Tuesday, October 07, 2008

Don't Panic - We're Doomed?

Martin Wolf writing in the Financial Times has the following to say

As John Maynard Keynes is alleged to have said: “When the facts change, I change my mind. What do you do, sir?” I have changed my mind, as the panic has grown. Investors and lenders have moved from trusting anybody to trusting nobody. The fear driving today’s breakdown in financial markets is as exaggerated as the greed that drove the opposite behaviour a little while ago. But unjustified panic also causes devastation. It must be halted, not next week, but right now.
That's great but what do you do if your savings are in Icesave?

All I can say at the moment is that Alistair Darling had better pull his finger out tomorrow morning and announce something that will stop the panic and not just another bit of dithering.

By the way who does Captain Mainwaring remind you of?

FT.com / Columnists / Martin Wolf - It is time for comprehensive rescues of financial systems

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