More interesting developments on the world stage. The Bush administration have guaranteed £2.8 trillion to salvage the sinking mortgage giants Freddie Mac and Fannie Mae. Well it probably wont be long before the British government have to run to the rescue of similar British giants to add to it's increasing portfolio of state owned recent acquisitions.
So corporations are falling into the hands of government. Very clever. I do wonder whether Gordon Brown has planned all this, when he was referring to a steady state economy. He is after all a socialist. Probably not, it is probably the laws of nature that are causing this crisis.
It is a very dangerous thing to have moved all the resources up to the higher trophic levels of a system because it means the foundations which those levels rest on become unstable. How can an elite class, standing on the shoulders of the working and middle classes expect to be held up if they deprive their human under-pining. This crisis is based on lending money to people who can't pay it back- the sub-prime. They can't pay it back because they haven't got it. They haven't got it because somebody else has it all for themselves. The unequal distribution of resources, or if you like elevations (Greed) is the resistance of the laws of nature and things that resist the inevitable are transient and do not persist. Nature continually works like a carpenters plane- trying to level things out and distribute things over a wide area. Mountains are washed to the sea.... and those mountains whose foundations are weak- collapse cataclysmically forming very large craters.
Now.... what for the very large mountain of financial resources that has built up on the small island that I live on. It is all a question of time. At the moment a storm is raging- eroding the top and sides. For as long as the foundations are sound, there should be no land slide and things will move at a manageable pace. Yes it is all to do with those foundations- the ones we call sub-prime.