€-zone - the end of the beginning...

Well it's now around 18 months since the Eurozone crisis first erupted with the initial Greek bailout, and the can has been kicked down the road so many times that I've lost count. Ireland, Portugal, Spain and Italy have all been dragged into the widening vortex, the politicians and central bankers wrangle interminably, and now the private banking sector begins to unravel with the news that the Belgian/French bank Dexia needs recapitalisation.

It is difficult to avoid the feeling that this whole slow-motion car crash is coming to a close. In the words of the late William Burroughs, we may now be reaching "a frozen moment when everyone sees what is on the end of every fork."

It is hard to predict exactly when total economic collapse will occur. There were 14 months between the freezing of the interbank credit market in July 2007 (the first hard evidence that something was dreadfully, terribly wrong in the financial system) and the collapse of Lehmans in September 2008. The European sovereign debt crisis has been going on for longer than that now.

Things are a little scary. In the initial wave of the collapse the initiative was taken by Gordon Brown and Alastair Darling. Although Mr Brown's reputation has suffered a bit under a wave of Tory propaganda, and he failed in any way to capitalise or build on the momentum from the initial banking bailout, that you are reading this at all, rather than scrabbling for food in a looted shopping centre in a real life version of Mad Max, is probably down to him, and if there were any justice, he would be remembered as perhaps the greatest prime minister of the last fifty years, despite all his (many and deep) failings.

Do not expect any salvation from the UK this time round - the morons have taken over the pitch. Messrs Cameron, Osborne and Clegg have not an iota of economic capacity between them. More worryingly, there appear to be no other world leaders with much of a clue either.

It is impossible to predict where we will end up if the global economic system does collapse (and I still sincerely hope a way through can be found) - my only advice is as follows:

1. stockpile tinned food.
2. get down the allotment.
3. If you join a militia group make sure it is the left wingers, not the EDL, and use violence only as a last-ditch self-defence measure.
4. It will not be wise to identify yourself as a Liberal Democrat even after the political system has collapsed. Folks have long memories
5. 12-string guitar may have added poser value for buskers.

That is all for today. Good luck.