After the weekend, and the actions of the Europeans led by Brown, there's been a massive new adjustment upwards. No doubt there will be further volatility ahead, depending on the success of the new measures from Europe and possibly America. What I fear is not strong government action but over-reaction. When you hear a socialist like Gordon Brown say the following, a chill runs up my conservative spine:

“Sometimes it does take a crisis for people to agree that what is obvious and should have been done years ago can no longer be postponed,” the British prime minister, Gordon Brown, said in London in a speech calling for the adoption of a new Bretton Woods-style agreement among major countries. “We must now create the right new financial architecture for the global age.”

This crisis has now reached the end of its beginning.

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