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..There's a little Samuel Pepys in all of us..

Thursday, September 18, 2008

We seem to be slipping deeper and deeper into a worldwide recession.. a situation which would appear not only to be ubiquitous, but without an obvious solution..
While the US Presidential campaign deteriorates into childish mudslinging.. while we wait to see what will come the middle of next month in Canadian politics.. while we glibly predict what could be in line for our immediate and long-term future.. we are slipping into a general malaise in which it would appear that there's nothing we can do, other than ride the wave..
An incredible merger today in British banking, with HBOS and Lloyds making it official..
As mentioned earlier, this puts a third of all mortgages and deposits in the entire UK, in the hands of one company..
An amazing, and somewhat frightening development..
Some have observed that we're back in the 70's and early 80's where the worldwide finances are concerned.. and the problem there is, what we didn't learn 30 years ago, and what we haven't put into practice to protect ourselves..
It has often been said that history repeats itself endlessly.. And indeed this can be proven..
But the same crisis.. one of such magnitude.. happening at the rate of 3 times a century..?
Time to take a step back.. discard impedimenta.. sentimentality.. and take firm steps towards wiping the slate clean..
There was a time not that long ago, when British travellers going abroad were restricted from taking any more than £5 Sterling in cash out of the country. Where British cheques were honoured worldwide, and foreign exchange was kept within the borders of this country. This meant that Sterling was not a currency to be found in large amounts in any foreign country.. We had control over our own paper..
Perhaps it's time to pull back from a center place on the world stage again..
Watch Russia. Moscow's Stock Exchange has been shut down until tomorrow, to allow the dust to settle around the remains of Western economies..
There are times this chimera we call 'democracy' and 'free trade', drag us down through the weight of our own flawed principles, and we are hoist on our own petard.

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