The Jersey Evening Post published this yesterday (no sustainable link):

FINANCE experts were this morning telling Islanders not to panic amid reports of plummeting share prices around the world. As the front pages of national newspapers sparked fears of recession and billions of pounds were wiped from the value Britain's stock market, the message locally was more upbeat.

Finance industry leaders said that the Island was well insulated against the fluctuations of the international markets and suggested that the volatility actually offered up significant opportunities.

Talk about having your head in the sand. The last time the stock market's sneezed, in 2000, Jersey began a five year flat line regarding growth from which it only really began to recover in 2006/07. Since this time the problem is with the type of finance they do - securitisation - you can be sure it will be worse. But the Pollyannas keep chirping. I'd rather be a Cassandra.