In the latest edition of Radio Free Delingpole, I discuss with my old Oxford mucker Toby Young the bizarre disappointment that is yet another of our old Oxford muckers - British prime minister David Cameron. How could someone from the most brilliant Oxford generation in the university's entire near-1000-year history - and a notional conservative to boot - have made such a dreadful hash of running Britain, possibly eclipsing even his unlamented predecessor Gordon Brown in total ruddy awfulness?
As Toby and I show, before getting distracted by the much more interesting subject of Game Of Thrones, there is no easy answer to this. But since then an explanation has occurred to me - prompted by one of the readers on my Telegraph blog (H/T coming your way as soon as you remind me who you are). When you think about it the answer is obvious and has been staring us in the face all along: David Cameron is a Soviet double agent.
This will no doubt strike a chord with US readers - since it's highly likely that President Obama is a Soviet double agent too. The left's Manchurian Candidate, indeed. But enough of that depressing subject, I want to tell you more about my Cameron conspiracy theory.
Here is what we know, as admitted by Cameron last year on a visit to Russia:
In a speech at Moscow State University, the Prime Minister said: "I first came to Russia as a student on my gap year between school and university in 1985.
"I took the Trans-Siberian Railway from Nakhodka to Moscow and went on to the Black Sea coast.
"There, two Russians - speaking perfect English - turned up on a beach mostly used by foreigners.
"They took me out to lunch and dinner and asked me about life in England and what I thought about politics.
"When I got back I told my tutor at university and he asked me whether it was an interview.
"If it was, it seems I didn't get the job!"
All right, so the Soviet system is theoretically dead. But old loyalties die hard. And the clincher, for me, is what happened next.
In a joint press conference later, Mr Medvedev said: "I'm pretty sure that David would have been a very good KGB agent.
"But in this case he would never have become Prime Minister of the UK."
No, of course not Mr Medvedev. Perish the thought.