Are things spinning out of control ?

The intervention of Yvette Cooper yesterday to say that the government would not try to support the pound is amazing.

As the pound drops, so the government's plans for a debt binge and snap general election look worse and worse. It will become harder to borrow the money and the terms will become ever more hard for us all to bear in the future.

By betraying the government attitude she has removed uncertainty that could have supported the pound a little. She also suggests the government plans to let sterling slide further.

Just as no sane person wants to get their first mortgage when house prices may drop a further 30% in the next year, so anyone who want to lend the UK govt money must wonder what the payback in sterling will actually be worth.

To make things worse we now know the government is planning on printing loads of money. ( They have removed the need to tell us about this by a clause in the new banking bill ). Fear and uncertainty will stalk the markets.

Surely Stirling is going to crash further and inflation shoot up ? ( If only as we have to import so much from food to cars to gas to well most things.)

I'm beginning to wonder if the crisis isn't much closer than we suspect.

When it comes it will be quick. Probably over a weekend. The stock exchange suspended, pensions nationalised, savings converted to government bonds or used to pay foreign creditors. The IMF called in and a public TV address by a still enjoying himself Gordon Brown as he tries the second attempt of a Labour Prime Minister to con the public stairing straight at the camera lense and mouthing words about the pound in your pocket. ( Except with Brown it will invoilve words like "Fiscal action", "Hard working families", "It is right that ...", "Do nothing Tories" ).

Maybe even a state of emergency suspending democracy and ruling by orders-in-council.

Labour may soon have brought us all to our knees and left us without the means even to feed our families.