Banks going bust overnight, the US government nationalising huge companies, share prices falling through the floor, rescues, refinancing and restructuring. What are we to make of it all?

Strikes me that we are seeing evidence that unrestrained capitalism doesn't work. It certainly doesn't work in terms of a fair society. In a society, the people who find it hardest to make a living ought to be protected and catered for by those who are more well off. The total collapse of Lehman Brothers and the willingness of the financial regulators in the States to allow that to happen demonstrates that this is not the case. I know that a lot of the people affected by this collapse will be previously well-paid brokers but not exclusively and indirectly a lot more people will be affected.

This could also be a time when we're seeing a first seismic shift in the move from the modern economy into the post-modern version. There will be more and it will take time to make that shift but it seems to be happening already.

So, what do we need at this time? We need the most progressive and redistributive tax plan we've ever seen, which is what is on offer from the Liberal Democrats. Read the BBC's report on Nick Clegg's conference speech and watch or read the speech itself.