Friday, 19 August 2011


We seem to the walking calmly to our execution. Stock markets are tumbling, lead by a collapse in bank shares. Société Générale's share price has fallen by almost a half over the past month. Americans are losing confidence in European banks and suspect they have hidden their nastiest risks in their US branches. Everywhere things are slowing and confidence declining. National authorities seem not to know whether to co-operate or compete in rescue efforts.

Meanwhile, we have a little rioting in the streets but nothing that some wise words and stiff sentences won't deal with; the Murdochs move towards their nemesis; politicians return to their interrupted holidays.

August must end sometime.