If you believe everything you read in the newspapers, we're doomed.
Liverpool have added the talented Robbie Keane to a forward line that already looked deadly with Fernando Torres; Manchester United are looking to sign Dimitar Berbatov and if they keep Ronaldo, it's going to be one hell of a forward line; Chavski are looking to add Robinho to their squad (don't go Robbie...look at how many attacking talents turn to sh*t when they go there...Shevchenko, Malouda, Kezman); and even T*ttenh*m are being linked with Andrei Arshavin and David Bentley, that legend in his own head who Arsene Wenger thankfully got rid of.
And as for us? We've been linked with a Swiss midfielder who no one has heard of....and that's about it in recent weeks apart from the old stories about Huntelaar, Santa Cruz, Eto'o and Mario Gomez, none of which will be signed if Greedebayor stays.
If I had a pound for everytime I chatted with a fellow Gooner who lamented our lack of transfer activity, I'd be writing this report from the Cote D'Azur or somewhere equally glamourous.
But while some transfers tend to leak out before they've happened, be it through over-enthusiasm on the part of the player (Nasri), naïve club chairmen (Cardiff) or mischievous agents, actually, on balance, I think I prefer it the way it is.
Fergie slams Real Madrid about stating their interest in Ronaldo then claims Berbatov will be on his way (allegedly); T*ttenh*am chairman Daniel Levy complains to the Premier League about Liverpool tapping up Keane and United chasing Berbatov despite doing the same with Juande Ramos while he was still overseeing Sevilla's Champions League campaign last season...and Rafa Benitez makes absolutely no attempt not to unsettle Gareth Barry at Villa.
So isn't it something to make us proud that Wenger and the club refuse to play that game, waiting unti the ink is dry before making any statement on players that we are signing?
Of course, you could look at it the other way and think that if we announce who we're interested in, it will alert wealthier clubs to start a bidding war - and with every penny counting at the moment, we simply cannot afford to do that.
Two years ago, we complained and complained about the lack of signings - then Julio Baptista, Denilson and Willie Gallas arrived. Last season, after signing the unknown Eduardo and Bacary Sagna early on, we had to wait until the end of the summer for Lassana Diarra, a quality signing who may well regret his impatience now.
We all know we need singings. Arsene Wenger knows we need signings, both from a squad depth and experience point of view and also to convince the doubters out there that we're not planning on being also-rans again this season.
So to all of you huffing and puffing about a lack of new faces, I know how frustrating it can be.
But there is a dignity about Arsenal that you don't get elsewhere. Long may it continue.