I enjoy imaging one of these economic prince-lings running 100 meters through his vessel searching in vain for his kitchen. And I'm sure his long-legged girl friend in an ermine bikini wouldn't have a clue where to find the kettle. How different it all is from a few years back when 'Olig' would have been sharing a flat in Moscow with several other families....he should be used to not having servants! How quickly we forget.

We mere mortals can also take comfort that well-heeled clients in the US who book private jets for a $30,000 flight across the country are now packing their own lunches. Gone are the days when caviar and Cristal were laid on. Apparently they now stop at a deli en route to the airport for a brown bag of pastrami sandwiches... hold the pickles... too expensive. This is true value consciousness. And, shock of shock, small twin-engines planes are back in vogue.

Luxury goods are taking a big hit. In the US the 10% with the highest incomes make up 25 % of all spending. These high net worth individuals are now spending in a more prudent, les capricious manner. Painful as the credit crunch is, it's comforting to think the uber-rich are feeling the pinch!