Good governing is hard and unglamorous

While the right-wing blogosphere twitters about the prospects for a Conservative party which shows few signs of being any better at governing than the present incumbents, big changes are taking place which few may know of if they don't see the Financial Times.

No, not the drop in the number of mortgage deals on the market from 15,599 last July to 4,270 now, with 22% of available deals having been withdrawn in the space of just one week. Mortgage news is everywhere in the press as the flexibility of the mortgage market implodes far beyond predictions, with no one having any idea where it will end, least of all the hapless Mr Eyebrows. Are we on our way back to the times of any rate you choose as long as it's our Standard Variable Rate? Regular refinancing of mortgages through the next new introductory rate has become routine for many households. Borrowers who can't find another deal they can afford will find it harder to sell as the number of home transactions plunges by one third year on year.

But we all know this now, even if our superficial government couldn't see it coming. One of the FT's recent major themes is covered in its third front page story this morning, headlined Fears of social unrest as rice prices surge by 10% to hit a fresh high. This is not 10% over one year - it is 10% in one day, and 50% in two weeks. How much of this is due to hoarding and speculators? No one knows, but the underlying trend is clear. Countries such as Vietnam, India, China and Egypt are now banning foreign sales.

There are fears that rising food prices could spread social unrest across Africa after triggering riots in Niger, Senegal, Cameroon and Burkina Faso. Nigeria, Senegal and Ivory Coast are among the world's top 10 rice importers. Importers such as Egypt and Saudi Arabia are removing tariffs on food imports.

Hungry people riot. Mexico City has had "tortilla riots" because of the high price of maize, while thousands of Indonesians have protested about shortages of soyabeans. Filipino diners face smaller portions of rice, while Egypt has long queues for subsidised bread.

These countries' governments are having to face up to real issues, rather than abundance of plastic bags, or cynical tilting at the mirage of man made global warming while the UK's energy security and social cohesion become increasingly fragile.

These aren't glamorous issues. There are no votes to be won if you get them right, just plenty to lose if you mess up. They can't be packed away with a deft headline. They require detailed work, years ahead of any crisis.

The Tory heroes of the blogosphere show no sign of any sustained efforts to think about serious issues. Probably the best argument for changing governments is that the present lot are tired and highly mediocre. But it's hard to picture new incumbents being seriously better.

P.S. Richard North has put these points in a broader context.