Whether one sees it in the context of Nero playing the fiddle as Rome burns or even re-arranging the deckchairs on the Titanic, the fact is that in recent weeks Bernie Ecclestone has been focussing on the minor issues relative to F1 rather than concentrating on what really matters.

While it was clear that sooner or later a team was going to the wall, Ecclestone has been talking nonsense about medals and Disneyland.

Now, following the withdrawal of Honda, and no sign of a let-up in the global financial crisis, indeed, quite the opposite, the excrement has hit the fan and the inhabitants of 'Planet Paddock' are suddenly waking up to what most of us had seen coming for some time.

However, talking to the BBC this morning, Ecclestone still seems to be in denial.

"I think Formula One is in no bigger crisis than any other company throughout the world," he said. "The world is in crisis at the moment, but it won't stop, the world won't stop, that's for sure."

Fact is, F1 is facing a major crisis because no matter what way Bernie might look at it, F1 is al luxury that companies can do without. We saw it with Ford, we've seen it with Honda, we'll see it again.

In the same way that the big companies can do without their luxuries so can the public. They keep the old car for another year or two, or even downsize, they certainly won't be buying new cars. And if the cars are not leaving the forecourts how long before Renault, BMW, Mercedes, Ferrari and Toyota follow Honda's example? To compound matters, courtesy of the lack of vision (we're being nice) of those at the top, F1 has stuck up two fingers at north America, the biggest market in the world.

The F1 gravy train is about to hit the buffers, and no matter what way Mr Ecclestone dresses it up, the sport has not helped itself and there is no way that all the problems it faces are down to the recession.