Scanning this marvelous document, Merv doesn't mention easy credit, debt or the housing market, as being major causes of financial problems. It is in fact the fault of pesky foreigners and globalisation. This man seems completely deluded to me.

http://www.bankofengland.co.uk/publications/speeches/2010/speech419.pdf

'during the period known as the “Great Stability”. - and I thought we were completely out of control, silly me - I was wrong to foresee a problem ,and Merv was right, it was in fact a great stability.

'Over the past year, broad money growth has slowed sharply to a virtual standstill in the United States, and it turned slightly negative in the euro area. In normal circumstances, we might expect annual rates of increase of between 5% and 10%'. - because I like a bit of inflation, don't you know old chap, what, what, what.

'The origins of the crisis lay in our inability to cope with the consequences of the entry into the world trading system of countries such as China, India, and the former Soviet empire – in a word, globalisation'. - and I thought it was cos Merv and co encouraged all and sundry to wrack up debt and make money worth less. Might have known it was those pesky foreign types, don't you know.

'But the pattern of poor countries saving a lot and rich countries borrowing was not sustainable.' - Who's he talking about here - the UK' being bankrupt, surely means we are poor?

'Today China alone has reserves of over two trillion dollars, and Japan another trillion dollars.' - so, Mervy baby, China is a poor country?