It's pretty gratuitous to write another Arsenal blog at the moment, but what the hell. Some kind of catharsis is needed after the callous shellacking handed out by Manchester United and sometimes self-flagellation just doesn't cut it.

Let's firstly address the myth that has emerged in the wake of Arsene Wenger's latest bout of bloody-minded parsimony. People have started to speculate that the Gunners don't have any dry powder spare for an assault on the transfer market, and that he is being used as some kind of human shield to protect the board.

This is unlikely. OK, the David Dein-shaped hole on the board is glaring. But Arsenal have brought in close to £70 million this summer. Is anyone trying to suggest that the club would have gone under without the sales of Cesc Fabregas and Samir Nasri? Arsenal tried to keep both and offered the latter a decent pay rise. Instead they both left, taking their sizable wage bills with them. The money has been made available.

There are bigger concerns, though. It may feel as if Wenger treats his transfer kitty like Pandora's Box, but in reality his erstwhile shrewdness in the transfer market has deserted him.

Bargain hunting of the highest order once secured the likes of Vieira, Petit, Overmars, Anelka, Ljungberg, Henry, Pires, Gilberto, Toure, Campbell, Suker, Fabregas and Eduardo.

More recently, Wenger has splashed out £10 million on Laurent Koscielny and £6 million on Sebastian Squallicci, who must be Pascal Cygan reincarnate. Are these prudent signings for a club built on prudence?

Evidently, Wenger's biggest blind spot is in defence, as if defenders don't really matter and are just there to make up the numbers. The ones he does buy are rubbish, and then they are left to fend for themselves.

They improve over time as they adapt to the physical nature of the Premier League. But are they taught anything about tactics or reading the game?

The number of times Koscielny and Johann Djourou broke rule No. 1 in the George Graham handbook yesterday (only step up for offside when there's pressure on the ball, go with your runner if there isn't) was staggering.

Gael Clichy became a liability at left back, but you sense he might tighten his game up under the guidance of an Italian manager. Selling the versatile Emmanuel Eboue, without replacing him, is another puzzler.

The other problem is that Arsenal are so wide open when they lose the ball that the defence comes under a barrage, regardless of who's playing. The 300 had it easier.

The Udinese game was a case in point. A better side would have punished Arsenal, and Wojciech Szczesny (one player Gooners can be happy with) had to be in inspired form.

Yes, Arsenal had a threadbare squad to take to Old Trafford, but teams at the lower end of the Championship would have put in a more robust and collective rearguard resistance. What the hell was the game plan? The same as always. And a physical collapse? What about a mental collapse? This team, the first-team players included, are more prone to panic attacks than agoraphobia sufferers.

Let's not even start on the petulant ill-discipline that has blighted the start of the season. There are much bigger things to worry about.

Arsenal were in pretty good nick at the start of the year. They exposed Chelsea and went toe-to-toe with Barcelona. But Wenger once again failed to strengthen mid-season and you knew a few injuries would bear out the shortcomings of the reserves and scupper everything he'd worked so hard for. A couple of shrewd buys may have helped Arsenal push on and win the title. Fabregas may have even stayed.

Instead they imploded, two of the best players left false dawns for brighter horizons and now the cack-handed and drawn out quibbling in the transfer market this summer has made Arsenal a turn-off for would-be signings.

Wenger's eutopic vision is in tatters. It has its strong points, but to continue pursuing it without a rethink and a rebalance would be more like flogging a dead horse than writing another Arsenal blog.