I hope my readers have a happier 2010 than I can presently possibly envisage for them.
The referendum called by Iceland's President on his country's individual citizens having to accept liability for their nation's incredible debt is a grim warning for us all on what now lies ahead.
The West's major currencies have been trashed by self-serving and often corrupt politicians desperate to spend ever more in a thoughtless pursuit of the continuance of their positions for what appears the sole primary purpose of maximising their perks and pensions. This seems particularly true of UK parliamentarians and almost all in the employ or "supposed service" of the EU.
Gordon Brown and his now apparently bullied and servile cabinet think nothing of committing ever more fantastic sums in pursuit of projects they have no potential to ever see completed. The EU with no responsibility for raising the funds it blithely commits for its scary social schemes and restrictive legislation now possesses a President who appears intent on going even further in this clearly wrongheaded direction.
Western currencies are becoming ever more worthless as those responsible for their expenditure become ever less accountable to the small property owners who will eventually, I believe, stubbornly refuse to support committing their hard earned savings to the sewer.
Iceland will be a beacon of hope as this New Year begins. Maintaining an ever more global monetary means of exchange and commerce will require pan-totalitarianism. The likely alternative of unplanned national fragmentation already largely accomplished in Belgium and well underway in the U.K., is scary but might carry the best chance for future individual liberties.
(A shorter comment to this effect on a news item on the Iceland crisis was rejected for publication by the online edition of the London Times yesterday. I thought the point should be aired somewhere, hence this rare post).