Rekjavik on Thames

The UK Telegraph’s hopes for PM Brown are dim indeed, and the solution isn’t much better :

The PM and the Chancellor , both looking a year older every day, tell us that for their next trick they will buy more bank shares, create a giant insurance scheme for bad debt, pledge to honour liabilities without limit, cross their fingers and hope it all works. The phrase “bottomless pit” springs to mind for a reason: that is what they have designed.

In this gloom, the Prime Minister has but one slender hope: that somehow, by force of personality, the new President Obama engineers a rapid American recovery restoring global confidence, energising the markets and making us all forget this bad dream.

Obama is talented but he is not a magician. Instead, Gordon Brown’s nightmare, in which we are all trapped, is going to get much worse.

Obamaessiah? What I heard today was a series of government interventions in the American economy, interventions that will freeze capital as businessmen and bankers wait to see what they playing field really is.

It’s comparable to Obama taking a bulldozer to build the new baseball field while we wonder why no one is playing ball.

That the Bank of England should peer overseas for help… what a mess.

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