I have a slight soft spot for Sir Mervyn King, despite his being an architect in our downfall, because he at least calls a banana a banana when he sees one, rather than a softening curvature of overall global food growth demand.
In his latest report this unusually honest central banker admits to having helped Gordon stretch us between the two stools of rampant inflation and rolling recession; Sir Mervyn then admits he has little idea what to do next, which is nice.
Really, of course, he ought to resign to heap further ignominy upon his master, Lord Sauron of Downing Street, but I'm sure the salary, the expenses, and the pension contributions, plus perhaps the kudos, would be too much for most men to give up, so I can appreciate his dilemma.
But it must also be delicious to report to his idiot savant master, who once claimed to have abolished the evil twins of Boom and Bust, that we now appear to have acquired both in double-barrelled proportions!
Yes, once again, despite the best of them having tried yet another mighty heave to get socialism to work over the last ten years on the back of an enormous credit expansion, we can clearly see that socialism truly is impossible. Will that stop them trying it again in the future? I doubt it, but at least another generation is about to learn the harsh Misesian lesson of human action reality biting back.
You never know, one day they might give it all up and try freedom instead.
UPDATE: There's a splendid related Torygraph article on this, by Edmund Conway. Marvellous. Alas, I was unable to resist commenting, as is my wont, but don't let that put you off reading Mr Conway's excellent piece.