Tuesday, October 07, 2008

Small earthquake on financial markets, not many dead ...

one would think, if one were going by Comment is Free's coverage of what many are worried may be the most significant crisis to hit the markets since 1929. There's been a massive decline in the value not only of equities but other asset classes as well, financial institutions now regard nationalisation with relief rather than horror, EU finance ministers are going to guarantee bank savings up to 50,000 Euros and on and on. Now is the time to wheel out big guns like Lord Desai but instead of authoritative voices we get the likes of Polly Toynbee, Anne Pettifor and God help us, Madeleine Bunting.

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