The seismic events which have seen the near-destruction of the investment banking sector and the collapse of insurance giant AIG are on the scale of the Great Crash of 1929.
That was such a disaster because it created conditions for the emergence of fascism in continental Europe and then World War II.
Although it is hard to predict the consequences, we should expect ramifications of equal significance — including the re-emergence of violent Far Right parties across the globe.
Some experts were talking this week as if the financial crisis was nearly over. They
could not be more wrong. The downturn has only just begun — and for most citizens
uninvolved with finance the consequences have not been felt at all.
But they will be felt very soon and very brutally. The British economy is in the same position as the Texan coast earlier this month as Hurricane Ike approached — apparently calm, with life going on as normal, but an almighty storm is raging just over the horizon and heading our way with terrifying speed.