For us, the financial journalists, the credit squeeze is a lot of fun to write about. For you, the honest newspaper subscriber, it may not be so much fun to read about. This stagflation business – inflation and low growth all at once – is so depressing. You cannot look to the authorities for comfort. Your government blew all the cash in the good times, unless you happen to live in the Gulf or in China. Your central bank, desperately trying to sound both sympathetic and hawkish, is changing position more frequently than a presidential election candidate.

No, you cannot rely on others. If you are going to survive – perhaps even prosper – in a stagflationary world, you are going to have to be tough, resourceful and self-reliant. You will have to cope with a boss looking for people to fire, a tightwad bank manager and columnists who use words such as “stagflationary”. It is not going to be easy.