as the sky darkens with chickens. We are in a similar fundamental position, but are bailed out by the massive and wonderful Chinese commodity surplus.

Dennis, Sydney, Australia

I hate to do it but i'm here to share some #OMG# optimism!
'Something will come up...' you say, well the solution is already here - The silicon revolution will undoubtedly be followed by the robotic age and will (hopefully) create the conditions in which cottage industry and self sufficiency flurish

david, London, England

Monty, Bristol: one teacher (speaking to the Education Guardian) recalled much bad and self-indulgent teaching in the 1970s---now with the rosy glow of retrospect recast by you as 'halcyon days'.

Dectora, London, UK

Nice sensible article. I do wonder if things are as bad as the columnists say. My bank (HBOS) still tries to convince me to get a credit card or take out a personal loan every time I enter the local branch, although they could be going after one of the few people left who is not in debt.

David Lea-Smith, Edinburgh, U.K.

I was one of these individuals that left the UK in the 70's,and have been "gone" for 35 years.I always wondered if the decision
to leave was the right one,boy!did I ever get it right .

Drew, Victoria, Canada

Yeah, Thatcher broke the unions, but what did that do for the working people? Nothing, but the executives sure do get paid a lot more for outsourcing jobs; while those of us who have to work for a living have to accept lower pay, poorer conditions, and uncertain futures.

Kevin O'Driscoll, Antibes, France

If it's become fashionable to say that only the indulgent are fat, maybe it's time to start reminding that only the imprudent are indebted.

Or are you going to start blaming your genes, Libby?

Ian Kemmish, Biggleswade, UK

You're right! Our society, & government are now both so heavily in debt that we were particular vulnerable to any shock to the global economy. Brown caused the bankruptcy of public (& far too many personal) finances so an awful recession is now inevitable - his legacy will be worse than Callaghan's!

Tony, LONDON, UK

Good article (though why only BBC bosses?) Particularly agree about outsourcing - employees take less pride in their work if they know outsiders are doing bits of it. As for strikes, though not a Thatcher fan I think she was right to take on the unions. Someone now needs to take it a stage further.

Barry, Wallington, UK

I agree with Joe from Edinburgh. I was always taught to save up for things and not to live beyond my means. People make fun of me for being tight or for driving a Ford Ka but at least I've bought my own home and don't have credit card bills to worry about.

Luke, London, UK

Thank you Libby for a good, thought-provoking and memory stoking article. One phrase sticks with me..."the internet spreads lies"..

The first IT revolution of 1450-1550 triggered religious wars which decimated Europe. Will it be worse this time??

tony peterson, kendal, uk

Saving up for something, commending your upbringing and intelligence for having no debt, I find mildly amusing. Thank goodness we don't all have the same smug, risk free attitude to life. I wonder how many other 'drones' devoid of any entrepreneurial spirit exist?

No risk, no reward.

David, Stourbridge, UK

Catherine. I have no sympathy for students who start out with so much debt. They insist on living as though they are earning. a wage. In the 70's in Dublin (no grants) I lived with 3 other students in a one-bedroom flat (I slept on the sofa) and worked during the holidays. No meals out /new clothes.

Philip, London,

Never fear. The great white English male will bend over and take it without a fight, as he always does.

James , Newcastle,

Western governments need to reduce the dependence on oil as a primary energy resource by getting serious about a progressive government-subsidized introduction and promotion of renewable energy sources (excluding the nuclear and bio-fuels options) to ensure the very survival of our economies in the future. This approach will also create new jobs.

Peter, Geneva, Switzerland

I remember the problem that we had because the country could not balance its payments - until North Sea Oil came on stream.

That is where we will be again until we find an alternative clean Energy Source.

It will take 5 years!

james, shaftesbury, U.K.

David Vintner and Joe, I'm sure you don't meant to sound so smug but you do. I also have intelligence and a good upbringing but I graduated £16000 in debt(19k after the interest) I earn over the national average but with rents, petrol, vast mortgages, inflation etc, how am I ever to get out of debt?

Catherine, London,

Untill leadership is shown by the govt in setting an example of not getting into debt throw borrowing huge sums of money on the never never then it,s not surprising that the country in general follow suit.
British people have always needed strong and moral guidance and that has been sadly lacking.

bob, havant,

We don't make anything here anymore, we grow only a fraction of what we need to be self sufficient, we have no natural resources left having industrialised before any other country and we didn't see this coming! You cant run a country on just banking and insurance. What happened to foresight?

Graham, St. Albans, uk

This single parent works, owns a house & has no debt. It is possible but means spending carefully. I could see the crash coming a few yrs ago & struggled to pay off my small mortgage. Labour always creates a financial mess but this time they have engineered a social crisis as well. It will get nasty

Donna Walker, Effingham, England

And how will the generation growing up in the credit crunch years react? Will they turn against brand names and measuring success through display of goods bought on plastic? University entails an apprenticeship in debt, so will fewer first generation students risk it for future gain?

Diana, Derby, UK

Back in the 70s most of the population lived in council housing, was paid on a weekly basis and had few long-term financial commitments. Few people had credit cards and buying on hire purchase was something to keep quiet about. The one-car household purchased that car in cash from saving for it.

Paul, Coventry,

I graduated in 73,was married, and by 75 was doing OK, had no serious debt, and a company car, then in both 75 and of course the weather was great. 3of us holidayed in Dubrovnick my wife and I , £99 full board for a week, [ inc flight] . Small son came free!

David Vinter,, Louth, Lincs,, UK.

I thank my upbringing and intelligence for the fact that although I have a nice home, car and savings I also have no debt whatsoever.

By all means borrow money but only for essentials and do not be stupid and put it on a credit card at 29% APR.

Saving up for something is actually good.

Joe, Edinburgh, Scotland

Throughout the so-called "lost decade" in Japan, the percentage of employed population actually rose, job cuts were certainly not the norm, and real wages mildly increased. I would love for Britain to have such a "lost decade" instead of what the country has had over the past fitteen years.

John Merson, Saitama, Japan

A strong statement about creative people. In fact, in education anyway, it's the other way round. Teaching, in the halycon days before the national curriculum, used to be a haven for eccentrics, and not just in the art department. Nowadays everyone has to conform in an era of bland uniformity.

monty, bristol,