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Howard Archer, chief UK economist at IHS Economics, said the surge in retail sales around Black Friday was probably linked to the increase in borrowing – retail experts IMRG estimated £810m was spent online during the promotional day – but he added there were also likely to be other factors behind the rise in debt.
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They simply couldn't understand why Biyani kept harping on the need to think local, and fretting about borrowing retailing concepts from the West.
"Expect the banks' PR spin to be that the ICB will force them to push up the cost of borrowing to retail and small and medium-sized business customers.
On top of the deleveraging by banks and hedge funds (and others that have financed portfolios with borrowed money), retail investors are redeeming their holdings in mutual funds while companies are no longer supporting their share prices with buy-backs.
These entrepreneurs will innovate across multiple channels, while borrowing from the traditional retail playbook, to improve the customer experience.
This week, Goldman Sachs borrowed $1.3 billion from retail investors by selling notes that will mature in 50 years.
They also became key agents in the operation of the U.S. "shadow banking" system, releasing themselves from dependence on retail deposits by borrowing in money markets to build a fast-growing asset base denominated in U.S. dollars.
Even merchants with long experience in retail or fashion are borrowing some of the practices of the little markets as a way to lure customers.
The McDonnells also borrowed Williams Ferrarii, which retails for $190,000.
In Britain, the so-called "ring fence" between investment and retail banking will probably raise the cost of borrowing for the wholesale arm of Barclays; Germany is also mulling some kind of separation.
Nor are consumers borrowing to maintain their spending; instead they have been repaying their debts.American retail sales were stronger than expected in October, thanks largely to the car industry.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com