On just Sunday, which seems a lifetime ago, I wrote the world faced meltdown this week from a variety of factors. And Lo, it has come to pass.
Horrendous mismangement of the PR by banks and the Government has allowed a delicate situation to snowball into the worst banking crisis of our lifetimes in the UK.
RBS is now on the critical list. Either the Government 'does an HBOS/Northern Wreck' or we have a failed bank on our hands which will push the UK over a cliff and probably mangle our financial services business for ever.
I detest government intervention, but hold my nose when all our futures depend on it. Saving northern wreck was political, saving HBOS and RBS is not, a systemic failure would be more expensive than the bail-out.
I detest cack-handed government intervention even more, but that is where we are. There must be a huge day of reckoning to come for the Government and leading bankers when the actual crisis is over.
At least re-capitalisation is the right idea and the US have kick-started the commercial paper market. At the 11th hour I hope it is not all too late...
UPDATE: The deed will be done in the morning. Fingers crossed now. If this does not work the lights will be out soon.