The strategic failure of a whole generation of economists, bankers, and policy-makers has been so enormous that it may now take a strong draught of socialism to save the Western democracies. We start - but may not end - with the nationalisation of Northern Rock.
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Ambrose Evans-Pritchard, widely dismissed as a raving right wing lunatic, usually because he manages to say sensible things in major newspapers.
Some of the more hyper commentors speculate about the chances of violent revolution, universal bank failures; "what will replace the Federal Reserve?" ... The more educated (appearing, I'm not necessarily fit to judge) frankly wonder at the meaning of signs and indicators they used to think important but which have now begun behaving in ways that contradict theory and gut feeling.
At least, the ones that're commenting in public and where I read. Those who think they know what the economy is doing are out there taking advantage of the volatility... the ones who are right are probably even making money.
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