Today's financial times read like a comic; it was one laugh after another; a litany of foolishness.
The front page set the tone. In an effort to put a floor under the dollar, Bernanke spoke out. The Fed chairman does not want to see any further weakness in the dollar. Unfortunately for the dollar, he does not want to protect the dollar enough to raise US interest rates. If only talking was enough. As we all know, problems invariably need more than words.
The front page also signalled the end of the most ridiculous car in human history - the Hummer. With $130 oil, General Motors have just got the message. The world doesn't need gas-guzzling SUVS. Now they want to sell off the brand. Well, good luck with that, I say.
Turning to page 9, we have Mugabe accusing "the west" of manipulating commodity prices and plotting his downfall. So when exactly did "the west" close down Zimbabwe's agricultural sector and force the central bank to hyperinflate the currency?
Page 14 has another cracking story. This time it is the Nordic central banks who are providing the entertainment. They are warning of the threat from the credit crunch. This is just a tad ironic, since in the early 1990s the Nordic countries had their very own housing bubble and crash. At the time, it nearly brought down the Northern European financial system. Now their banks are again over-exposed to a real estate bubble. Yes, they are right, the credit crunch does pose a few problems up north and they didn't see it coming.
Then we come to page 17 - where we find a wonderful full page spread on Freddie Mac and Fannie Mae, the US government sponsored mortgage institutions. Both are loaded with debt and their balance sheets are cracking up. However, the Fed and others would still like the two failing institutions to support the crashing US housing market. This is the old "solve one problem by creating another" routine.
There is a common theme running through all these stories. It is that the world is led by idiots, who talk rather than act, who blame others for their mistakes, who make others pay for their bad decisions, who repeat mistakes repeatedly, and who avoid facing up to problems by misusing and abusing public institutions.
We will see the same theme in the FT tomorrow.