Sunday, 12 October 2008

A Krugerrands worth

So much has been written and said about the near collapse of our banks but still I can't resist my two Krugerrands worth, the liquidity of my bank having put paid to tuppences, so here goes:

1. Poor poor Scotland. If Alex Salmond and the SNP had their way Scotland, with its 2 main banks glengarries in hands at the door of the Treasury, would by now probably have been an Iceland no. 2. We may have had to freeze their bagpipes and whiskey vats using anti-terrorist legislation. And what really makes you shiver is imagining those Scottish balls covered with no more than a kilt frozen by the nefarious English. Some sobering thoughts for go-it-alone nationalists having downed a Glenmorangie too many.

2. It was this government and this prime minister as chancellor that took away the regulation of banks from the Bank of England and transferred it to the FSA. But it would be too much to expect some remorse from a gloating prime minister triumphant for 'rescuing' banks he helped destroy in the first place. The near collapse of the banks happened under his watch and it was his job to hold the nation's purse strings rather than throwing them open. But instead of some words of contrition he presents himself as the Saviour for rescuing us from the tsunami he helped create.

3. The good thing about living in Hackney is that we don't need to wait for a depression to run out of money as there is very little to start off with. So fortunately having nothing means there is nothing to lose in Iceland. Spare a thought for Barnet, though. The shnorer traffic may start moving in reverse from GG to SH once word gets out.