There's a big train coming.

Ten years ago a Saudi sheikh informed me privately that Capitalism would soon follow Communism into the history books. 'Yes? What's left after that?' I asked him. 'God plus mankind and the other 99.9999 percent of planet earth that is not capital,' he said, 'So what is the problem?'

I am reminded ... in the light of today's headlines from Wall Street maybe the guy was right after all.

If he is, then, as usual, those in charge of the system are wholly responsible for its decay and destruction. No need to go into the excesses of people put in charge of great establishments, the years of massive self-enrichment without the risk of losing personal penny number one, the unbelievable (I mean literally unbelievable) failure of these God-like creatures in ivory towers to see the approaching iceberg; reckless lending and borrowing by the banks, naturally followed by billions of individuals wanting to feel good and to hell with payback time ...

But I see nobody throwing themselves out of those high towers, nobody arraigned before a court of law on charges of grand larceny. I only hope that, if my friendly sheikh was indeed right, the collapse of capitalism is not to be swiftly followed by the collapse of the Law.

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There are few irritants to equal the 'I-told-you-so' mantra. So - I'm sorry, because I wrote the foregoing blog page on the 15th September 2008. Batten down the hatches, folks.

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