Thursday, March 20, 2008
I was going to blog about the imminent collapse of capitalism - you know the sort of thing, where to get hold of an AK47, how to loot your local Tesco, the tastiest way to poach a rat and the best way to handle a warlord. But, somehow, I don't think you'd get it. There is, you see, this colossal disconnect about this whole credit crunch story (I now follow it through the superb Alphaville blog at the FT, I suggest you do the same). On one side, appalling things are happening in the financial system which, not long ago, grand City experts were telling us couldn't possibly happen. And, on the other hand, nothing much seems to be happening in the real world. There is, I think, a feeling that this will all blow over and things will return to normal except there will no booming house prices. That might happen. But, reading Alphaville and watching the latest panics unfold, I do feel that things are getting seriously out of control and that real people will soon be suffering real pain - apart, of course, from the poor blacks in America who were mis-sold mortgages by Wall Street-backed bastards, but nobody seems to care about them. What is most alarming is that America's key weakness - the scale of dollar holdings by less than sympathetic regimes - is in danger of being exposed. The run on the dollar may have only just begun. And, since you ask, loot counter-clockwise starting with the litre bottles of Bells.
Posted by Bryan Appleyard at 9:26 am