What are we to make of the meltdown in the banking industry?
I have had a creeping feeling that those countries with huge sovereign funds are rubbing their hands with glee. China is of course so cash rich that it doesn't bear thinking about.
The BBC's Robert Peston is tracking the crisis with consumate skill, and it is well worth checking out his blog at the beginning of each working day if you want a good heads-up.
Notably today he suggests that China could end up owning the entire banking system in the UK and USA at the end of all this.
Oh my God.
Please Mr Peston write a bit more about this.
Peston is a good talking head, but I kind of wish the thinking man's crumpet Stephanie Flanders wasn't on maternity leave - she is sorely missed during what has to be the finance story of the century. She must be sore as hell.
According to The Evening Standard, Peston is working extra hard to cover in her absence. I shouldn't think he'll be complaining - every journalist revels in being the Ace in the Hole.
Comments