Thursday, 22 July 2010

Wobbly world economy

It seems the global economy is still a bit wobbly. Perhaps someone's noticed that those $500 trillion of derivatives that fuelled the credit boom haven't either been written off or inflated away. Anyway, in about five months the nation's most hated cohort (after the political class) will be announcing their bonuses for the year - nothing like the City's £8.8bn bonus pool in 2007, of course, but large enough to foster the simmering resentment, and coming shortly after the October spending review will bring the 'us' and 'them' into sharp focus.

Perhaps the wobblyness is just the bankers hiding their profits as the Sun shines.

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