Introduction: debt, deficits and austerity -- We must live within our means -- Governments must balance their books -- We must tighten our belts -- Don't go into debt -- Taxes are a burden -- Austerity: there is no alternative -- Always an alternative.

As the world economy recovered and grew, the price of oil rose markedly, peaking at almost $70 per barrel in 2005 before ending the year at $61 per barrel. Today, the price continues to hover at around $65. This sustained rise in prices has generated hundreds of billions of dollars of extra...