Britain's economic abyss

After months of disputation with the UK Inland Revenue over money of mine they refused to return, some of which they sit upon to this day, I realised that the UK Treasury were in extremely dire straits after the past ten plus years of Brown's smoke and mirrors. The prison officers walkout yesterday reinforced this strong whiff of crisis. IF the independent pay review recommended a 2.5 per cent rise, then at this moment of crisis in Britain's prisons, giving them anything less is either the grossest incompetence or clear proof of a pending economic collapse. An Australian hedge fund went under yesterday and even the usually cheerful local SW news 'Spotlight' had a gloomy item on the looming house price bust. Not much of any of this in the morning press, but Camilla Cavendish in The Times has a good column, linked here, from which comes this quote: Which just goes to show, I suppose, that idiocy is no more a bar to promotion in the City than anywhere else. People who complimented themselves on their brilliance at inventing ever more complex financial instruments with which to spread risk had started to act as though risk had been abolished. The problem is that the actions of the US Federal Reserve and Britain's Treasury under Gordon Brown, effectively achieved just that- indicating they would always underpin the fantasy world which they themselves had created. Until some major casualties are allowed to reap the consequences of their profligacy the final crunch will just be that much worse.