The markets collapse, the left is left reeling, the right steams ahead and the end of the War on Terror approaches.

The markets have slumped for the second time in days with the US DOW collapsing by nealy seven hundred points in just one day. The head of Lehmans bank, Richard Fuld, is currently giving testimony before congressmen over his part in the bankruptcy of Lehmans which is being broadcast on Bloomberg financial TV. Earlier, an interview with a female analyst was cut short within seconds after she mentioned the word 'globalisation'. Richard Fuld has been reminded by congressmen that he is playing the villain in todays hearings.

President Bush has stated that the American taxpayer cannot expect the markets to stabilize anytime soon.

This at the end of a war that has, according to Joseph Stiglitz gone thus:

"The war in Iraq has cost trillions. But the US - and the world - will be paying the price of the conflict for decades to come". March 2008.

Right now this hugely expensive campaign is being brushed away by the Republican administration as it continues to wipe out those banks that underwrote the war. Those banks that did what they were supposed to do for the sake of the nation but have now become a liability, chiefly because they have a recorded documentation of the cost of the conflict in overdraft form. As they fall they go into liquidation and under liquidation they are taken under control by a government that would quite like those documents...in fact would desparatley like those documents.

The turmoil of the markets is being sold to the world as one: random, two: uncontrollable and three: inevitable. Overseeing all of this is the right coming to understand that the left simply 'don't get it'.

The same was seen at the end of the vietnam war when the world experienced tremendous instability first on the oil markets and then throughout the 'modernisation' of the 'markets' during the late seventies and early eighties. This was the legacy of failed foreign policy that inevitably had to appear in the financial system as the US government fought to 'mitigate' the failed campaign.

What is clear to see at present is that those banks that underwrote the wars in Iraq and Afghanistan are now going to the wall...some banks are going under but some banks are not. Those that have financial fingerprints in the adventure are now going under...to be taken into receivership and then to be stripped of all evidence that the federal government are in debt. Those that traded free of the burden of business with the federal government will survive, those that didn't will go under.

What will become increasingly as this caper is cleared away is that the US Government, if finding itself terribly in debt, is able to simply put the banks out of business, rather than pay their debts.