Northern Rock, Bear Stearns...

Who's next? My city friends are amazed that as of yesterday I had not blogged about the near collapse of Bear Stearns. Truth be told, I find it too depressing; it's one thing to tell people that we are living through a near re-run of 1929, it's quite another to realise that we actually are.

The booming economy of the western world has been built on credit and false valuations. The birds are coming home to roost, we are in for an extremely painful five years or so. Contrary to Alistair Darling's claims we in the UK are not better placed than most to survive the coming economic storm. If Alistair believes his claim then he is a fool, if he is just saying it then he is a knave.