Each of us will draw our lessons from the global financial meltdown, having viewed everything through our own politically-positioned prism. The author of this article believes that, whatever the truth of the matter, it's inevitable that left-wing governments - however complicit they've been - will seize their opportunity to roll back the liberal economic state. So the real question becomes - Where will we be the next time the wheel turns and the pendulum swings back? Meanwhile, here's a worrying quote from the article on the state of banks outside the USA:- European and UK banks are five times more exposed to emerging markets than US banks. They alone hold the collective time-bomb of $1.6 trillion (£990bn) in hard currency loans to Eastern Europe – now starting to detonate in Hungary, Ukraine, Romania, and even Russia. At some point, Europe's political class will face the awful truth that their own credit bubbles are just as bad – and perhaps worse – than the excesses of US sub-prime property. As that occurs, the shock will move by degrees from revulsion to political rage.

And, a propos of nothing at all, here's another interesting quote, this time from old Sam Pepys, writing about London in 1665:- "Lay very long in bed discoursing with Mr. Hill of most things of a man's life, and how little merit do prevail in the world, but only favour; and that, for myself, chance without merit brought me in; and that diligence only keeps me so, and will, living as I do among so many lazy people that the diligent man becomes necessary, that they cannot do anything without him". En passant, this isn't by any means the only time Sam mentions he's held conversations while in bed with another man. But there was no tabloid press then, of course and life was simpler.

Well, I was pleased to see all the Spanish papers I managed to flick through gave a fair and balanced account of the final Formula 1 race yesterday. And of Lewis Hamilton's achievement and his right to be the champion. Though perhaps the Voz de Galicia struck a slightly churlish note in the first sentence of its article, informing us that the German driver, Glock, had apologised to the Brazilian people for not stopping Hamilton from overtaking him just before the end. Possibly it was necessary to prevent a lynching.

Normally, the 9am roundtable political discussions on TV are the exception to the Spanish rule that everyone should shout their view simultaneously. In truth, I've never seen serious people so agitated here. And the subject that got them so het up? No, not the country's economic state but the fact that a book has been published in which the Queen has revealed her views on matters such as homesexuality and abortion. Astonishingly, she appears not to be a progressive Marxist.

Galicia

Naturally enough, the recession is taking its toll on Pontevedra's shops. In fact. I'm aware of only one place that's being fitted out as a new business. And this, needless to say, looks remarkably like yet another bank branch. Some aspects of life here must be impervious to world events. Possibly the trade with Colombia.

Which reminds me - If you're going to be doing any walking around Vilagarcía, be even more careful than usual when crossing the road. Galicia as a whole has seen a significant increase in pedestrian knock-downs this year - even on zebra crossings - and Vilagarcía has the dubious honour of heading the list. Eight people have died there already this year.

Elections Watch:
There's a nice cartoon in the Voz de Galicia today showing the region's three political leaders sitting round a table indulging in blah-blah, while a dark cloud entitled Crisis hovers, ignored, above their heads. I can't see things changing much for 5 or 6 months.