People will borrow too much as long as the 1% have all the cash but until private indebtedness is cut, we’ll be living with the eurozone crisis Central bankers are by nature sober creatures so it was hardly a surprise to find Sir Mervyn King in downbeat mood last week. The Bank of England governor’s message to the nation was that recovery from the Great Recession will be long and arduous – a statement of the obvious if ever there was one.