It's the question that has challenged the greatest financial brains of our day – just how has the global economy spiralled into financial meltdown? One man, however, seems to have the answer.

Noel Edmonds, pictured, said: "A lot has happened since the first Noel's HQ in September – major banks collapsing, famous high street shops closing, house prices tumbling, unemployment soaring."

Yes, apparently we can blame it all on Noel's new live Saturday night show on Sky1, his "most important programme in 40 years of broadcasting", or more accurately, the series which puts the "grate" back into Britain.

I'll take it as read that you haven't seen the opening two episodes of its first full run, so think Noel's House Party meets Hearts of Gold meets That's Life meets evangelical hour on the God Channel.

The idea's old but laudable enough – champion worthy causes, reward unsung community heroes, revitalise the nation.

Unfortunately, there's scant IQ on Noel's HQ with his campaign spearheaded by such heavyweights as former Blue Peter presenter Konnie Huq, Andi Peters and (here's the clincher) Keith Chegwin.

Week one began by going live via satellite to Huq who was about to surprise a coach driver who'd rescued a couple and their dog from a burning building: "I'm at an undisclosed location in the UK. Small clue – it's very cold and wet, but that probably doesn't narrow it down."

No, what narrowed it down was the on-screen caption: "Live from Eccleshill, near Bradford."

Back to Noel: "We have a sensational surprise for him, believe me."

It was a horizontal bungee run against one of the Gladiators and some bare-faced product-placement prizes, including a his-and hers fragrance set from Lloyds Pharmacy, one of no fewer than 16 companies who received free publicity in the hour.

The audience each had a Boris Johnson face mask on a stick which they had to hold up during the Bonkers Britain section about red tape to show their disdain for making the Olympic-parade bus drivers pay the congestion charge.

Cheggers asked: "Don't you think this is a bit bonkers." Yes, all of it.

Then last Saturday, Noel had more grim news: "We're in serious trouble in this country. Home repossessions have doubled.

"And someone loses their home every 10 minutes."

Whoever that someone is must be very careless, then. But hope was on the horizon: "Your response to our first two shows has been magnificent. Clearly we're touching nerves." Rather like a dentist's drill.

E ven during the end credits, the madness doesn't cease. One of the producers genuinely goes by the name of Kat Fish and the scriptwriter is a chap called Will Ing.

What are the chances that he has an assistant who is called Abel?