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The first Crash War has broken out. Britain financially invaded Iceland yesterday in response to the treatment of the British financial enclave by the brutal Icelandic authorities. Financial nuns have been savaged on financial tables.
Key British assets have been destroyed by the bankruptcy of this new financial rogue state, and so we have retaliated against Icelandic assets in Britain to defend our national interest. War with suits and ethernet cards.
If the collapse of Lehman's was the shot in Sarajevo, this is something like the invasion of Gallant Little Belgium. If Iceland, like Serbia, decides to seek support from Russia - what larks! Across europe, nations will be fighting like rats for the last scraps of credit-credibility. Does this mean we now have to invent an insulting nickname for Icelanders? As I write, hundreds of ex-human beings at The Sun are trying to kill the English language in the hunt for the popular new hate-name. I bet.
The point is that giving bankers unrestricted access to the internet - the Big Bang - was like giving a three year old a candyfloss machine - or a machine gun.
After a decade of gluttony, the result is a diabetic, inert, obscenely bloated, lazy, corrupt teenager, now desperately trying to cope with the collapse of its health. Not unlike the Austro-Hungarian Empire, as was. The only difference we can hope for is that whereas the Imperial structure which collapsed in 1914 was suffering from geriatric problems, the problems of the new digital democracy are merely adolescent growing pains, self indulgence and tantrums.
The only benefit of war is absurdity.
Meanwhile the walls are running red with panic. Shares prices collapsing this morning along with shipping rates, commodity prices, even copper - which a few weeks ago gave us the urban legend of the penny in your pocket being worth more than its face value. Today, every copper penny in your pocket counts. Everyone is digging a financial bunker.
The Tehran stock market, however is apparently doing just fine. Which is nice for them. Buy Iranian preferred now to avoid disappointment - would seem to be the message. Or abandon the abominable hedonism of of usury. The Invisible Hand of the market writes; and, having writ, moves on indeed. The Market works in wondrous ways its good work to perform. It may look crazy to us, but trust them, the financial high priests know best, they will get us all out of this terrible mess if we let them. Exactly as they always have.

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