The FT has reported:

UK authorities insisted on Friday that action, not words, was needed from this weekend's meeting of the group of seven leading economies if there was to be any hope of saving the world financial system from collapse.

As financial markets stared at the abyss, the UK delegation to the meeting sought to raise the stakes in an effort to avoid a mere agreement on a set of broad principles.

Describing a world in which wholesale money markets were now refusing to lend to banks, even overnight, the UK authorities warned that the world was on the edge of a collapse of the financial system.

They're right. A fortnight ago I suspect people thought I was mad for saying this.

Now it looks as if I was horribly sane.