Here and there

This is a momentous day for the USA with their 44th President due to be sworn in. What makes it even more momentous is that Barack Obama will be the first African American to become President. By all accounts, the citizens of America expect great things of him, but he will be taking over at a very difficult time. American troops are still in Iraq and Afghanistan, there is a growing problem with Iran, and the Israel/Palestine situation, although temporarily calm (we hope) could flare up again at any moment. Possibly just as big a problem is the economy. Like the rest of the so-called developed world, America is facing a recession. But I suppose matters economic could be worse both there and here. Take Zimbabwe, for example. In October last year their rate of inflation was calculated as 231 million per cent per annum. The rate of exchange used at Harare airport car park is Z$400bn to US$1.

Here in the UK the banking system is almost in crisis with the Government having to launch another rescue attempt yesterday. This brings the total sum committed by the Government to the banks to more than £800 billion. The aim is to get the banks lending again, to industry and to individuals. But what I don't understand is why a company would want to borrow money to make more objects that nobody will buy because they are too worried about what might happen in the future.

But to come back nearer home. Yesterday was the first anniversary of the sinking of a ship in the Channel as a result of which 2000 tons of timber was washed ashore, mostly just along the coast at Worthing. For a few days Worthing became famous for something other than its largely elderly population. By coincidence, another ship yesterday — exactly a year to the day — lost 1500 tons of timber, washed overboard in the Channel. This time, though, the ship was not sunk and the timber will most probably wash ashore somewhere in Kent.