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We are potentially living in very interesting times which may make it possible to start thinking new thoughts and trying out totally new ideas. Let’s be honest, if the global economy tanks, we will have to ditch all past assumptions anyway, no choice.

In a sense if we look at all the political froth that surrounds us with our own “Gormless Gordon” strutting around, what we are looking at is people trying to protect the “status quo” but how likely are they to succeed in achieving that and, do we want them to anyway ?

The Current Crisis

After all and as none of our world leaders are putting their hands up to accept responsibility for it all or going to sleep on the job, we must assume the global trade model just ‘spontaneously imploded’ because it was past its “sell/use by date”. In other words this ‘global model’ was not fit for purpose and has expired, all these “Rescue Plans” are little better than trying to feed fresh fish to a dead cat.

The reality of course is that no one has a clue, nobody even has a partial picture of the chain of events that led us to where we are today. Gordon Brown prattles on about the whole thing starting with American Sub Prime Mortgages but, he’s not very bright and already most people will suspect that they were more a symptom than the actual cause of the resulting crash.

Over time people will piece the whole thing together but the likelihood is that they will eventually conclude that it is just one of ‘those things’ that happen from time to time like Hurricanes and Earthquakes – shit happens !

Silver Linings

If the banking crisis can be characterized as a “loss of trust between banks”, there is a bigger change that has also taken place which is that right across the Globe. We ordinary citizens have been rudely shaken from our lethargy and complacency and realised that we have been led by fools who we assumed were “getting on with the job” unsupervised on the assumption that they were competent. Much to our horror whether the CEO of a Bank or Prime Minister, we have found these fools prancing around in the “King’s Magic Suit of Clothes” – stark bollock naked !

Regardless of our particular political affiliations, I suspect that the general mood in this Country is “We Won’t Get Fooled Again”, there are going to have to be some changes made so that no one man or woman has total power in key commercial and political areas.

Gordon Brown and the Labour Party have been on an 11 binge with our money, made a total cods up of the whole thing and refused to accept responsibility for it, let alone apologise to us. The scale of their folly is startling and Frank Field gave a totally gob smacking example to put things into a proper perspective.

Frank Field is pains taking in his work so when he equated something to Income Tax, I’m sure that he is likely correct but of course in terms of revenue collecting for the Government, Income Tax is no longer the major income stream for them it once was however the following statement is frightening:

“That taxpayers were willing to stump up £500 billion to save the banks, with hardly a groan, says everything about our fear of an economic meltdown. If only a fraction of this sum had been funded by tax increases – say the £50 billion for bank recapitalisation – the standard rate of tax would have been raised to 53 per cent. The whole £500 billion package is incalculable on an annual tax basis.”

Yes most certainly in these Islands the winds of change are starting to blow far harder than they did in Africa during Harold McMillan’s days and I will make a start in my next entry on the Reform of the House of Commons.