I have been asked to sum up the mood of the bloggers. I think it is quite like the mood of the students I met at Oxford last week as well.
There is a new seriousness. The many who found economics dull are now straining to understand what is happening and are hungry for more news and views. Most share a sense that we are living through unusually worrying and dangerous times.
Most who blog on this site accept that government and regulators are deeply implicated in the banking crisis. Many agree with me that the government cannot simply spend and borrow its way out of it. They want to see some commonsense and business expertise applied to sorting out broken banks. They want the government to target its spending better on people and projects that need public spending, whilst reining in the runaway state with its spy cameras, its thought police and its overweening arrogance.
Most are appalled by public profligacy and waste, by the gross unfairness of job losses and more rules for the private sector, and better expenses and bonuses for the public sector. People are hungry for change for the better, but know they have to live with another year or more of the current government. They fear for their jobs and their savings and have a sense of powerlessness.
So what can we all do? We have to take to the airwaves and the blogsphere, answer the endless surveys and pollsters enquiries, to persuade the politicians in power of our views. The government is uniquely unsure of itself, and vulnerable to polls and media advice. We need to be noisy in asserting a different reality to the government’s parallel universe. Bailing out big banks and spending more money in the public sector is the route to undermining state credit and the currency, not the way to prosperity.