Only Abba can save the world financial markets
08 October 2008
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Martin Vander Weyer says that the collapse in the markets reflects a loss of confidence that is out of proportion to all reason: a trip to Mamma Mia! is the answer to this hysteria
And if you want my opinion, our high street banks will survive. To have the government as a shareholder for a few years will be an uncomfortable but useful discipline, and no worse than having sovereign wealth funds from China or the Middle East breathing down their necks. The ultimate cost to the taxpayer, when all is worked out, will be much smaller than this week’s headline figures. And there is now a lot more reason than there was a week ago for markets to stabilise; in the short term they may not, but sometime soon they will surely pause for thought.
Which brings me back to my own remedy for mass hysteria, Mamma Mia! See it as often as you need too, until you start to feel calmer. Sing along to all its familiar refrains, except perhaps the one that goes: ‘Money, money, money/ Always sunny/ In the rich man’s world.’ Not any more it isn’t, but we’ll get through this nevertheless.
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