The monarchs of money have been exposed as arrogant fools...

For decades, we have worshipped at the shrine of gold. Prime ministers and presidents have bowed before its keepers. The monarchs of cash, arbiters of wealth, supposed founts of all wisdom, have bestridden Europe and the United States, humbling all in their path. 

Investment bankers, hedge fund managers, private equity bosses have strutted in their huge townhouses, tossed away thousands at charity auctions, held court at polo matches and racecourses, launched fleets of yachts and squadrons of Lear jets in a fashion which many of history's dictators would have envied. 

Today, we awaken to discover that like so many wizards of Oz, these supremely confident figures are in reality foolish old men - and some young ones - mouthing hollow incantations from behind curtains.

Their universe is crumbling. They rule from the summits of glass towers, but now many can scarcely afford the rents. Markets are tumbling, currencies trembling, great companies begging for lifelines. More...

See also:

• Huge bonuses paid to City bankers was a factor in the credit crunch...
• U.S.A.: The State takes over Freddie Mac and Fannie Mae...
• Anxious IndyMac Bank depositors want their money back...
• British town Lewes to create its own currency...
• Short of cash? No worries! You can always barter...