Accounts can multiply like rabbits

This might explain why no new bidders have entered the race for the Rock before tomorrow's deadline, despite the government effectively guaranteeing a �50 billion loan of our money. That none of the big banks is prepared to take on Northern Wreck speaks volumes. Gordon Brown seems determined to hand those billions over to self-publicist Richard Branson, who didn't have a banking licence when he made his initial bid.

The other way the crisis is going to hit home is through inflation. This is building as central banks cut interest rates in a desperate attempt to shore up the commercial banks, many of which are effectively bankrupt. This means recent increases in the cost of essentials such as food, housing and fuel - which have been running at 12%, according to the Office of National Statistics - are not a blip. read more