Its all the US Government's fault for not bailing out Lehman and being nasty to Fannie Mae shareholders - but Brown has a cunning plan.  Lets devalue our way out of this crisis - as we have always done...and pity those poor Europeans, stuck with their Euro - they're so rigid they can't devalue their currency, and so stupid not to realise that this is the way to go. Viva Brittania (as she sinks beneath the waves) and as the band Kaletsky is conducting plays on the desk regardless.  

Pound's fall may herald recovery not doom | Anatole Kaletsky: Economic view - Times Online

It's an ill wind that blows no good. The US Treasury's decision to bankrupt Lehman Brothers and expropriate the shareholders in Fannie Mae caused the worst financial crisis in history, but it also secured the presidency for Barack Obama and is now transforming the economic and political landscape of Britain. The dithering incompetence of Henry Paulson has, by force of contrast, restored the credibility of Gordon Brown, both as Prime Minister and as an international leader. The UK economy, which had previously looked more vulnerable to the global recession than any other G7 country, is now likely to suffer less than the rest of Europe, as a result of unprecedented policy stimulus from the lowest interest rates in history, a super-competitive currency and a big reduction in tax. Meanwhile, the Conservative Opposition in Britain has been confused, discredited and splintered by the financial crisis as badly as John McCain's campaign.

notes from no w here