I too was near collapse for a moment. I was driving home on Friday 30th Decemebr after a Christms day-trip and turned on radio 4 in the car. “The financial markets collapsed today, with the FTSE falling from a near record high.” the same was happening in New York apparently. My co-passengers were nattering away and I irritably shushed them quiet whilst waiting for the next snippet of news. “Lehman Brothers closed their doors today….” Phew, I realised it was old news.
But then is it really old news? Asset prices seem to be climbing ever-higher like Jack’s beanstalk. All the while governments’ quantitive easing look to be, in truth, more like a systemic bout of cholera.
People are finally getting fearful and politicians are becoming ill-disciplined.