The Fasten Seatbelt Sign Is Now On

Minutes ago, I was cruising at 35,000 feet in the blogosphere in a plane already overloaded with unemployment at its highest since 1994 (with public cuts to come), record public borrowing and a record budget deficit, when three big jolts had me reaching for the seatbelt - and a fourth, the sick bag.

The first jolt turned out to be this set of charts from a recent presentation to a Financial Services Club meeting by Adrian Coles, Director-General of the Building Societies Association. It shows why UK banks will struggle to lend much until after 2012 - and probably can't tolerate too much more mortgage delinquency. The rest, via FT Alphaville and ZeroHedge, signal the severe turbulence arising from the Eurozone sovereign debt crisis -

"Hey you, sir, in the back. Please return to your seat and fasten your seatbelt. The Fasten Seatbelt sign is now on."