For well over 15 years the environmentalists have been sounding the alarm bell over global warming. For the last 10 years with increasing urgency and in recent years, with growing despair. Governments have turned out to be glacially slow to react, as politicians know very well that their hides will decorate the walls if they are seen to take actions that negatively affect the standard of living.

In rides our knight in shiny armor: global capitalism's main henchman, the financial sector. By completely self-destructing in a bonfire of greed and arrogance, the financial sector has paved the way for large reductions in GDP in the west, and has given its dittering governments the rationale to embark on a large program of reducing the efficiency of the economy in order to bring more people to work while matching the supply to the much lowered demand. This efficiency reduction will take many forms, but surely much of it will come from demanding sustainability and reduced carbon footprints.

We will owe Fuld and his ilk a great debt of gratitude if their recklessness leads to the reduction of productivity on a global scale by the requirement of sustainability.

Here's hoping...