No specifics from Darling, as the markets nosedive

strapworld

This country is crying out for LEADERSHIP. Cameron, by throwing his lot in with Brown, has missed the greatest opportunity given to him to show real leadership.

Whatever Brown does now, Cameron is tarred with the same brush!

seasurfer1

Those in the know are aware that Iceland has some £120 billion of uk assets in their banking system. There is also the toxic rot of credit from Europes banks which are fawned into the uk banking system.
Get ready for another nightmare!
Nice to hear you again Strapworld - How is the Costa Cornwall and its rag tag politics.

TrevorsDen

I cannot see the point of why Darling made a statement since at the very least nothing had changed after it and at worst people were left more confused. I can only surmise they were hoping for a bout of party politics and mud slinging.

If that was the case Osborne struck the right balance and I for one was disgusted at the sight of Brown sniggering behind Darling, which was as disgusting as it was revealing.

There is absolutely nothing the Tories can do - there is clearly a time to point the finger, but there is no point trying to offer solutions (in fact there have been some offered) when no one, not least those in power, knows whats going on.

Horrible events are about to unfold - and they will destroy Browns reputation since his solutions are clearly rooted in a fantasy world.

(appols if this appears 2ce - since gremlins appear to be everywhere)

Travis Bickle

Was Brown really sniggering behind Darling?

If so why do the MSM let any "serious man for serious times" senior politician get away with such disregard when people out there are suffering.

Austin Barry

So, they'll take "whatever measures are necessary to maintain the stability of the financial system" and also do "whatever it takes" and "everything we can".

Well, over here in Ireland we're toasting dithering Gordon and panda-boy Darling for indirectly promoting the Irish banking system by their obsfuscation. Many thanks yer ejit boyos, yer!!

Dirty Euro

It is only the stock exchange who cares.

CPowell

The reality is that if a bank does go down somewhere governments will have to protect their retail customers otherwise there would be runs on banks all over the world. So if an Icelandic bank went down our FSCS would have to bail out UK depositors and to the full 100% because no British government could afford to let voters here lose their savings. Think what that would mean for NR, Barclays and all the rest if that happened. Darling's avoiding saying this because he doesn't want to take the obligations onto the Government's books but that's the reality.

David C

Trevorsden:
Since there is really nothing that they can do, they give the appearance of action by observing the advice in the old rhyme
"when in danger or in doubt, run in circles, scream and shout"
It seems to me, most of Brown's ministers have adopted this as viable
government policy. They now have their narrative - 'dynamic inaction'.

This truly is 'the Way Forward' for our Glorious (and Courageous) Leader.

Ivy Eileen

Darling's statement sounded like an academic treatise written "in the abstract" by a student for a Ph.D. No-one was any the wiser as a result ... and saying he's having meetings gets us nowhere - think of last weekend's meeting, everyone hot under the collar about the Irish, followed by a "declaration" that was then followed by the German about-face.

A significant problem for the UK is that the Bank of England's hands are tied over interest rates. Brown gave it "independence", but set the rules (cpi instead of rpi), but cpi excludes property prices. Result - for years, artificially low interest rates and artificially high property prices; and, now the bubble has burst, we have the mirror image of unnecessarily high rates because the fall in property prices isn't factored into the model (cpi) - so the Bank of England is in a decision-making straight jacket.

Don Logan

Darling was utterly pathetic. It is clear that with Mandy in hospital we now have no leadership at all.

Dirty Euro

Iceland should be brought into the EU. Save Iceland Euro skeptics please explain why Iceland should not be saved by the EU.

mark c

isnt something simple going on behind all this or am i missing a point ?? isnt it a DEBT driven bubble .. debt at every level, consumer, business, banking, government ... in the short term no amount of the inveterate tinkerers tinkering wil solve anything, the markets will continue in the same direction until fundamentals change, and in the long temrm some one has to address debt ( at all levels) and thats precisely what Gordo, Merkel, McCain or Obama et al will not do

richardj

It was the politicians who messed up in the late 1920's and the re-run is now happening.

Buy wheelbarrows!

mac

DES - more of your wittering. Iceland isn't in the EU because it chose not to be. Until now, Iceland has preferred not to have its fishing grounds subject to ludicrous EU regulations and/or ravaged by Spanish, French, British and Uncle Tom Cobbley's trawlers.

David C

Iceland survives in the main part on its fishing grounds, although they are attempting to diversify.
Iceland has a high standard of living and its socially responsible citizens(in general) enjoy an excellent quality of life.
The EU, with access to Icelandic waters, would be like a wolf on the fold.
Far from the EU saving Iceland, Iceland should be saved from the EU.