Wednesday, June 18

Royal Bank of Scotland to customers - you may now panic

The Royal Bank of Scotland has looked at the state of the world's markets and declared - the sky is falling. Yep, the market's belief that it can create wealth and fortune just because, hey, it's the market! has been shown to be a load of steaming gubbins, and the artificial bubble they've created is about to burst. Down go the stocks, down go the shares, hide in money and hope you don't lose your job.

If I sound remarkably callous about the whole thing, it's because I'm in one of the jobs that actually does create future wealth and fortune, albeit not for me. Research scientists actually do enable the development of genuine new products that people will want or even *need*. You know, like ways of generating and storing energy without hoping Russia won't shut down their pipelines. But the market madmen have taken to believing that they are the ones who create wealth. Fat lot of chance getting them to declare that they've caused the crash, though.

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