I try never to post on The Slog until I have some value to add or something funny to say. I’m not sure this piece will cover either of those bases, but think of it as a cross between an alert and a finger hovering over the panic button.

The global signs this morning are not good. I got plenty of things right about Crash II, but one thing even I underestimated is the extent to which the globalist system is now so foolishly interconnected. I said some eighteen months ago that C2 would be regional. I’m now withdrawing that prediction. The reasons are:

1. The Aussie dollar is clearly not coming out of its decline just yet. This is directly linked to market pessimism about economic growth in the medium term, especially in China.
2. The Euro is equally obviously floundering in early trading this morning; neither Brussels nor the EU States are concerted or determined enough on reform, and the markets know this.
3. The Japanese PM is under pressure to resign. Another set of hopes dashed inside the Empire of the Sun….and absolutely nowhere for that country to go now.
4.Money supply in the US is dangerously low, and the Obama administration is being remarkable insouciant about this.
5. Without economic growth to fuel its dependence on energy exports, Russia is in trouble – with huge banking debts backed up by worthless property collateral.
6. As predicted here last week, the Beijing Government has floored the economic brake pedal, and created an enormous property panic nationwide. This is being played down by the Communist Party, but it is real enough.
7. The AIA/Pru Asia deal is off. Good news for the shareholders and a vindication for the Slog, but it reflects analyst/shareholder feeling that birdmen are falling to earth. The North Korean situation remains an issue. There’s a pertinent BBC docu about this tonight, well worth watching I’d have thought. See also the Slog’s last piece about Kim’s bizarre regime.
8. The wreckers of all shapes, sizes and colours in the UK won’t be happy until they’ve driven the Cleggerons to distraction. More insider on this later today, I hope. In the meantime, the FTSE is down 1.8% in the first 30 minutes of trading. Keep your eye on 5000, because this is the magic psychological and volatility index (Vix) level.

It is far too early to tell yet whether this is simply an unfortunate confluence of events or the tipping point. The problem as always with the Bourse finance version of globalist capitalism is that, by the time we do know, it’ll be far too late.

Stay tuned. And the one funny event I have to report is that Sarah Ferguson went on Oprah to give her cash-for-Andy excuse: “I was pissed” – or, as she put it, “I was not in my usual place”, by which I assume she means the bankruptcy Court. If only David Laws had that little dignity.