Wednesday, October 08, 2008
With the Atlantic Alliance between the PRA and the Glorious People's Democracy of Yookay about to be renamed as Warsaw Pact 2, it is good time to reflect on the mighty, bloodless revolution that brought capitalism to its knees. Well, in fact, I'll leave it to Nassim. Basically, it seems, we handed capitalism over to imbeciles, people who thought they could shuffle dud mortgages into triple A paper and nobody would ever find out. Now it turns out that British affluence and the supremacy of the City of London were dependent on a pile of realtors' property details. It was like asking Foxtons to educate our children. Funny old world eh?
PS And, incidentally, you may remember that on September 16th I quoted John Gray on the likely outcome of the crisis - 'It will end with a different world. And not for the first time....' We were both mocked for being apocalyptic. Three weeks later it is apparent that we were, not to put too fine a point on it, right.
Posted by Bryan Appleyard at 6:07 am