Defaulting banks - where will it stop?

[David Malone]

Jan, Magda, Mr Guyatt,

Thank you for your replies and forbearance.

Of course you must be correct that more than one plan is being pursued here. And I also agree that Shock therapy must be part of it as it.

I don't think this is going to die down though. I think we will see civil disorder this winter in more than one US city. I think this one has got away.

I was in Amercia recently, in Cleveland and Detroit. I have been going to the US for many years and I have never encountered such anger as I did this time. Ordinary, working people - who are usually the 'my country right or wrong', 'America is the best' sort - this time they had the righteous anger that comes from feeling betrayed. They talked about being betrayed. They blamed the wealthy and the powerful.

A local councilman said to me, "What this country needs is a revolution." In two decades I have never heard any American use the world 'revolution' not even in jest. He was at pains to assure me he meant real revolution. He wanted me to know he was using the term, knowing what it meant. He said all this is the company of a local business leader and a local paper journalist.

It has stuck in my mind.